BRUSSELS, Belgium, May 10, 2005 (PRIMEZONE) -- Virgin Express Holdings PLC ("VEX PLC") (OTCBB:VIRGY) is pleased to announce that at the Extraordinary General Meeting held earlier today the shareholders unanimously approved all of the resolutions set out in the notice of the extraordinary general meeting sent to shareholders on 15th April 2005, thereby approving all the corporate actions necessary for the EUR 1.00 a share distribution to shareholders which was announced on 12th April 2005 and further described in the circular made publicly available by VEX PLC.
As a result EUR 1.00 gross exit price per share will be distributed by the liquidators of VEX PLC appointed at the shareholder meeting to the minority shareholders on or around 8th June 2005, following which the Company will be delisted from Euronext.
Furthermore, as soon as practicable after the EUR 1.00 a share distribution, VEX PLC will terminate its periodic reporting obligations under the United States Securities Exchange Act of 1934 by filing a certification on Form 15 that it has fewer than 300 shareholders resident in the United States.
The directors Sir Richard Branson, David Hoare, Neil Burrows and Luc Bertrand have resigned from the Board of Directors.
Statement of the Chairman:
"I am very pleased the Euro 1.00 per share exit proposal to minority shareholders has been unanimously accepted by our shareholders. I would like to thank Neil Burrows and his management team, the Virgin Group and our non executive director, Luc Bertrand, for the support they have given the business over the past five years, whilst I have been your Chairman."
Important Information Regarding the Proposed Exit for Equity Shareholders
This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell, in the United States or elsewhere, American depositary shares or International depositary shares of Virgin Express Holdings PLC.
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