Return of Value

2 Mar 2007 08:00

Brown (N.) Group PLC02 March 2007 Return of Value Results of Purchase Offer and declaration of Single B Share Dividend In accordance with the circular to Shareholders dated 25 January 2007 (the"Circular"), Shareholders could elect to sell B Shares at 27 pence each, free ofall dealing expenses and commissions, pursuant to the Purchase Offer which wasmade on 1 March 2007 by Credit Suisse Securities (Europe) Limited. Validelections to accept the Purchase Offer were received in respect of 208,605,257 BShares, representing approximately 70.50 per cent. of the B Shares in issue. The Board of Directors of the Company is also pleased to announce that it hastoday declared the Single B Share Dividend of 27 pence per B Share payable tothose holders of B Shares who were on the B Share register of members at 7.30a.m. today. Credit Suisse Securities (Europe) Limited will receive the Single BShare Dividend of 27 pence in respect of each B Share it has purchased under thePurchase Offer. In accordance with the Articles of Association, following the declaration of theSingle B Share Dividend, all B Shares have been converted into Deferred Shares.The Deferred Shares will not be listed, will carry extremely limited rights andwill have negligible value. The Company will have the right to repurchase allDeferred Shares at any time for an aggregate consideration of one penny andintends to exercise this right on 13 March 2007. Cheques and sale advices are expected to be despatched and assured payments madethrough CREST on 12 March 2007 in respect of B Shares purchased under thePurchase Offer and in respect of the Single B Share Dividend. All definitions used in the Circular apply to this announcement. Credit Suisse Securities (Europe) Limited, which is regulated in the UnitedKingdom by the Financial Services Authority, is acting as financial adviser andcorporate broker to N Brown Group plc and is acting for no-one else inconnection with the Return of Value or any other matter referred to in thisannouncement, and will not be responsible to anyone other than N Brown Group plcfor providing the protections afforded to customers of Credit Suisse Securities(Europe) Limited nor for providing advice to any other person in relation to theReturn of Value. Enquiries: N Brown Group plc: 0161 238 2202Alan White, CEODean Moore, CFO Credit Suisse: 020 7888 8888John Hannaford Gavin Anderson: 020 7554 1400Fergus Wylie This information is provided by RNS The company news service from the London Stock Exchange