Demerger Update: Georgia Capital PLC Admission


Georgia Capital PLC ("Georgia Capital") is pleased to announce that its admission of 39,384,714 ordinary shares to the premium listing segment of the Official List and to trading on the London Stock Exchange's main market for listed securities ("Admission"), under the ticker CGEO, took place at 8.00 a.m. this morning following the demerger of the Investment Business from Bank of Georgia Group PLC ("Bank of Georgia Group").

Immediately prior to Admission, Bank of Georgia Group issued and allotted 9,784,716 Bank of Georgia Group Shares (the "Consideration Shares", equivalent to 19.9% of Bank of Georgia Group's issued ordinary share capital) to Georgia Capital in consideration for the transfer to Bank of Georgia Group by Georgia Capital of Georgia Capital's stake in the Banking Business. As set out in the Bank of Georgia Group prospectus dated 26 March 2018, for as long as Georgia Capital’s percentage holding in Bank of Georgia Group is greater than 9.9%, Georgia Capital will exercise its voting rights at Bank of Georgia Group general meetings in accordance with the votes cast by all other Bank of Georgia Group Shareholders on Bank of Georgia Group votes at general meetings.  

A detailed timetable of events is set out in the circular sent to BGEO Shareholders dated 26 March 2018 (the "Circular"). 

Proposed Reduction of Capital

Georgia Capital announces that its proposed reduction of capital (including capitalising the merger reserve created in connection with the Demerger and as described in its prospectus dated 26 March 2018 ("Reduction of Capital"), is now expected to become effective on 12 June 2018 (rather than on 26 June 2018 as proposed in the timetable of principal events in the Circular) . The Reduction of Capital is a legal and accounting adjustment and is not expected to have any direct impact on the market value of the Georgia Capital Shares. 

Capitalised terms used in this announcement have the meanings given to them in the Circular unless otherwise defined herein.