December 14, 2016 / 3:42 PM / 8 months ago

BRIEF-ICAP says court approves capitalisation arrangement

Dec 14 (Reuters) - ICAP Plc :

* Scheme of arrangement

* Sanction of scheme and confirmation of ICAP reduction of capital

* ICAP has requested that premium listing of its securities on official list be cancelled with effect from 8.00 a.m. tomorrow

* Admission of Newco ordinary shares to premium listing segment are expected to take place no later than 8.00 a.m. tomorrow

* Says under scheme, holders of ICAP shares are entitled to one Newco ordinary share for each ICAP ordinary share held at scheme record time, being 6 p.m. today

* Court has ordered sanctioning scheme to establish NEX Group Plc as holding company of ICAP and its subsidiaries

* Says subject to satisfaction or waiver of those remaining conditions, ICAP and NEX expect transaction to complete on Dec.30 2016 Source text for Eikon: Further company coverage: (Bengaluru Newsroom)

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