BERKSHIRE, UK--(Marketwire - Jul 11, 2011) -
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION FOR IMMEDIATE RELEASE AVIS EUROPE PLC POSTING OF SCHEME DOCUMENT On 14 June 2011, it was announced that Avis Budget Group, Inc. ("Avis Budget") and Avis Europe plc ("Avis Europe") had reached an agreement on the terms of a recommended cash acquisition of the entire issued and to be issued share capital of Avis Europe by AE Consolidation Limited (an indirect, wholly-owned subsidiary of Avis Budget) to be effected by means of a scheme of arrangement between Avis Europe and Avis Europe Shareholders pursuant to the provisions of Part 26 of the Companies Act 2006 (the "Offer"). Avis Europe is pleased to announce that the scheme document relating to the Offer (the "Scheme Document") is today being posted to Avis Europe Shareholders and, for information only, to nominated persons and holders of awards under the Avis Europe Share Schemes. The Scheme Document contains, amongst other things, details of the Scheme, an Explanatory Statement (pursuant to Section 897 of the Companies Act), an expected timetable of principal events, details of the action to be taken by Avis Europe Shareholders and notices of the Court Meeting and the General Meeting that are being convened in connection with the Scheme and are being held on 1 August 2011. To become effective the Scheme will require the approval of the Scheme Shareholders at the Court Meeting and the approval of the Special Resolution by the Avis Europe Shareholders at the General Meeting. The Scheme will also require subsequent sanction of the Court and confirmation of the Capital Reduction by the Court. A full description of the required approvals and terms and conditions of the Scheme, together with the action to be taken by Avis Europe Shareholders, are set out in the Scheme Document. To vote on the Scheme, as further described in the Scheme Document, Avis Europe Shareholders should complete and sign the Forms of Proxy and return them by post using the freepost service printed on the back of the Forms of Proxy, or by sending them by post or delivering them by hand to Equiniti Limited, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA, as soon as possible, but in any event to be received by no later than 11:30 a.m. on 30 July 2011 in the case of the Court Meeting and by no later than 11:45 a.m. on 30 July 2011 in the case of the General Meeting (or, in the case of an adjourned meeting, not less than 48 hours prior to the time and date set for the adjourned meeting). If the Avis Europe Shares are held in uncertificated form (that is, in CREST), the CREST proxy voting service may be used for voting, in accordance with the procedures set out in the CREST Manual, or the appointment of a proxy may be registered electronically through the electronic proxy voting system through the Equiniti website at www.sharevote.co.uk . Further details are contained in the Scheme Document. The Scheme Document and Forms of Proxy will also be available on Avis Europe's website, www.avis-europe.com and will be made available for inspection at the offices of Freshfields Bruckhaus Deringer LLP, 65 Fleet Street, London EC4Y 1HS during normal business hours on any weekday (public holidays excluded). Avis Europe Shareholders should carefully read the Scheme Document in its entirety before making a decision with respect to the Scheme. Any capitalised term used but not defined in this announcement is as defined in the Scheme Document. Enquiries: Avis Budget Group, Inc. Tel: +1 212 355 4449 Ronald Nelson, (Chairman and Chief Executive Officer) Tel: +44 (0)20 7269 7170 Morgan Stanley (joint financial adviser to Avis Budget) Tel: +44 (0)20 7425 5000 Adrian Doyle Ari Terry Tel: +1 212 761 7715 Daniel Blank Citi (joint financial adviser to Avis Budget) Tel: +44 (0)20 7986 4000 Philip Robert-Tissot Grant Kernaghan Joele Frank, Wilkinson Brimmer Katcher (investor relations adviser to Avis Budget) Tel: +1 212 355 4449 Jennifer Friedman Financial Dynamics (financial communications adviser to Avis Budget) Tel: +44 (0)207 831 3434 Jonathan Brill Avis Europe plc Tel: +44 (0)1344 42 6644 Pascal Bazin, (Chief Executive Officer) Martyn Smith, (Chief Financial Officer) Barclays Capital (financial adviser to Avis Europe) Tel: +44 (0)20 7623 2323 Matthew Smith Stuart Ord RBS Hoare Govett (Corporate Broker to Avis Europe) Tel: +44 (0)20 7678 8000 Sara Hale Harry Nicholas MHP Communications (public relations adviser to Avis Europe) Tel: +44 (0)20 3128 8100 Andrew Jaques Barnaby Fry Simon Hockridge In accordance with Listing Rule 9.6.1R, two copies of the Scheme Document will be submitted to the National Storage Mechanism and will be available for inspection at www.hemscott.com/nsm.do . Morgan Stanley is acting exclusively for Avis Budget and AE Consolidation and no one else in connection with the Acquisition and will not be responsible to anyone other than Avis Budget and AE Consolidation for providing the protections afforded to its clients for providing advice in relation to the Acquisition or in relation to the contents of this announcement or any transaction or any other matters referred to herein. Citi, which is authorised and regulated in the United Kingdom by the FSA, is acting exclusively for Avis Budget and AE Consolidation and no one else in connection with the Acquisition and will not be responsible to anyone other than Avis Budget and AE Consolidation for providing the protections afforded to its clients for providing advice in relation to the Acquisition or in relation to the contents of this announcement or any transaction or any other matters referred to herein. Barclays Capital, which is authorised and regulated in the United Kingdom by the FSA, is acting exclusively for Avis Europe and no one else in connection with the Acquisition and will not be responsible to anyone other than Avis Europe for providing the protections afforded to its clients for providing advice in relation to the Acquisition or in relation to the contents of this announcement or any transaction or any other matters referred to herein. This announcement is not intended to and does not constitute, or form any part of, an offer to sell or an invitation to subscribe for or purchase any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Proposals or otherwise. The Proposals are made solely through the Scheme Document, which contains the full terms and conditions of the Proposals, including details of how to vote in favour of the Proposals. Avis Europe Shareholders are strongly advised to read the Scheme Document carefully because it contains important information. Any acceptance of, or other response to, the Proposals should be made only on the basis of the information in the Scheme Document. The laws of relevant jurisdictions may affect the availability of the Proposals to persons not resident in the United Kingdom and their ability to vote on them. Persons who are not resident in the United Kingdom, or who are subject to the laws of any jurisdiction other than the United Kingdom, should inform themselves about, and observe, any applicable legal and regulatory requirements. The release, publication or distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable legal and regulatory requirements. Any failure to comply with the applicable requirements may constitute a violation of the securities laws of any such jurisdiction. This announcement has been prepared for the purpose of complying with English law and the City Code and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside the United Kingdom. Notice to US Investors: The Acquisition is of securities of a UK company by means of a scheme of arrangement under English law. A transaction implemented by means of an English scheme of arrangement is not subject to the US tender offer or proxy rules. Accordingly, the Acquisition is subject to disclosure and procedural requirements and practices applicable in the UK to schemes of arrangement which differ from the disclosure and procedural requirements of the US tender offer and proxy rules as well as other federal securities laws. Forward-looking statements This announcement, oral statements made regarding the Acquisition and other information included or incorporated by reference in this announcement, or published by Avis Budget, AE Consolidation and Avis Europe may contain statements that are, or may be, forward-looking statements. All such statements other than statements of historical facts may be forward-looking statements. Forward-looking statements often use words such as "target", "plan", "believe", "expect", "aim", "intend", "will", "should", "could", "would", "may", "consider", "continue", "forecast""anticipate", "estimate", "synergy", "cost saving", "project", "goal" or "strategy" or words or terms of similar substance or the negative of such words. Forward-looking statements included herein may include (but are not limited to) statements relating to the following: (i) the expected timetable for implementing the Proposals; (ii) future financial performance, business strategy, projected plans and objectives and future prospects of Avis Budget or Avis Europe; (iii) business and management strategies and the expansion and growth of Avis Budget's or Avis Europe's operations and potential synergies resulting from the acquisition of Avis Europe by Avis Budget; and (iv) the effects of government regulation on Avis Budget's or Avis Europe's business. These forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of Avis Budget or Avis Europe. There are a number of unknown or unpredictable factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements, including, among other things, the enactment of legislation or regulation that may impose costs or restrict activities; the re-negotiation of contracts or licences; fluctuations in demand and pricing in the vehicle rental industry; changes in petrol prices; changes in currency exchange rates and/or interest rates; fluctuations of exchange controls, changes in government policy and taxation; industrial disputes; war and terrorism. These forward-looking statements involve known and unknown risks and uncertainties which may cause them to differ materially from the actual results, performance or achievements expressed or implied by such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the ability of the person making the statement to control or estimate precisely. These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of such persons and the environment in which each will operate in the future. Investors are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this announcement. All subsequent oral or written forward-looking statements attributable to Avis Budget, AE Consolidation or Avis Europe or any of their respective members, directors, officers or employees or any persons acting on their behalf are expressly qualified in their entirety by the cautionary statement above. All forward-looking statements included in this announcement are based on information available to Avis Budget, AE Consolidation and Avis Europe on the date of this announcement and are made only as of the date of this announcement. Undue reliance should not be placed on such forward-looking statements. Subject to compliance with their legal and regulatory obligations, Avis Budget, AE Consolidation and Avis Europe do not intend, or undertake any obligation, to update any forward-looking statement, whether as a result of new information, future events or otherwise. Rule 8 Summary Under Rule 8.3(a) of the City Code, any person who is, or becomes, "interested" in 1 per cent. or more of any class of relevant securities of an offeree company or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an "Opening Position Disclosure" following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified. An "Opening Position Disclosure" must contain details of the person's interests and short positions in, and rights to subscribe for, any" relevant securities" of each of (i) the offeree company and (ii) any paper offeror(s). An "Opening Position Disclosure" by a person to whom Rule 8.3(a) of the City Code applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the "relevant securities" of the offeree company or of a paper offeror prior to the deadline for making an "Opening Position Disclosure" must instead make a "Dealing Disclosure". Under Rule 8.3(b) of the City Code, any person who is, or becomes, interested in 1 per cent. or more of any class of "relevant securities" of the offeree company or of any paper offeror must make a "Dealing Disclosure" if the person deals in any "relevant securities" of the offeree company or of any paper offeror. A "Dealing Disclosure" must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any "relevant securities" of each of (i) the offeree company and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8 of the City Code. A "Dealing Disclosure" by a person to whom Rule 8.3(b) of the City Code applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an "interest" in "relevant securities" of an offeree company or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3 of the City Code."Opening Position Disclosures" must also be made by the offeree company and by any paper offeror and "Dealing Disclosures" must also be made by the offeree company, by any paper offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4 of the City Code). Details of the offeree and offeror companies in respect of whose relevant securities "Opening Position Disclosures" and "Dealing Disclosures" must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk , including details of the number of "relevant securities" in issue, when the offer period commenced and when any offeror was first identified. If you are in any doubt as to whether you are required to make an "Opening Position Disclosure" or a "Dealing Disclosure", you should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129. Terms in quotation marks are defined in the City Code, which can also be found on the Panel's website. In accordance with Rule 19.11 of the City Code, a copy of this announcement will be made available on the following website: www.avis-europe.com . This information is provided by RNS The company news service from the London Stock Exchange END
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