HBOS, Lloyds TSB: Capital Reduction Plan Approved
January 16 2009 - 7:49AM
Dow Jones News
HBOS announced Friday that the Court has approved the Capital
Reduction to effect the recommended Acquisition of HBOS by Lloyds
TSB and the Reduction Court Order has been filed with the Registrar
of Companies.
Accordingly, the Scheme of Arrangement has become effective in
accordance with its terms.
New Lloyds TSB Shares will be issued pursuant to the Scheme of
Arrangement at or after 1700 GMT Friday. It is expected that the
New Lloyds TSB Shares will be admitted to the Official List and to
trading on the London Stock Exchange at 0800 GMT on Jan. 19, it
said.
Applications have been made to the U.K. Listing Authority and to
the London Stock Exchange respectively requesting the cancellation
of the listing of HBOS Shares on the Official List and the
cancellation of trading of such securities on the London Stock
Exchange.
Cancellation is expected to take place at 8.00 a.m. on Jan. 19,
2009. Capitalised terms used in this announcement shall have the
meanings given to them in the Scheme Document dated Nov. 14, 2008,
it said.
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