BT sets split date


06-09-2001

BT says it expects to complete plans to split itself in two in just over two months.

The company announced a demerger target date of November 19 for shares in BT Group and wireless business mmO2 to start trading.



MmO2 - the new name for BT Wireless - will be demerged with net debts on its balance sheet of GBP 500 million.



BT chairman Sir Christopher Bland said: 'This is an important step forward: we are about to create for shareholders two wholly independent businesses, each with its own identity, board, management and stock exchange listing. We expect both BT Group plc and mmO2 plc to be major FTSE-100 corporations.



'Upon demerger, BT shareholders will own equal numbers of BT Group plc shares and mmO2 plc shares, together replacing their holding in their pre-demerger BT shares. We strongly believe the demerger is in the interests of shareholders and will seek shareholder and Court approval for it and the Scheme.



'I am confident that shareholders will support the Board's recommendation as being in the best interests of shareholders, employees and customers.'



A shareholder helpline has been set up on Freefone 0808 100 4141.

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