TIDMCINE
RNS Number : 0608U
Cineworld Group plc
23 March 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR
INDIRECTLY) IN WHOLE OR IN PART IN, INTO OR FROM THE UNITED STATES
OF AMERICA OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION
23 March 2023
CINEWORLD GROUP PLC
(" Cineworld " or the " Company ")
Notice of General Meeting
General Meeting
A general meeting of the Company will be held at Vantage London,
Great West Road, Brentford, England TW8 9AG on 20 April 2023 at
10:00 a.m. (the "General Meeting") pursuant to section 656 of the
Companies Act 2006 (the "Act").
In circumstances where the value of the Company's net assets is
less than half of its called up share capital (constituting a
"serious loss of capital" under the Act), its Directors are
required, pursuant to section 656 of the Act, to convene a general
meeting of the Company for the purpose of allowing shareholders to
consider whether any, and if so what, steps should be taken to deal
with the situation. Accordingly, the Board is calling the General
Meeting to ensure that this matter is addressed as required by the
Act. The Board welcomes dialogue with the Company's shareholders,
and the General Meeting will provide a forum for such discussions
to take place, but no resolutions will be proposed at the General
Meeting.
Cineworld remains in discussions with its key stakeholders with
a view to developing a Chapter 11 plan of reorganisation that
maximises value for the benefit of the Group and its stakeholders.
The marketing process, which was announced on 3 January 2023, is
continuing in parallel. As previously announced, it is not expected
that any plan of reorganisation or sale transaction would result in
any recovery for Cineworld's shareholders. Further updates will be
provided to shareholders by way of announcement when appropriate,
and will be made available on the Company's website at
www.cineworldplc.com .
The notice of the General Meeting (the "Notice") is being posted
and made available to shareholders today. In accordance with
Listing Rules 9.6.1 and 9.6.3, a copy of the Notice has been
uploaded to the National Storage Mechanism and will shortly be
available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism. A copy of
the Notice is also available on the Company's website at
www.cineworldplc.com.
Business as usual
As previously announced, Cineworld continues to operate its
global business and cinemas as usual without interruption.
Cineworld and its brands around the world - including Regal, Cinema
City, Picture House and Planet - are continuing to welcome
customers to cinemas as usual. The Group continues to honour the
terms of all existing customer membership programmes, including
Regal Unlimited and Regal Crown Club in the United States and
Cineworld Unlimited in the UK.
For further information, please contact:
Cineworld Group plc:
Israel Greidinger
Nisan Cohen
Manuela Van Dessel
investors@cineworld.co.uk
+44 (0)20 8987 5000
FGS Global (UK) (Corporate PR Adviser):
James Leviton / James Thompson
Cineworld-LON@fgsglobal.com
+44 (0)20 7251 3801
FGS Global (US) (Corporate PR Adviser):
Kal Goldberg / Lizzie Hyland / Monique Sidhom
CineworldMedia@fgsglobal.com
+1 (646) 970-4727
About Cineworld
Cineworld was founded in 1995 and is now one of the leading
cinema groups in Europe. Originally a private company, it
re-registered as a public company in May 2006 and listed on the
London Stock Exchange plc in May 2007. Cineworld's acquisition of
Regal Entertainment Group has created the second largest cinema
business in the world (by number of screens). Cineworld currently
operates in the United Kingdom, Ireland, Poland, the Czech
Republic, Slovakia, Hungary, Bulgaria, Romania, Israel and the
United States.
Forward looking statements
This announcement is not intended to and does not constitute and
should not be construed as, considered a part of, or relied on in
connection with any information or offering memorandum, security
purchase agreement, or offer, invitation or recommendation to
underwrite, buy, subscribe for, otherwise acquire, or sell any
securities or other financial instruments or interests or any other
transaction.
This announcement contains certain forward-looking statements
with respect to the financial condition, results of operations and
business of Cineworld and its subsidiaries (together, the "Group")
and certain plans and objectives with respect thereto, including
with respect to the Group's ordinary shares. These forward-looking
statements can be identified by the fact that they do not relate
only to historical or current facts. Forward-looking statements
often use words such as "anticipate", "target", "expect",
"estimate", "intend", "plan", "goal", "believe", "hope", "aims",
"continue", "will", "may", "should", "would", "could", or other
words of similar meaning. These statements are based on assumptions
and assessments made by the Group in light of their experience and
their perception of historical trends, current conditions, future
developments and other factors the Group believes appropriate. By
their nature, forward-looking statements involve risk and
uncertainty, because they relate to events and depend on
circumstances that will occur in the future and the factors
described in the context of such forward-looking statements in this
document could cause actual results and developments to differ
materially from those expressed in or implied by such
forward-looking statements. Although it is believed that the
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to have been correct and you are therefore cautioned not to
place undue reliance on these forward-looking statements which
speak only as at the date of this document. The Group does not
assume any obligation to update or correct the information
contained in this document (whether as a result of new information,
future events or otherwise), except as required by applicable
law.
PJT Partners LP, Alix Partners LLP, Kirkland & Ellis LLP and
Slaughter and May (collectively, the "Advisers") are providing
advice to Cineworld (and other members of the Group) and no one
else in connection with the matters referred to in this
announcement. The Advisers will not regard any other person as
their client in connection with such matters, nor will they be
responsible to any other person for providing the protections
afforded to their clients or for providing advice in relation to
such matters.
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END
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