|
|
|
|
|
|
Released: 29/09/2009
com:20090929:Rnsc8852Z
.
RNS Number : 8852Z
Jessops plc
29 September 2009
Jessops plc
29 September 2009
JESSOPS PLC
ANNOUNCEMENT OF COMPLETION OF SOLVENT RESTRUCTURING
Jessops Plc - Completion of solvent restructuring
Further to the announcement in respect of the proposed solvent restructuring of
the Jessops group of companies (the "Group") (the "Proposal"), the board of
directors of Jessops plc (the "Board") confirms that the Proposal has completed.
The Proposal involved the sale of the Group's main operating company, The Jessop
Group Limited, and certain other subsidiaries of Jessops Plc to a newly formed
special purpose vehicle, Snap Equity Limited (the "Disposal").
It is the intention of the Board to put Jessops Plc into solvent liquidation
before the end of this year. The Proposal allows for the sum of £100,000 to be
distributed to shareholders of Jessops Plc on such liquidation, but there will
be no further value available for distribution to Jessops Plc shareholders. As
there are currently 102.9 million shares in issue, for every 100 shares held,
this equates to approximately 9.7 pence.
- Ends -
For further information please contact
Jessops Plc
David Adams
Jessop House
98 Scudamore Road
Leicester
LE3 1TZ
0116 232 6000
Brunswick Group
Jonathan Glass / David Litterick
020 7404 5959
KPMG Corporate Finance
Chris Belsham
020 7694 8527
Note: KPMG Corporate Finance, a division of KPMG LLP which is authorised and
regulated by the Financial Services Authority for investment business
activities, is acting for Jessops plc as sponsor in relation to the Disposal and
is not acting for any other person in relation to such Disposal. KPMG Corporate
Finance will not be responsible to anyone other than Jessops plc for providing
the protections afforded to its clients or for providing advice in relation to
the contents of this announcement or any transaction or arrangement referred to
herein.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBUGDCDGDGGCC