Last checked at 20 Jun 2012 15:33
20 June 2012
Southern Cross Healthcare Group PLC
("Southern Cross", or "the Company" or "the Group")
Result of Creditors and Shareholders meetings
Southern Cross announces that, as previously notified, meetings have taken place at which Creditors and Shareholders considered the proposed Company Voluntary Arrangements (CVAs) under Part I of the Insolvency Act 1986 for all of the recently active entities in the Group.
At the meeting of Creditors held on 20 June 2012 a majority of in excess of 99% by value of the voting Creditors of each Group company approved the CVAs which now come into effect. Richard Fleming and Howard Smith of KPMG LLP have been confirmed as Joint Supervisors of the CVAs.
In a subsequent meeting, in excess of 99% of the shareholders of the Company attending the meeting in person or by proxy approved its CVA
Further details of the outcome of the meetings may shortly be found on the Company's website: www.schealthcare.co.uk.
The objective of the CVAs is to render all companies in the Group solvent by compromising their liabilities with the agreement of their creditors. This results in a small dividend to creditors, following which the companies will be dissolved.
Enquiries:-
KPMG :- Sorrelle Cooper - 020 7694 8527
Southern Cross Healthcare Group PLC: FTI :-Ben Brewerton - 020 7269 7279