Velocity Comp Regulatory News (VEL)

16 Dec 2009 15:56



London, 16 December 2009

Velti plc

High Court Approves Scheme of Arrangement

Recommended proposals to establish Velti plc (a company incorporated in Jersey with registered number 103899) ("New Velti") as the holding company of Velti plc ("Old Velti") by means of a scheme of arrangement between Old Velti and its shareholders under sections 895 to 899 of the Companies Act 2006 (the "Scheme").

Old Velti announces that the Court approved the Scheme at a hearing today. The Scheme, which is expected to become effective on 18 December 2009, will result in New Velti becoming the holding company of Old Velti. 

Scheme Shareholders will be entitled to receive one New Velti Share for every one Old Velti Share held at 6:00 p.m. (GMT) on 17 December 2009. 

It is expected that the cancellation of Old Velti Shares from AIM, the admission of New Velti Shares to AIM, the crediting of New Velti Shares in uncertificated form to CREST accounts and the commencement of dealings in New Velti Shares on AIM will each occur at 8:00 a.m. (GMT) on 18 December 2009. 

Capitalised terms used but not defined in this announcement have the meaning given to them in the circular despatched to shareholders of Old Velti on 28 October 2009.

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