COURT ORDER APPROVING REDUCTION OF CAPITAL (3480P)
September 30 2011 - 11:10AM
UK Regulatory
TIDMAVE
RNS Number : 3480P
Avis Europe PLC
30 September 2011
Avis Europe plc
30 September 2011
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
AVIS EUROPE PLC
COURT ORDER APPROVING REDUCTION OF CAPITAL
Avis Europe plc ("Avis Europe") is pleased to announce that
today at the Second Court Hearing the High Court of Justice of
England and Wales (the "Court"), confirmed the reduction of capital
associated with the cancellation of the Scheme Shares.
The Second Court Order is expected to be delivered to the
Registrar of Companies on 3 October 2011, at which time the Scheme
will become Effective.
An application has been made to the UK Listing Authority
requesting the cancellation of the listing of Avis Europe Shares on
the Official List as well as trading of Avis Europe Shares on the
London Stock Exchange's main market for listed securities.
The consideration of 315 pence per Scheme Share to be paid by AE
Consolidation Limited (a wholly-owned subsidiary of Avis Budget
Group, Inc., "ABG") to Scheme Shareholders pursuant to the Scheme
is expected to be despatched (in the case of certificated holders
of Scheme Shares) or settled in CREST (in the case of
uncertificated holders of Scheme Shares) by no later than 17
October 2011.
Subject to the proposed cash acquisition of Avis Europe by AE
Consolidation Limited becoming Effective, which is expected to take
place on 3 October 2011, it has been decided that Pascal Bazin will
leave his position of Chief Executive Officer and, as a
consequence, will resign as a Director of Avis Europe on 3 October
2011, though he will continue working with Avis Europe until 31
December 2011 to hand over his responsibilities to Larry D. De
Shon, who has been appointed as President, Europe, Middle East and
Africa. Larry D. De Shon will take up his new post at Avis Europe
after the company has been acquired and de-listed and the Scheme
has become Effective. He joins from Avis Budget Group, Inc. where
he was previously Executive Vice President, Operations. Alun
Cathcart, Avis Europe Chairman, commented: "On behalf of the Board,
I would like to recognise Pascal's tremendous contribution to the
Group and the central role he has played in delivering the
successful transformation and turnaround of our business,
culminating in the re-uniting of the business now with Avis Budget,
Inc. We wish him well for the future." Ronald L Nelson, Chairman
and CEO of Avis Budget Group, Inc. commented: "I would like to take
this opportunity to thank Pascal for his stewardship of Avis Europe
and, in particular, for the work he has done in connection with the
re-uniting of ABG and Avis Europe under one corporate ownership. I
look forward to collaborating with both Larry and Pascal during the
handover period and wish Pascal all the very best in the future."
Pascal Bazin, outgoing Chief Executive Officer of Avis Europe
commented: "I have thoroughly enjoyed the last years working for
such a dynamic business. I know that Ron and the rest of his team
are well placed to take the now global business forward and I am
sure that the merged businesses will go from strength to strength.
I would like to address my warmest thanks to my colleagues within
Avis Europe who have worked so hard to get us to where we are
today."
Enquiries:
Avis Europe plc Tel: +44 (0) 1344
Pascal Bazin, (Chief Executive 42 6644
Officer)
Martyn Smith, (Chief Financial
Officer)
Barclays Capital (financial Tel: +44 (0)20
adviser to Avis Europe) 7623 2323
Matthew Smith
Stuart Ord
MHP Communications (public Tel: +44 (0)20
relations adviser to Avis 3128 8100
Europe)
Andrew Jaques
Barnaby Fry
Simon Hockridge
Barclays Capital, which is authorised and regulated in the
United Kingdom by the FSA, is acting exclusively for Avis Europe
and no one else in connection with the Acquisition and will not be
responsible to anyone other than Avis Europe for providing the
protections afforded to its clients for providing advice in
relation to the Acquisition or in relation to the contents of this
announcement or any transaction or any other matters referred to
herein.
The release, publication or distribution of this announcement in
jurisdictions other than the United Kingdom may be restricted by
law and therefore any persons who are subject to the laws of any
jurisdiction other than the United Kingdom should inform themselves
about, and observe, any applicable legal and regulatory
requirements. Any failure to comply with the applicable
requirements may constitute a violation of the securities laws of
any such jurisdiction. This announcement has been prepared for the
purpose of complying with English law and the City Code and the
information disclosed may not be the same as that which would have
been disclosed if this announcement had been prepared in accordance
with the laws of jurisdictions outside the United Kingdom.
Subject to compliance with their legal and regulatory
obligations, Avis Budget, AE Consolidation and Avis Europe do not
intend, or undertake any obligation, to update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
In accordance with Rule 19.11 of the City Code, a copy of this
announcement will be made available on the following website:
www.avis-europe.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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