6 Jan 2010 16:15
6 January 2010
WYG plc
Result of Extraordinary General Meeting (EGM)
WYG plc ("WYG" or the "Company"), the international multi-skilled consultancy, is pleased to announce that, at the EGM held earlier today, the Resolutions, as set out in the circular sent to shareholders on 9 December 2009 (the "Circular"), were duly approved by shareholders.
Resolutions 1, 2, 3, 4, 8, 9, 10, 11, 13 and 14 were passed as Ordinary Resolutions. Resolutions 5, 6, 7 and 12 were passed as Special Resolutions. As required by the City Code on Takeovers and Mergers, resolutions 8 and 11 were passed on a poll.
A request has been made for the cancellation of the listing of the Company's Ordinary Shares on the Official List of the UK Listing Authority and from admission to trading on the London Stock Exchange's main market for listed securities. These cancellations are expected to take place at 8.00 a.m. on 4 February 2010.
An application has also been made for the admission to, and commencement of trading in the Company's ordinary shares on AIM, which is expected to take place at 8.00 a.m. on 4 February 2010. As announced on 9 December 2009, the Company has appointed Arbuthnot Securities Limited as its Nominated Adviser and broker for the purposes of admission to AIM and its listing on AIM thereafter.
Copies of the Resolutions have been submitted to the UK Listing Authority's Document Viewing Facility which is situated at 25 The North Colonnade, Canary Wharf, London, E14 5HS.
The remaining Restructuring Conditions Precedent, which are essentially administrative in nature, are expected to be satisfied and the Restructuring formally completed on Friday 8 January 2010, at which time a further announcement will be made.
In accordance with The City Code on Takeovers and Mergers, WYG announces that following the passing of the Resolutions and Completion (as defined in the Circular), the Lenders (as defined in the Circular) shall be interested in ordinary shares of 10 pence each in the capital of the Company ("Shares") as follows:
| Name of Lender | Number of Shares held | Percentage of issued share capital of the Company |
| Lloyds Banking Group plc | 8,871,776 | 25.1 |
| The Royal Bank of Scotland plc | 4,738,165 | 13.4 |
| Fortis Bank | 7,752,389 | 22.0 |
Paul Hamer, Chief Executive Officer, WYG, said:
"Upon completion of the refinancing we will have significantly reduced the level of the Group's debt, created a stable, long-term financial future for the Group, secured around 2,700 jobs and provided renewed confidence to our clients.
The approval by shareholders of our restructuring has endorsed a fresh start for WYG despite the fact, as previously indicated, that the Group continues to face challenging market conditions. With a new leadership team and a restructured balance sheet, we will be putting in place fundamental building blocks to enable us to benefit from profitable opportunities at home and internationally, while continuing to take a prudent and cautious view of the market.
The Board and I would like to thank our lenders, shareholders, clients and staff for their invaluable support and ongoing commitment to the business throughout this process."
Unless otherwise indicated, defined terms in this announcement are as set out in the Circular.
-oOo-
For further information, please contact:
| WYG plc | |
| Paul Hamer, Chief Executive Officer David Wilton, Group Finance Director | Tel: 0113 278 7111 |
| Rothschild | |
| David Forbes/Stephen Moore | Tel: 0113 200 1900 |
| Arbuthnot | |
| Nick Tulloch/Edward Gay | Tel: 020 7012 2000 |
| Financial Dynamics | |
| Jon Simmons | Tel: 020 7269 7291 |
WYG (WYG)