CTT Cattles

TIDMCTT

RNS Number : 1873C

Cattles PLC

02 March 2011

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

2 March 2011

CATTLES PLC

Effective Date of the Schemes of Arrangement

Cattles plc ("Cattles") is pleased to announce that the scheme of arrangement to effect the recommended proposal for the acquisition of Cattles by Bovess Limited (the "Acquisition") has today become effective.

Cattles is also pleased to announce that the schemes of arrangement between each of Cattles, Welcome Financial Services Limited and Ewbanks Mail Order Limited and certain of their respective creditors have also become effective.

An application has been made to the UK Listing Authority requesting the cancellation of the listing of Cattles Shares on the Official List as well as trading of Cattles Shares on the London Stock Exchange's main market for listed securities. Cancellation is expected to take place by 8.00 a.m. on Monday 7 March 2011.

The consideration of 1p per Cattles Share to be paid by Bovess Limited to Cattles Shareholders pursuant to the Acquisition is expected to be despatched (in the case of certificated holders of Cattles Shares) or settled in CREST (in the case of uncertificated holders of Cattles Shares) by 16 March 2011.

Commenting on the schemes of arrangement becoming effective, the Executive Chairman of Cattles, Margaret Young, said:

"The Board of Cattles is pleased to announce that the various schemes of arrangement to permit the restructuring of the Group's finances, which received the sanction of the High Court on Monday, have today become effective. The restructuring is therefore now completed.

This is in itself a significant achievement which seemed highly unlikely two years ago when we faced potentially the immediate financial collapse of the Group. However, with the support of our main financial creditors and after an extended period of complex negotiations, we have stabilised the Group's financial position, implemented the managed contraction of Welcome Finance and to date collected over GBP1.1 billion of its outstanding loan book, with more to come. We have restored the Group's two remaining trading subsidiaries, Shopacheck and The Lewis Group, to profitability and continue to develop both businesses.

I believe this has produced the best possible outcome for all concerned, and I would like to thank the Group's creditors, the shareholders of Cattles plc and our loyal employees for their support through this difficult and challenging process."

In accordance with Rule 19.11 of the City Code on Takeovers and Mergers, a copy of this announcement will be published on Cattles' website at www.cattles.co.uk.

Terms and expressions in this announcement shall, unless the context otherwise requires, have the same meanings as given to them in the Scheme Document sent to Cattles Shareholders dated 20 December 2010.

Enquiries

Cattles

Margaret Young, Executive Chairman 020 7269 7252

Financial Dynamics

Paul Marriott 020 7269 7252

This information is provided by RNS

The company news service from the London Stock Exchange

END

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