CHARTER plc EGM Statement
25/11/2003
Proposed disposal of Howden Airdynamics, Inc. and Western Design Howden, Inc. (“the US Defence Businesses”) (the “Disposal”)
The Board of Charter plc announces that, at an Extraordinary General Meeting of the Company held today, shareholders gave approval for the disposal of the US Defence Businesses to two wholly owned indirect subsidiaries of Meggitt PLC for a cash consideration of approximately US$45.0 million (£26.8 million). The net cash proceeds will be used to reduce the group’s indebtedness.
Completion of the Disposal remains subject to there being no fundamental change in the US Defence Businesses and to the receipt of the necessary US Government “Exon-Florio” clearance.
Contact
Andrew Fenwick, Pamela Small, Brunswick +44 (0) 20 7404 5959