The Court hearing to sanction the Scheme of Arrangement ("Scheme") for the merger of CGU plc ("CGU") and Norwich Union plc ("Norwich Union") is due to take place on 22 May 2000.
The Court hearing to sanction the Scheme of Arrangement ("Scheme") for the merger of CGU plc ("CGU") and Norwich Union plc ("Norwich Union") is due to take place on 22 May 2000.
Under the terms of the merger, CGU shareholders will retain their shares in CGU (to be renamed CGNU) and Norwich Union shareholders will receive: for every 100 Norwich Union shares 48 new CGNU shares and so on in proportion for any other number of Norwich Union shares.
Subject to receipt of final regulatory approvals and to the Court sanctioning the Scheme, the timetable for the completion of the merger is expected to be as follows:
Friday 26 May 2000
- Last day of dealings in Norwich Union ordinary shares
- Scheme Record Time (6.00 pm) Tuesday 30 May 2000
- The Scheme becomes effective and Norwich Union ordinary shares cancelled (Norwich Union delisted)
- Issue of the new CGNU ordinary shares to former Norwich Union shareholders, listing thereof and start of dealings therein
- CREST accounts credited with new CGNU ordinary shares
- CGU changes its name to CGNU
On or before Friday 9 June 2000
- CGNU share certificates posted to former Norwich Union shareholders
Pending despatch of new CGNU share certificates to former Norwich Union shareholders, transfers will be certified against the CGNU share register.
Existing CGU share certificates will remain valid following the company's change of name to CGNU.
Enquiries:
| Analyst contact: | |
| Rebecca Burrows | Tel: 01603 680117 |
| Media contact: | |
| James Duffell | Tel: 01603 680874 |