2002-09-27 Secretary of State's application for discharge of Railtrack administration order (Railtrack plc)

2002-09-20 Return of cash to Shareholders (RT Group PLC)

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date 31 July 2003
source RT Group PLC
type Letter

Following an application made on 29 July 2003 in the High Court to the Vice Chancellor, Sir Andrew Morritt, the Joint Liquidators of RT Group PLC (in Members’ Voluntary Liquidation), Mr Jamie Smith and Mr Nick Dargan, partners in Deloitte and Touche, were directed and authorised to distribute to shareholders 43 pence per share as a second cash distribution in the liquidation. The distribution remains subject to no further significant liabilities of the Company coming to light before the distribution is made.

The Joint Liquidators will seek to make the distribution on 18 August 2003 to shareholders who appear on the Company’s share register on 1 August 2003.

Together with the first distribution of 200 pence per share made to shareholders in January 2003, the Joint Liquidators will have distributed a total of 243 pence per share in the liquidation. The amount and timing of further distributions to shareholders will depend on the outcome of the realisation of the Company’s few remaining assets, and the agreement or determination of any outstanding claims, including those in respect of the Company’s tax liabilities.

Jamie Smith of Deloitte & Touche commented, "we are pleased to report that the voluntary liquidation is proceeding in line with expectations. Subject to the Company's remaining assets being realised as expected, no further liabilities arising, existing liabilities remaining within expectation and the Company not becoming involved in extensive litigation, we continue to expect an aggregate return to shareholders of between 252 and 260 pence per share in total. If the outstanding claims liabilities are agreed within the expected timescale, the bulk of the Company’s remaining funds could be distributed before the end of 2003."

The Joint Liquidators have previously indicated that they will retain one penny per share for a period of 6 years to meet unforeseen contingencies. In the event that further costs or liabilities arise this sum will have to be reconsidered.

For further information call:

[Jamie Smith/Laetitia Mowat Deloitte & Touche 020 7007 3012/020 7303 4820]

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Railtrack Group PLC (In Members’ Voluntary Liquidation)
PO Box 36833, 180 Strand, London WC2R 1WL


RT Group PLC was formerly called Railtrack Group PLC. All recent press releases can be found on the RT Group PLC web site www.rtgroup.co.uk

Railhub Archive ::: 2003-07-31 RTG-001