High Court Approves Scheme of Arrangement
January 11 2010 - 10:00AM
UK Regulatory
TIDMIPM
RNS Number : 3488F
Irish Life & Permanent PLC
11 January 2010
11 January 2010
IRISH LIFE & PERMANENT p.l.c.
HIGH COURT SANCTION OF SCHEME
Further to recent announcements, Irish Life & Permanent p.l.c (the Company)
confirms that the High Court has today sanctioned the scheme of arrangement (the
Scheme) pursuant to which Irish Life & Permanent Group Holdings p.l.c (NEW ILP)
will become the new holding company of the Irish Life & Permanent group. The
Scheme will become effective upon the issue by the Registrar of Companies of a
certificate of registration of the Court Order.
It is expected that the Court Order will be filed with the Registrar of
Companies shortly after close of business on 15 January 2010 and that the Scheme
will become effective on that date (the Effective Date). On this basis, it is
expected that the Scheme Record Time, after which no transfers of the Company's
ordinary shares (the OLD ILP Shares) will be registered, will be 5.15 p.m. on 15
January 2010.
It is expected that cancellation of the listing of the OLD ILP Shares on the
Irish Official List and the UK Official List will occur with effect from
6.30 a.m. and 8.00 a.m. respectively on 18 January 2010, and that the issued
ordinary shares of NEW ILP (the New ILP Shares) will be admitted to the Irish
Official List and to trading on the main market for listed securities of the ISE
by 6.30 a.m. on 18 January 2010 and to the UK Official List and to trading on
the main market for listed securities of the LSE by 8.00 a.m. on 18 January
2010.
As detailed in the circular sent to the Company's shareholders relating to the
Scheme (the Scheme Circular), share certificates in respect of the New ILP
Shares due under the Scheme to the holders of the Old ILP Shares who hold such
Old ILP Shares in certificated form, will be posted no later than 29 January
2010, and it is expected that holders of Old ILP Shares in a CREST account will
have their accounts credited with the New ILP Shares due to them under the
Scheme on or about 18 January 2010.
Further Information:
Barry Walsh, Investor Relations
Tel: +353 (0)1 7042678
Conor Ryan, Corporate Affairs
Tel: +353 (0)1 8563828
Ray Gordon, Gordon MRM
Ph: +353 (0)1 6650452, Mobile: +353 (0)87 2417373
This information is provided by RNS
The company news service from the London Stock Exchange
END
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