COURT SANCTION OF SCHEME OF ARRANGEMENT (1205P)

TIDMAVE

RNS Number : 1205P

Avis Europe PLC

28 September 2011

Avis Europe plc

28 September 2011

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

FOR IMMEDIATE RELEASE

AVIS EUROPE PLC

COURT SANCTION OF SCHEME OF ARRANGEMENT

Avis Europe plc ("Avis Europe") is pleased to announce that the High Court of Justice of England and Wales (the "Court") has today sanctioned the scheme of arrangement to effect the recommended proposal for the acquisition of Avis Europe by AE Consolidation Limited (the "Scheme").

In order for the Scheme to become Effective in accordance with its terms, the Court must confirm the Reduction of Capital at the Second Court Hearing which is scheduled to take place on 30 September 2011.

The last day of dealings in, and for the registration of transfers of, Avis Europe Shares on the London Stock Exchange will be 29 September 2011 and, from 6:00 p.m. on 29 September 2011, the trading of Avis Europe Shares on the London Stock Exchange will be suspended.

The Scheme is expected to become Effective on 3 October 2011, subject to the satisfaction of certain conditions as set out in the circular of Avis Europe, dated 11 July 2011 sent to Avis Europe Shareholders relating to the Scheme (the "Scheme Document"). Upon the Scheme becoming Effective, holders of Scheme Shares will be entitled to receive 315 pence for each Scheme Share held by them at the Scheme Record Time.

The consideration of 315 pence per Scheme Share to be paid by AE Consolidation Limited to Scheme Shareholders pursuant to the Scheme is expected to be despatched (in the case of certificated holders of Scheme Shares) or settled in CREST (in the case of uncertificated holders of Scheme Shares) by no later than 17 October 2011.

Terms and expressions in this announcement shall, unless the context otherwise requires, have the same meanings as given to them in the Scheme Document.

Enquiries:

 
 Avis Europe plc                            Tel: [phone] 
  Pascal Bazin, (Chief Executive Officer)    6644 
  Martyn Smith, (Chief Financial Officer) 
 Barclays Capital (financial adviser        Tel: [phone] 
  to Avis Europe)                            2323 
  Matthew Smith 
  Stuart Ord 
 MHP Communications (public relations       Tel: [phone] 
  adviser to Avis Europe)                    8100 
  Andrew Jaques 
  Barnaby Fry 
  Simon Hockridge 
 

Barclays Capital, which is authorised and regulated in the United Kingdom by the FSA, is acting exclusively for Avis Europe and no one else in connection with the Acquisition and will not be responsible to anyone other than Avis Europe for providing the protections afforded to its clients for providing advice in relation to the Acquisition or in relation to the contents of this announcement or any transaction or any other matters referred to herein.

The release, publication or distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable legal and regulatory requirements. Any failure to comply with the applicable requirements may constitute a violation of the securities laws of any such jurisdiction. This announcement has been prepared for the purpose of complying with English law and the City Code and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside the United Kingdom.

Subject to compliance with their legal and regulatory obligations, Avis Budget, AE Consolidation and Avis Europe do not intend, or undertake any obligation, to update any forward-looking statement, whether as a result of new information, future events or otherwise.

In accordance with Rule 19.11 of the City Code, a copy of this announcement will be made available on the following website: www.avis-europe.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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