Business
Court Sanction of Scheme of Arrangement
Court Sanction of Scheme of Arrangement.
About this update from United Utilities Group Plc
[{"type":"text","content":"\n \n United Utilities PLC \n\n Recommended proposals relating to the introduction of United Utilities Group \n PLC as the holding company of United Utilities PLC and for the Return of \n Capital of approximately £1.5 billion to Shareholders \n\n Court Sanction of Scheme of Arrangement \n\n 24 July 2008\n\nUnited Utilities PLC (the \"Company\") announces that earlier today the Court\nsanctioned the scheme of arrangement to establish United Utilities Group PLC \n(\"United Utilities Group\") as the holding company of United Utilities PLC \n(the \"Scheme\").\n\nUnder the Scheme shares in the Company will be cancelled and then issued to\nUnited Utilities Group. Shareholders will receive 17 United Utilities Group\nOrdinary Shares for every 22 United Utilities Shares and one B Share in United\nUtilities Group for each United Utilities Share held at the Scheme Record Time,\nexpected to be 6:00 p.m. on 25 July 2008.\n\nThe Scheme will become effective upon an office copy of the Court Order\nsanctioning the Scheme being registered by the Registrar of Companies in\nEngland and Wales which is expected to be on 28 July 2008 (the \"Scheme\nEffective Date\").\n\nA further announcement will be made when the Scheme has become effective.\n\nDealings in United Utilities Group Ordinary Shares are expected to commence at\n8:00 a.m. on 28 July 2008, at which time the listing of existing United\nUtilities Shares will be cancelled.\n\nOn 23 July 2008, 17 ordinary shares in the Company were issued and allotted to\nthe company secretary, in cash at the closing price on Wednesday 23 July 2008\nof (being £7.18), so as to ensure that the total number of the Company's\nordinary shares in issue on the Scheme Effective Date, will be divisible by 22\nwithout remainder. An application has been made to the United Kingdom Listing\nAuthority (the \"UKLA\") to list these 17 ordinary shares. The new shares rank\nequally with the existing issued shares of the Company. Dealings in the new\nshares are expected to commence on 25 July 2008.\n\nExpected Timetable of Key Events\n\n11:00 a.m. 25 United Utilities Annual General Meeting \nJuly 2008 \n \n25 July 2008 Scheme Record Date \n \n28 July 2008 Scheme Effective Date \n \n8:00 a.m. 28 Delisting of United Utilities Shares, Admission of United \nJuly 2008 Utilities Group Ordinary Shares and dealings in United Utilities...