BT Group Receives Court Approval for Reduction of Capital
LONDON, Nov. 20 /PRNewswire/ -- BT Group plc today received court approval for the reduction of its share capital, whereby the nominal value of each issued BT Group ordinary share will be reduced from 115 pence to 5 pence. This is to increase the level of distributable reserves available for future distributions to shareholders of BT Group, creating a new reserve in the books of BT Group of approximately 9.5 billion pounds sterling, or otherwise to facilitate any future transactions. The BT Group reduction of capital is expected to become effective on Wednesday, November 21, 2001. The contents of this press announcement, which has been issued by, and is the sole responsibility of, BT Group plc, has been approved by Cazenove & Co. Ltd which is regulated in the UK by The Securities and Futures Authority, solely for the purposes of Section 57 of the Financial Services Act 1986. Prices and values of, and income from, shares may go down as well as up and an investor may not get back the amount invested. It should be noted that past performance is no guide to future performance. Persons needing advice should consult an independent financial adviser. Inquiries about this news release should be made to the BT Group Newsroom on its 24-hour number: 020 7356 5369. From outside the UK, dial + 44 20 7356 5369. All news releases can be accessed at BT Group's web site: http://www.groupbt.com/mediacentre MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X44347586
SOURCE BT Group plc
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