Cleardebt Group PLC
16 July 2007
ClearDebt Group plc
('ClearDebt' or the 'Company')
Result of EGM
On 22 June 2007, ClearDebt announced that it had conditionally agreed to acquire
the entire issued share capital of Abacus (Financial Consultants) Limited
('Abacus'), an established consumer debt resolution packaging company
specialising in debt management plans and the referral of IVAs.
At the extraordinary general meeting of ClearDebt, which took place earlier
today, all resolutions proposed to effect the Acquisition, the Placing and the
waiver by the Panel on Takeovers and Mergers of any requirement which would
otherwise arise for the vendors of Abacus to make a general offer pursuant to
Rule 9 of the City Code to the other shareholders of the Company were duly
passed.
Under the terms of the Acquisition Agreement, the vendors of Abacus are not
immediately entitled to any Ordinary Shares but may become entitled to Ordinary
Shares in the future, subject to the achievement by Abacus of agreed financial
performance targets.
The Acquisition and the Placing remain conditional upon Admission. It is
expected that the New Ordinary Shares will be admitted to trading on AIM and
that dealings in the Enlarged Share Capital will commence on AIM on 17 July
2007.
All terms used in this announcement are defined as set out in the admission
document of the Company dated 22 June 2007.
For further information, please contact:
David Mond, ClearDebt Group plc Tel: 0161 228 7444
David Youngman, WH Ireland Limited (Nominated Adviser) Tel: 0161 832 2174
Ruari McGirr, St. Helen's Capital Plc (Broker) Tel: 020 7628 5582
Paddy Blewer, College Hill Associates (Financial PR) Tel: 020 7457 2020
This information is provided by RNS
The company news service from the London Stock Exchange
