20 May 2003 London--The refinanced Marconi Corporation has confirmed that its schemes of arrangement for Marconi Corporation plc and Marconi plc have now become effective.
Trading in Marconi Corporation plc's shares, notes and warrants began yesterday on the London Stock Exchange following the completion of the company's financial restructuring.
Under the terms of the restructuring GBP340 million of cash, an aggregate of GBP756 million of senior and junior notes and 995 million shares in Marconi Corporation plc are being distributed to scheme creditors.
"Today is a very significant day for Marconi and for everyone associated with our company," said Mike Parton, CEO of Marconi Corp on Monday.
"By supporting us over the recent, often difficult period, our customers, staff, suppliers and new shareholders have contributed to our reaching this important milestone. Our emergence with a significantly improved financial position, substantial improvements in operating performance and a sharper strategic focus on telecommunications equipment and services allows us to look to the future with greater confidence and optimism."
Marconi Corp will shortly be writing to shareholders of Marconi plc, whose details were on the register of members at the close of business on Friday 16 May, to confirm their holdings of shares and, if applicable, warrants in Marconi Corporation plc.
As previously announced on 14 March 2003, and following the completion of the Group's financial restructuring, the appointments of Kathleen Flaherty and Ian Clubb as non-executive directors of Marconi Corporation plc have taken effect.
Ian Clubb will chair Marconi Corporation plc's remuneration committee. Marconi Corporation plc can confirm that, having included disclosures in its prospectus dated 31 March 2003, there are no further details to be disclosed in respect of the newly appointed directors pursuant to paragraph 16.4 of the Listing Rules.
Marconi Corporation
Marconi Corporation plc is a global telecommunications equipment, services and solutions company. The company's core business is the provision of innovative and reliable optical networks, broadband routing and switching and broadband access technologies and services. The company's customer base includes many of the world's largest telecommunications operators.
The company is listed on the London Stock Exchange under the symbol MONI. Additional information about Marconi Corporation can be found at www.marconi.com