Friday November 30, 07:04 AM
Rightmove Plc - New Corporate Structure
RNS Number:8490I
Rightmove Plc (LSE: RMV.L - news)
30 November (Frankfurt: A0S9N7 - news) 2007
30 November 2007
Rightmove plc - Proposals for New Corporate Structure
Rightmove plc ('Rightmove') today announces that it intends to introduce a new
parent company above Rightmove plc, followed by a reduction of the nominal value
of the share capital of the new parent company in order to increase the Group's
distributable reserves. The reserves created will be available for the
declaration of future dividends and other returns of capital including share
buybacks. The proposed change, which is subject to Court and Shareholder
approval, involves a scheme of arrangement.
The proposals will result in Rightmove's shareholders owning the same number of
shares, but in the new parent company. Furthermore, the reduction in nominal
value of the new shares will not, in itself, have any impact on the market value
of the shares.
Shareholder approval of these proposals will be sought at a Court Meeting and
Extraordinary General Meeting, further details of which will be sent to
shareholders in due course. It is envisaged that this process will be completed
prior to the announcement of Rightmove's preliminary results.
For further enquiries please contact:
Graham Zacharias +44 20 7087 0700
Rightmove plc
Brian Hudspith +44 20 7379 5151
Maitland
This information is provided by RNS
The company news service from the London Stock Exchange (LSE: LSE.L - news)
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