Results of Creditor Meetings (5091A)

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RNS Number : 5091A

Cattles PLC

01 February 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

For Immediate Release

1 February 2011

CATTLES PLC

Results of Creditor Meetings

Cattles plc ("Cattles") is pleased to announce that, at the Court-convened meetings of the creditors of Cattles, Welcome Financial Services Limited ("WFSL") and Ewbanks Mail Order Limited ("Ewbanks") (the "Creditor Meetings") held earlier today in connection with the proposed restructurings of Cattles, WFSL and Ewbanks by way of schemes of arrangement in accordance with Part 26 of the Companies Act 2006 (the "Creditor Schemes"), all the necessary resolutions were passed by the relevant classes of their respective creditors by the requisite majorities.

Commenting on the results of the Creditor Meetings, the Executive Chairman of Cattles, Margaret Young said:

"I am delighted that the creditors of Cattles, WFSL and Ewbanks have passed all the necessary resolutions. The passing of these resolutions allows us to continue to progress the restructuring of the Cattles group with the aim of achieving the best possible outcome for the shareholders and creditors of the Cattles group as a whole."

CATTLES CREDITOR MEETING

Meetings of two classes of creditors were convened for the purpose of voting on the Cattles creditor scheme. The Cattles creditor scheme was approved with minor amendments at both class meetings by the requisite majorities.

WFSL CREDITOR SCHEME MEETING

Meetings of three classes of creditors were convened for the purpose of voting on the WFSL creditor scheme. The WFSL creditor scheme was approved with minor amendments at all of the class meetings by the requisite majorities.

EWBANKS CREDITOR SCHEME MEETING

Meetings of a number of classes of creditors were convened for the purpose of voting on the Ewbanks creditor scheme. The Ewbanks creditor scheme was approved at all of the class meetings by the requisite majorities.

Other

Completion of the restructuring remains subject to the satisfaction of other conditions, including the Court sanctioning the Cattles shareholder scheme (the "Shareholder Scheme") and the Creditor Schemes. The hearings at the High Court of Justice of England and Wales to sanction the Shareholder Scheme and the Creditor Schemes are expected to be held on 21 February 2011 and, subject to receiving the sanction of the Court, such schemes are expected to become effective shortly thereafter.

Any changes to the above date will be published on Cattles' website at www.cattles.co.uk.

A copy of this announcement will be published on Cattles' website at www.cattles.co.uk.

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

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