REG - Cineworld Group plc - Notice of General Meeting

CineworldAnnouncement

23/03/2023 15:00

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RNS Number : 0608U  Cineworld Group plc  23 March 2023

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23 March 2023

CINEWORLD GROUP PLC
("Cineworld" or the "Company")

Notice of General Meeting

General Meeting

A general meeting of the Company will be held at Vantage London, Great West
Road, Brentford, England TW8 9AG on 20 April 2023 at 10:00 a.m. (the "General
Meeting") pursuant to section 656 of the Companies Act 2006 (the "Act").

In circumstances where the value of the Company's net assets is less than half
of its called up share capital (constituting a "serious loss of capital" under
the Act), its Directors are required, pursuant to section 656 of the Act, to
convene a general meeting of the Company for the purpose of allowing
shareholders to consider whether any, and if so what, steps should be taken to
deal with the situation. Accordingly, the Board is calling the General Meeting
to ensure that this matter is addressed as required by the Act. The Board
welcomes dialogue with the Company's shareholders, and the General Meeting
will provide a forum for such discussions to take place, but no resolutions
will be proposed at the General Meeting.

Cineworld remains in discussions with its key stakeholders with a view to
developing a Chapter 11 plan of reorganisation that maximises value for the
benefit of the Group and its stakeholders. The marketing process, which was
announced on 3 January 2023, is continuing in parallel. As previously
announced, it is not expected that any plan of reorganisation or sale
transaction would result in any recovery for Cineworld's shareholders. Further
updates will be provided to shareholders by way of announcement when
appropriate, and will be made available on the Company's website at
www.cineworldplc.com.

The notice of the General Meeting (the "Notice") is being posted and made
available to shareholders today.  In accordance with Listing Rules 9.6.1 and
9.6.3, a copy of the Notice has been uploaded to the National Storage
Mechanism and will shortly be available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.  A copy of the Notice
is also available on the Company's website at www.cineworldplc.com.

Business as usual

As previously announced, Cineworld continues to operate its global business
and cinemas as usual without interruption. Cineworld and its brands around the
world - including Regal, Cinema City, Picture House and Planet - are
continuing to welcome customers to cinemas as usual. The Group continues to
honour the terms of all existing customer membership programmes, including
Regal Unlimited and Regal Crown Club in the United States and Cineworld
Unlimited in the UK.

For further information, please contact:

Cineworld Group plc:
Israel Greidinger

Nisan Cohen

Manuela Van Dessel

investors@cineworld.co.uk
+44 (0)20 8987 5000

FGS Global (UK) (Corporate PR Adviser):
James Leviton / James Thompson

Cineworld-LON@fgsglobal.com

+44 (0)20 7251 3801

FGS Global (US) (Corporate PR Adviser):
Kal Goldberg / Lizzie Hyland / Monique Sidhom

CineworldMedia@fgsglobal.com

+1 (646) 970-4727

About Cineworld

Cineworld was founded in 1995 and is now one of the leading cinema groups in
Europe. Originally a private company, it re-registered as a public company in
May 2006 and listed on the London Stock Exchange plc in May 2007. Cineworld's
acquisition of Regal Entertainment Group has created the second largest cinema
business in the world (by number of screens). Cineworld currently operates in
the United Kingdom, Ireland, Poland, the Czech Republic, Slovakia, Hungary,
Bulgaria, Romania, Israel and the United States.

Forward looking statements

This announcement is not intended to and does not constitute and should not be
construed as, considered a part of, or relied on in connection with any
information or offering memorandum, security purchase agreement, or offer,
invitation or recommendation to underwrite, buy, subscribe for, otherwise
acquire, or sell any securities or other financial instruments or interests or
any other transaction.

This announcement contains certain forward-looking statements with respect to
the financial condition, results of operations and business of Cineworld and
its subsidiaries (together, the "Group") and certain plans and objectives with
respect thereto, including with respect to the Group's ordinary shares.
These forward-looking statements can be identified by the fact that they do
not relate only to historical or current facts. Forward-looking statements
often use words such as "anticipate", "target", "expect", "estimate",
"intend", "plan", "goal", "believe", "hope", "aims", "continue", "will",
"may", "should", "would", "could", or other words of similar meaning. These
statements are based on assumptions and assessments made by the Group in light
of their experience and their perception of historical trends, current
conditions, future developments and other factors the Group believes
appropriate. By their nature, forward-looking statements involve risk and
uncertainty, because they relate to events and depend on circumstances that
will occur in the future and the factors described in the context of such
forward-looking statements in this document could cause actual results and
developments to differ materially from those expressed in or implied by such
forward-looking statements.  Although it is believed that the expectations
reflected in such forward-looking statements are reasonable, no assurance can
be given that such expectations will prove to have been correct and you are
therefore cautioned not to place undue reliance on these forward-looking
statements which speak only as at the date of this document.  The Group does
not assume any obligation to update or correct the information contained in
this document (whether as a result of new information, future events or
otherwise), except as required by applicable law.

PJT Partners LP, Alix Partners LLP, Kirkland & Ellis LLP and Slaughter and
May (collectively, the "Advisers") are providing advice to Cineworld (and
other members of the Group) and no one else in connection with the matters
referred to in this announcement.  The Advisers will not regard any other
person as their client in connection with such matters, nor will they be
responsible to any other person for providing the protections afforded to
their clients or for providing advice in relation to such matters.

 

 

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