2015-01-08 Rail in the north: rolling stock (Department for Transport)

2015-01-08 New plan to secure rail services for the north (Department for Transport)

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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


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The company news service from the London Stock Exchange

Railhub Archive ::: 2002-12-19 RTG-001