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UTV Announce Corporate Reorganisation Plan
21 Aug 2007 :
Northern-Ireland based broadcaster UTV, is set to re-organise its corporate structure by creating a new parent company, called UTV Media plc. It will put in place a corporate re-organisation whereby UTV Media plc will be introduced as the main holding company of the Group.

The reorganization is being carried out under a scheme of arrangement under Article 418 of the Companies Order. The new company, UTV Media plc, will have ownership of the entire issued share capital of UTV, and will be listed on the Official Lists of the London Stock Exchange and Irish Stock Exchange.

Under this scheme, UTV shareholders will get one new share in UTV Media plc for every share they have in UTV, after which UTV shares will be delisted.

This scheme will mean that UTV plc shareholders will swap their interest in UTV plc Shares for equal proportionate interest in UTV Media plc. Their proportionate interests in the profits, net assets and dividends of the Group will not be affected by reason of the implementation of the Scheme.

The Groupís radio television and new media businesses will become subsidiaries under the umbrella of UTV Media plc. The Groupís corporate structure will be more closely aligned to internal management and reporting functions. The proposed reorganization will not cause any disruption to the companyís day-to-day commercial operations.

Shareholders will be sent a prospectus, in the next few weeks, including a circular that sets out in full the details of the proposed Scheme. The Scheme is subject to and conditional upon, amongst other things, shareholder approval at a Court meeting and an extraordinary general meeting, both of which will be held in September 2007 and on the sanction of the High Court. It is expected that dealings in the shares in UTV Media plc will commence in October 2007.



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