Court Approves Schemes Of Arrangement (8600W)

TIDMPLNT

RNS Number : 8600W

Plantic Technologies Limited

26 November 2010

PLANTIC TECHNOLOGIES LIMITED ("Plantic" or "the Company")

COURT APPROVES SCHEMES OF ARRANGEMENT

Plantic (AIM:PLNT) announces that the Supreme Court of Victoria (Court) has today made orders approving the scheme of arrangement under which Gordon Merchant No. 2 Pty Ltd will acquire all of the ordinary shares in Plantic that it does not already own (Share Scheme).

Plantic also announces that the Court has today made orders approving the scheme of arrangement under which all options to acquire ordinary shares in Plantic will be cancelled (Option Scheme).

Lodgement with the Australian Securities and Investments Commission

A copy of the Court's orders has today been lodged with the Australian Securities and Investments Commission and as such the Share Scheme and the Option Scheme are now legally effective.

Termination of Depositary Interest Deed

Plantic has instructed Computershare Investor Services PLC to terminate the Depositary Interest Deed with effect on Monday 29 November 2010. Termination of the Depositary Interest Deed will mean that Plantic's securities will cease trading on AIM.

Scheme consideration

Plantic shareholders who hold shares on the record date for determining entitlements to receive the Share Scheme consideration (being 7.00 pm Melbourne time on 2 December 2010) will be paid GBP0.08 in cash per share from Gordon Merchant No. 2 Pty Ltd.

Plantic option holders who hold Plantic options on the record date for determining entitlements to receive the Option Scheme consideration (being 7.00 pm Melbourne time on 2 December 2010) will be paid an amount in cash per Plantic option that has been calculated using the Black Scholes Model Valuation from Gordon Merchant No. 2 Pty Ltd.

Both the Share Scheme and Option Scheme consideration are expected to be paid to Plantic security holders on 10 December 2010.

FURTHER INFORMATION:

Plantic Technologies Limited

Brendan Morris, Chief Executive Officer +61 (0) 3 9353 7983

Matrix Corporate Capital LLP

Stephen Mischler +44 (0) 20 3206 7203

Tim Graham +44 (0) 20 3206 7206

For more information on Plantic visit the company's website www.plantic.com.au.

This information is provided by RNS

The company news service from the London Stock Exchange

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