Waterford Wedgwood (NASDAQ:WATFZ)
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Waterford Wedgwood Announces Extraordinary General Meeting on
Sale of All-Clad USA, Inc.
- Waterford Wedgwood plc ("Waterford Wedgwood" or "the Group")
WATERFORD, Ireland, July 2 /PRNewswire/ -- Waterford Wedgwood announces that a
circular containing details of the Sale of All-Clad USA, Inc. ("All- Clad") is
expected to be published and posted to Stockholders later today ("Circular").
The Circular includes notice of an Extraordinary General Meeting of the Company
convened to be held at 10.00 a.m. on Monday, 26 July, 2004 at The Shelbourne
Hotel, St. Stephen's Green, Dublin 2, Ireland.
A resolution will be put to Stockholders at the Extraordinary General Meeting
to approve the sale of All-Clad on the terms previously announced. Subject to
such approval being received, it is expected that the Sale will be completed as
soon as practicable following the Extraordinary General Meeting. All of the net
proceeds of the Sale will then be applied to reduce senior debt, specifically
approximately EUR147.0 million (US$178.8 million) of the Group's Revolving
Credit Facility and approximately EUR32.4 million (US$40.2 million) of the
Private Placement Notes. A further EUR3.2 million (US$4.0 million) representing
a make-whole premium on the Private Placement Notes will be satisfied by way of
the issue of additional notes in accordance with the terms thereof. Based on
amounts outstanding as at 31 March, 2004, the debt reduction effected by the
Sale is 63.8% of senior debt. In order to reinforce the financial platform of
the Group and allow it to continue the operational restructuring being pursued
by the Board, existing credit facilities have also been supplemented by the
procurement of banking facilities of up to EUR40 million by way of subordinated
loans. These loans, which are not secured on Group assets, bear interest at an
average rate of LIBOR plus 1.5%.
In the Circular, the Group also comments that trading is broadly in line with
the same period in the previous fiscal year and at constant exchange rates,
volumes in the first quarter are expected to be 1% ahead of the same period
last year.
The Company is also taking the opportunity to propose a number of resolutions
relating to the share capital of the Company. The authorised share capital of
the Company and general allotment authorities of the Directors, which have not
been renewed for a number of years and which are now almost entirely utilised,
are proposed to be increased and renewed respectively. Authority to disapply
pre-emption rights is also being sought, a standard resolution renewed by the
Company on an annual basis.
Document Availability
A copy of the Circular and of the Form of Proxy for use in connection with the
Extraordinary General Meeting has been submitted to the Irish Stock Exchange
and the UK Listing Authority and will shortly be available for inspection at
the following locations:
Company Announcements Office,
Irish Stock Exchange,
28 Anglesea Street,
Dublin 2,
Ireland.,
Tel: +353 1 6174200
Financial Services Authority,
25 The North Colonnade,
Canary Wharf,
London E14 5HS,
United Kingdom.,
Tel: +44 (0)207 066 1000.
DATASOURCE: Waterford Wedgwood
CONTACT: Waterford Wedgwood, +44-1782-282-299