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date 19 December 2002 source RT Group PLC type Press release
RT GROUP PLC (In Members' Voluntary Liquidation)
Agreement reached with Marconi in respect of the Ultramast joint venture
RT Group PLC is pleased to announce that it has today reached agreement with Marconi Corporation plc in relation to the Ultramast joint venture and the settlement of the litigation with Marconi.
Ultramast was established in December 2000 to construct, operate and market telecommunications masts for use by mobile and fixed wireless network operations. Marconi originally contributed cash and the rights to build telecom masts on land owned by the British Waterways Board. RT Group contributed, through its subsidiary RT Group Telecom Services Limited ("RTS"), the rights to build telecommunications masts on land adjacent to the tracks across the UK rail network.
Under today's agreement, Ultramast will commence a Court approved reduction of capital. On completion of the reduction of capital Marconi will receive back approximately £45 million. Both parties will waive all litigation rights against each other with regards to Ultramast and RTS. On completion of the reduction of capital, RT Group will assume the full economic interest in Ultramast and will receive or consolidate approximately £30 million of cash in RTS and its subsidiaries.
RT Group is currently considering a range of options with regards to maximising value from RTS.
This agreement does not alter the expectation of the Liquidators of RT Group that, if all its assets are realised as expected, and no further liabilities arise, RT Group PLC will be able to return to Shareholders between 252 and 260 pence per Share.
- ends -
Enquiries Railtrack Group: 020 7544 8436 / 07850 285471 Sue Clark, Director of Corporate Affairs
Lehman Brothers: 020 7601 0011 Anthony Odgers James Rushton
This information is provided by RNS The company news service from the London Stock Exchange
Railnews Archive ::: 2002-12-19 RTG-001
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