Business
COMPLETION OF ACQUISITION
COMPLETION OF ACQUISITION.
About this update from Grainger Plc
[{"type":"text","content":"\n RNS Number : 7699Q Grainger PLC 09 August 2010 \n \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE to do so would constitute a violation of the relevant laws of that jurisdiction.\n \nFor immediate release - 9 August 2010 \n \n \nRECOMMENDED ACQUISITION\nof\nSovereign Reversions plc\nby\nGrainger Equity Release Limited\n(a wholly owned subsidiary of Grainger plc)\n \n \nCOMPLETION OF ACQUISITION\n \n \nThe boards of Grainger plc (\"Grainger\") and Sovereign Reversions plc (\"Sovereign Reversions\") are pleased to announce that the Scheme to implement the recommended acquisition of Sovereign Reversions has become Effective and that Grainger Equity Release Limited now owns the entire issued share capital of Sovereign Reversions.\n \n Admission to trading of Sovereign Reversions' Shares on AIM will be cancelled with effect from 8.00 a.m. (London time) on 10 August 2010.\n \nDespatch of cheques or settlement through CREST (as appropriate) in respect of the consideration will take place no later than 24 August 2010.\n \n \nCapitalised terms used in this announcement shall have the meanings given to them in the Scheme Document posted to Sovereign Reversions Shareholders, dated 17 June 2010.\n \nCommenting, Andrew Cunningham, Chief Executive of Grainger, said:\n \n\"The completion of the acquisition of Sovereign Reversions ensures that the enlarged Group's position as one of the UK's leading equity release distributors and providers is significantly strengthened. In addition, both our existing and new customers and shareholders will benefit from the resulting economies of scale, an enhanced ability to access sources of finance and a widening of distribution and marketing capabilities.\n \n\"We look forward to working with the Sovereign team to consolidate further our industry position and take advantage of the excellent growth prospects of the equity release market.\"\n \n \nFor further information please contact:\n \n\n\n\n\nGrainger plc\n\n\nTel: 020 7795 4700\n\n\n\n\nAndrew Cunningham, Chief Executive\n\n\n\n\n\n\n\nPeter Couch, Chief Operating Officer\n\n\n\n\n\n\n\nDave Butler, Director, Corporate Affairs\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJ.P. Morgan Cazeno...