Babcock International: Court Sanctions VT Scheme Of Arrangement

5th Jul 2010 16:03

LONDON (Dow Jones)--Engineering support services company, Babcock International Group PLC (BAB.LN), announces Monday with VT Group PLC (VTG.LN) that the Court has made an order sanctioning the scheme of arrangement of VT by which the recommended acquisition of VT by Babcock is being implemented. MAIN FACTS: -Share Subdivision and Reclassification Following delivery of an office copy of the Court Order sanctioning the Scheme to the Registrar of Companies, each of the Scheme Shares will be subdivided and reclassified at the Reorganization Record Time according to the forms of election returned by Scheme Shareholders. -Scheme Shares in respect of which valid elections were made and accepted for cash consideration will be reclassified as A Shares. -Scheme Shares in respect of which valid elections were made and accepted for New Babcock Shares will be reclassified as B Shares. -Any Scheme Shares in respect of which no valid election has been made or is deemed to have been made will be reclassified into A Shares and B Shares. -The Reorganization Record Time is expected to be 1700 GMT Tuesday July 6. -Babcock shares at 1500 GMT up 6.0 pence, or 1.0%, at 624.5 pence. -VT shares at 1500 GMT up 8.5 pence, or 1.1%, at 797.5 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (END) Dow Jones Newswires July 05, 2010 11:03 ET (15:03 GMT)