February 12, 2018 / 7:19 AM / 6 months ago

BRIEF-BGEO Says Board Has Approved Implementation Of Demerger

Feb 12 (Reuters) - Bgeo Group Plc:

* UPDATE ON PROPOSED DEMERGER

* ‍BOARD HAS NOW APPROVED IMPLEMENTATION OF DEMERGER, SUBJECT TO SHAREHOLDER APPROVAL​

* ‍”BELIEVE A DEMERGER OF BUSINESSES WILL DELIVER ADDITIONAL LONG-TERM VALUE TO SHAREHOLDERS”​

* ‍DEMERGER WILL BE SUBJECT TO SHAREHOLDER APPROVAL AT A GENERAL MEETING WHICH IS EXPECTED TO BE HELD IN APRIL 2018​

* ‍DEMERGER IS EXPECTED TO COMPLETE BEFORE END OF JUNE 2018​

* ‍FOLLOWING DEMERGER, BANK OF GEORGIA AND GEORGIA CAPITAL WILL BE TWO INDEPENDENT ENTITIES, WITH NO OVERLAPPING MANAGEMENT OR DIRECTORS​

* BOARD DECIDED TO INCREASE STAKE THAT GEORGIA CAPITAL WILL HAVE IN BANK OF GEORGIA TO 19.9% FROM PREVIOUSLY ANNOUNCED 9.9%​ Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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