Reduction of Capital

13 Feb 2008 14:28

Internet Business Group13 February 2008 Not for release, publication or distribution, in whole or in part, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction RECOMMENDED OFFER BY TMN GROUP PLC ("TMN") FOR INTERNET BUSINESS GROUP PLC ("IBG" or the "Company") to be effected by means of a Scheme of Arrangement under section 425 of the Companies Act 1985 Reduction of Capital Following the announcement of 11 February 2008 whereby the Court sanctioned theScheme, the Court today confirmed the Reduction of Capital which, onceregistered by the Registrar of Companies (which is anticipated to occur on 14February 2008), will give effect thereby to the acquisition of IBG by TMN.Completion of the Acquisition remains subject to the satisfaction or waiver (ifcapable of waiver) of the remaining Conditions set out in the Scheme Document. The last day for dealings in IBG Shares was 12 February 2008 and the Scheme isexpected to become effective on 14 February 2008. Accordingly, dealings in theNew TMN Shares will commence at 8 a.m. on 14 February 2008 at which time thelisting of the existing IBG Shares will be cancelled. The definitions used or referred to in the Scheme Document dated 20 December2007 apply in this announcement, unless the context otherwise requires. Enquiries: Internet Business Group PlcMaziar Darvish, Chairman020 7927 8102 Strand Partners LimitedJames Harris / Braden Saunders020 7409 3494 St Helen's Capital LimitedRuari McGirr020 7628 5582 Tavistock Communications LimitedMatt Ridsdale020 7920 3150 Strand Partners, which is authorised and regulated in the United Kingdom by theFSA, is acting exclusively for IBG and no one else in connection with theAcquisition and the Scheme and will not be responsible to anyone other than IBGfor providing the protections afforded to clients of Strand Partners nor forgiving advice in relation to the Acquisition and the Scheme or any other matteror arrangement referred to in this announcement. Overseas Jurisdictions The release, publication or distribution of this announcement in jurisdictionsother than the United Kingdom may be restricted by law and therefore any personswho are subject to the laws of any jurisdiction other than the United Kingdomshould inform themselves about, and observe, any applicable requirements. Thisannouncement has been prepared for the purposes of complying with English lawand the City Code and the information disclosed may not be the same as thatwhich would have been disclosed if this announcement had been prepared inaccordance with the laws and regulations of any jurisdiction outside of England. THIS ANNOUNCEMENT IS NOT A PROSPECTUS. IT DOES NOT CONSTITUTE OR FORM PART OFANY OFFER OF SECURITIES, OR CONSTITUTE SOLICITATION OF ANY OFFER OF SECURITIES. This information is provided by RNS The company news service from the London Stock Exchange