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Countrywide Assured (CWA)

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Tuesday 18 May, 2004

Countrywide Assured

COURT APPROVES SCHEME

Countrywide Assured Group PLC
18 May 2004


Not for release or distribution in or into the United States, Canada, Australia 
or Japan                                                                        

PRESS ANNOUNCEMENT                                                              

FOR IMMEDIATE RELEASE                                                           

18 May 2004                                                                     

COUNTRYWIDE ASSURED GROUP PLC ('COUNTRYWIDE ASSURED GROUP')                     
COURT APPROVES SCHEME OF ARRANGEMENT; TIMETABLE TO COMPLETION OF PROPOSALS      


Further to the announcement dated 28 April 2004, the Court duly approved the
Scheme of Arrangement at a hearing held earlier today.
 

The expected timetable for completion is as follows:

 
Court hearing to approve the reduction of       Thursday, 20 May                
capital of Countrywide Assured Group provided                                   
for under the Scheme                                                            
                                                                                
Conditional dealings in Countrywide plc shares  Thursday, 20 May                
and Chesnara plc shares commence on the London                                  
Stock Exchange                                                                  
                                                                                
Last day of dealings in Countrywide Assured     Friday, 21 May                  
Group shares                                                                    
                                                                                
Scheme Record Time                              4.30 pm on Friday, 21 May       
                                                                                
Effective Date of Scheme                        Friday, 21 May                  
                                                                                
Court hearing of petition to confirm the        Monday, 24 May                  
Reduction of Capital                                                            
                                                                                
Reduction of Capital occurs and Demerger is     Tuesday, 25 May                 
completed                                                                       
                                                                                
Dealings in Countrywide plc and Chesnara plc    8.00 am on Tuesday, 25 May      
shares commence on the London Stock Exchange                                    
                                                                                

Subject to the above occurring as expected, CREST accounts will be credited with
Countrywide plc and Chesnara plc shares on 25 May. It is expected that share
certificates in respect of Countrywide plc and Chesnara plc will be despatched
to shareholders by 1 June and that proceeds will be credited to CREST accounts
and cheques despatched in respect of the Return of Capital and the 2003 Final
Dividend by 11 June.

Shareholders should note that until shares in Countrywide Assured Group cease
trading, they will trade cum entitlement to the Return of Capital and the 2003
Final Dividend.

 

Unless otherwise defined, expressions used in this document shall have the
meaning ascribed to them in the listing particulars of Countrywide plc dated 18
March 2004.

 
Enquiries:                                                                      
Countrywide Assured Group plc                             Tel: 01376 533 700    
Harry Hill                                                                      
Michael Nower                                                                   
                                                                                
                                                                                
Hawkpoint Partners Limited (financial advisers to         Tel: 020 7665 4500    
Countrywide Assured Group and sponsor to Countrywide plc                        
and Chesnara plc)                                                               
David Reid Scott                                                                
David Renton                                                                    
Hugh Elwes                                                                      
Jonathan Coddington                                                             
                                                                                
                                                                                
HSBC Bank plc (brokers to Countrywide Assured Group and   Tel: 020 7991 8888    
Countrywide plc)                                                                
John Hannaford                                                                  
Alex Shorland-Ball                                                              
                                                                                
                                                                                
Numis Securities Limited (brokers to Chesnara plc)        Tel: 020 7776 1500    
Oliver Hemsley                                                                  
Simon Law                                                                       

 

This announcement does not constitute an offer or invitation to purchase
securities.

 

This announcement, for which the directors of Countrywide Assured Group plc are
responsible, has been issued by Countrywide Assured Group plc and has been
approved solely for the purposes of Section 21 of the Financial Services and
Markets Act 2000 by Hawkpoint Partners Limited.

 

Hawkpoint Partners Limited, which is authorised and regulated by the Financial
Services Authority, is acting exclusively for Countrywide Assured Group plc and
as sponsor for Countrywide plc and Chesnara plc, and for no one else in
connection with the Proposals and will not be responsible to any other person
for providing the protections afforded to its customers or for providing advice
in relation to the Proposals or the contents of this announcement.

 

HSBC Bank plc, which is authorised and regulated by the Financial Services
Authority, is acting for Countrywide Assured Group plc and Countrywide plc and
no one else in connection with the Proposals and will not be responsible to any
other person for providing the protections afforded to clients of HSBC Bank plc
or for providing advice in relation to the Proposals or the contents of this
announcement.

 

The corporate finance department of Numis Securities Limited, which is
authorised and regulated by the Financial Services Authority, is acting
exclusively for Countrywide Assured Group plc and Chesnara plc and no one else
in connection with the Proposals and will not be responsible to any other person
for providing the protections afforded to clients of Numis Securities Limited or
for providing advice in relation to the Proposals or the contents of this
announcement.



                      This information is provided by RNS
            The company news service from the London Stock Exchange
                                                                                        

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