23 Jun 2008 16:30
Virotec International plc ("Virotec")
23 June 2008
Acquisition of Virotec by Hydrodec Group plc: Court Hearing to sanction Scheme and to confirm Reduction of Capital
The order sanctioning the Scheme and confirming the Reduction was granted at the Court Hearing held earlier today and is expected to become effective from 24 June 2008. Accordingly, trading in Virotec shares have been suspended and it is expected that the Virotec Shares on AIM will be cancelled from 7.00am on 25 June 2008.
The New Hydrodec Shares due to Virotec shareholders will be allotted today. Dealings in the New Hydrodec Shares are expected to commence at 8.00am on 25 June 2008. Fractional entitlements to New Hydrodec Shares will be retained and sold in the market for the benefit of the Enlarged Group. Cheques for those Virotec Shareholders who will receive cash as full or part settlement will be sent 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 Document dated 13 May 2008.
Enquiries:
Virotec International plc
Angus Craig
Tel: + 61 7 5573 3353
Arden Partners plc
Christopher Hardie / Matthew Armitt
Tel: +44 (0)20 7398 1600
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.