Gusbourne Regulatory News (GUS)

17 Nov 2005 07:10

Burberry Group PLC17 November 2005 17 November 2005 BURBERRY GROUP PLC DEMERGER OF BURBERRY Further to the announcement this morning by GUS plc ("GUS"), setting out detailsof its plans to demerge its remaining 65 per cent. stake in Burberry Group plc("Burberry" or the "Group") by way of a dividend in specie, Burberry will postshortly a circular to shareholders setting out further details of thearrangements with respect to the proposed demerger. Burberry will propose a series of resolutions to its shareholders, which theindependent directors* of Burberry believe would, if passed, allow the demergerto be implemented in a more orderly way, to the benefit of the Group and itsshareholders. Matters to be considered include approval of a demerger agreementbetween Burberry and GUS relating to such issues as pension liabilities,taxation and transaction expenses. Accordingly, the demerger is subject toshareholder approval from both Burberry shareholders and GUS shareholders. Burberry will convene an extraordinary general meeting of shareholders on 12December 2005 to consider the resolutions. The expected timetable of principal events is set out below. 2005 Latest time and date for the receipt of forms of proxy 9.00 a.m. on 10 Decemberfor the Burberry extraordinary general meetingBurberry extraordinary general meeting 9.00 a.m. on 12 DecemberGUS extraordinary general meeting 10.30 a.m. on 12 DecemberRecord time 7.00 a.m. on 13 DecemberExpected completion of demerger and, where applicable, expected date on 8.00 a.m. on 13 Decemberwhich Burberry ordinary shares will be credited to the CREST accounts ofGUS shareholdersExpected date by which, where applicable, definitive share certificates 23 Decemberfor Burberry ordinary shares will be despatched to GUS shareholders Enquiries: BURBERRY Telephone: +44 (0)20 7968 0577John Scaramuzza BRUNSWICK Telephone: + 44 (0)20 7404 5959Susan GilchristRobert GardenerAlexandra Tweed Information on Burberry Group plc Burberry is an internationally recognised luxury goods brand. It is engaged inthe design, manufacture and distribution of Burberry products worldwide,including men's and women's clothing, accessories and fragrances through its ownretail stores and via its wholesale customers. Burberry also licenses thirdparties to manufacture and distribute products using the "Burberry" brand. The current executive directors of Burberry are Rose Marie Bravo, ChiefExecutive and Stacey Cartwright, Chief Financial Officer. For the year to 31 March 2005, under UK GAAP, Burberry reported turnover of£715m and profit on ordinary activities before tax of £164.4m. As at 31 March2005, Burberry had consolidated gross assets of £682.2m and consolidated netassets of £454.6m, again under UK GAAP. This financial information is extractedfrom the audited accounts for Burberry for the year to 31 March 2005. In the six months to 30 September 2005, under IFRS, Burberry reported turnoverof £355m and profit before taxation of £78.1m. As at 30 September 2005,Burberry had consolidated gross assets of £673.1m and consolidated net assets of£462.2m, again under IFRS. This financial information is extracted from theunaudited interim financial statements for Burberry for the six months to 30September 2005. Merrill Lynch International ("Merrill Lynch") and Morgan Stanley & Co.International Limited ("Morgan Stanley") are acting for Burberry in connectionwith the demerger and no one else and will not be responsible to anyone otherthan Burberry for providing the protections afforded to clients of Merrill Lynchor Morgan Stanley or for providing advice in relation to the demerger or anyother matters referred to in this announcement. The Burberry ordinary shares have not been and will not be registered under theUS Securities Act of 1933, as amended (the "Securities Act"), and may not beoffered or sold in the United States unless such shares have been registeredunder the Securities Act, or are offered and sold pursuant to an exemption fromthe registration requirements of the Securities Act or in a transaction notsubject to the registration requirements of the Securities Act. \* The independent directors being all of the directors of Burberry other thanJohn Peace and David Tyler (who are also directors of GUS and therefore were notinvolved in the Burberry Board's consideration of matters relating to thedemerger). END This information is provided by RNS The company news service from the London Stock Exchange