ACE.L Regulatory News (ACE)

7 Dec 2007 15:44

Accident Exchange Group PLC07 December 2007 FOR IMMEDIATE RELEASE 7 December 2007 Accident Exchange Group Plc ("Accident Exchange" or the "Company") NOTICE OF EXTRAORDINARY GENERAL MEETING IN RELATION TO THE OFFERING OF GBP 50 MILLION CONVERTIBLE NOTES DUE 2013 Following the Company's announcement on 3 December 2007 in relation to theoffering (the "Offering") of GBP 50.0 million principal amount of convertiblenotes due 2013 (the "Convertible Notes"), the Company is pleased to announcethat it expects to despatch a circular to shareholders (the "Circular") todayconvening an Extraordinary General Meeting at 9:30am on 31 December 2007 (the"EGM"). The EGM has been primarily convened in order to consider certainresolutions to enable the Company to deliver ordinary shares in respect ofconversion rights under the Convertible Notes. The EGM will be held at DLA PiperUK LLP, Victoria Square House, Victoria Square, Birmingham, B2 4DL. The Offering is expected to close on 8 January 2008 subject to the passing ofcertain of the resolutions at the EGM. The Board considers that the passing of the resolutions to be proposed at theEGM (the "Resolutions") is in the best interests of the Company and itsshareholders as a whole and accordingly the Directors unanimously recommend thatshareholders vote in favour of the Resolutions as they have irrevocablyundertaken to do in respect of the 32,875,316 Ordinary Shares which theybeneficially own, representing approximately 46.21 per cent. of the Company'sexisting issued Ordinary Shares. In addition, the Company has received irrevocable undertakings from certainshareholders to vote in favour of the Resolutions in respect of a further6,999,799 Ordinary Shares which represent approximately 9.84 per cent. of theCompany's existing issued Ordinary Shares. In aggregate, therefore, the Company has received irrevocable undertakings tovote in favour of the Resolutions in respect of 39,875,115 Ordinary Shares whichrepresents approximately 56.05 per cent. of the Company's existing issuedOrdinary Shares. A copy of the Circular is available from the Company's website atwww.accidentexchange.com. Ends CONTACTS: Accident Exchange Group PlcSteve Evans, Chief Executive 08700-116 719Martin Andrews, Group Finance Director 08700-053 649 Numis Securities Ltd 020-7260-1000Chris Wilkinson, Corporate Broking BanksideSteve Liebmann or Simon Bloomfield 020-7367-8888 About Accident Exchange Based in Coleshill, West Midlands, Accident Exchange delivers accidentmanagement and other solutions to automotive and insurance related sectors.Fully listed, the stock code is LSE: ACE. For further information on AccidentExchange, please visit the company's website: www.accidentexchange.com. This information is provided by RNS The company news service from the London Stock Exchange