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23 Jun 2008 16:30
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Virotec International plc ("Virotec")
23 June 2008
Acquisition of Virotec by Hydrodec Group plc:Β Court HearingΒ to sanction Scheme and to confirm Reduction of Capital
TheΒ orderΒ sanctioning the Scheme andΒ confirmingΒ the ReductionΒ was grantedΒ at the Court Hearing held earlier today andΒ is expected toΒ becomeΒ effective fromΒ 24 June 2008.Β Accordingly,Β trading in Virotec shares have been suspended andΒ it is expectedΒ thatΒ theΒ Virotec Shares on AIM will be cancelled from 7.00am on 25 June 2008.Β
TheΒ New Hydrodec Shares due toΒ Virotec shareholdersΒ will be allottedΒ today. Dealings in the New Hydrodec Shares are expected to commence at 8.00am on 25 June 2008.Β Fractional entitlements to New Hydrodec Shares will be retained and sold in the market for the benefit of the Enlarged Group.Β Cheques for those Virotec Shareholders who will receive cash as full or part settlement will be sentΒ no later than 14 days after the Effective Date.
Unless the context otherwise requires, capitalised terms used, but not defined, in this announcement have the same meanings as given to them in the Scheme DocumentΒ dated 13Β May 2008.
Enquiries:Β
Virotec International plcΒ
Angus CraigΒ
Tel: + 61 7 5573 3353Β
Arden Partners plcΒ
Christopher Hardie / Matthew ArmittΒ
Tel: +44 (0)20 7398 1600Β
Arden Partners plc, which is regulated in the United Kingdom by the Financial Services Authority, is acting for Virotec and no-one else in connection with the Acquisition and Disposal (as defined in the Scheme Document) and will not be responsible to anyone other than Virotec for providing the protections afforded to customers of Arden or for providing advice in relation to the Acquisition and Disposal or any other matter referred to in this announcement.Β
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