LONDON – LAWFUEL – Law News Network – Allen & Overy LLP are advising Emap plc (Emap) on the proposed return to shareholders of £285 million in cash from its recent sale of Emap France. The return in cash to shareholders is being made by way of a B share scheme, representing 110 pence per ordinary share in issue, and an associated share capital consolidation.
The completion of the sale of Emap France (Emap’s French Consumer Magazines Division) to Arnoldo Mondadori Editore S.p.A. was announced on 31st August 2006 for approximately £380 million. The resolution proposing the B share scheme will be put to shareholders at an Extraordinary General Meeting on 25th September 2006.
Corporate partner Richard Browne is leading the Allen & Overy team with assistance from Anna Macleod-Smith. Sylvie Watts and Suzy Giele are providing incentives advice, Dana Bürstow is providing pensions advice and Chris Harrison is giving tax advice.
Commenting, Richard Browne said: “We are delighted to continue to develop our relationship with Emap on important transactions such as this, which take advantage of the breadth of quality advice we are able to offer our clients.”
Citigroup is acting as financial advisor and corporate broker to Emap in connection with the proposed return of cash to shareholders.