R
red stripe
Guest
16 April 2003
P&O PRINCESS CRUISES PLC AND CARNIVAL CORPORATION
RESULT OF P&O PRINCESS EXTRAORDINARY GENERAL MEETING
P&O Princess Cruises plc ("P&O Princess") and Carnival Corporation
("Carnival") announce that at the P&O Princess EGM held earlier today, the
resolution set out in the P&O Princess shareholder circular dated 17 March
2003 relating to, inter alia, the DLC transaction with Carnival was passed
on a show of hands.
Proxy votes announced at the EGM were 408,679,183 votes cast in favour,
representing 99.7 per cent. of shares voted, and 1,118,826 votes cast
against, representing 0.3 per cent. of shares voted. There were 3,854,706
votes refrained or abstained.
The DLC transaction has now received all necessary shareholder and
regulatory approvals and is expected to close on 17 April 2003.
The DLC structure will allow P&O Princess shareholders to retain their
shares with their exposure to the cruise industry and its significant growth
potential in North America, Europe and the rest of the world.
Combining P&O Princess and Carnival creates the world's largest cruise
vacation group, with a wide range of complementary and well known cruise
brands. The portfolio of 13 brands will cover all sectors of the cruise
vacation market and is among the strongest in the industry with Carnival
Cruise Lines and Princess, as well as Holland America, being the three top
lines in North America; P&O Cruises and Cunard Line the leading brands in
the UK; Costa Cruises the best known brand in Southern Europe; Aida the
leader in Germany; and P&O Australia the leader in Australia.
The Combined Group will have 66 ships with a further 17 on order equating to
100,000 berths and 42,300 berths respectively. In addition, the Combined
Group will have substantial financial flexibility, with strong operating
cash flow, low leverage and a strong balance sheet. The pro forma combined
revenue for the group for the year ended November 2002 was $6,891million
with net income of $1,333 million. In total 4.7 million passengers were
carried during this period.
Under the DLC structure, the Combined Group is expected to remain in both
the S&P 500 and the FTSE 100 indices.
Lord Sterling of Plaistow, who is to retire as Chairman of P&O Princess on
completion of the DLC Transaction, said:
"I am pleased that the shareholders of P&O Princess and Carnival have
decided to combine their two great companies. As I retire as Chairman of
P&O Princess, I have the pleasure of knowing that our people, both at sea
and on shore, will have a tremendous future working together with their
Carnival colleagues in this new global cruising enterprise"
Micky Arison, who will become Chairman and Chief Executive of the Combined
Group, said:
"Such an overwhelming vote in favour of the DLC transaction demonstrates the
logic of combining our two companies. Our primary focus will now be on
organic growth and extracting the benefits of the combination for
shareholders and customers alike. Carnival and P&O together are in the best
position to ride the current geo-political uncertainties and benefit from
the positive long term prospects for the cruising industry.
"In virtually every market in the world where cruise vacations have
established a foothold in the overall leisure travel business, Carnival
Corporation & P&O Princess are leaders. In addition these brands offer
very different experiences allowing us to cater to virtually every lifestyle
and budget. We offer, quite literally, something for everyone."
P&O PRINCESS CRUISES PLC AND CARNIVAL CORPORATION
RESULT OF P&O PRINCESS EXTRAORDINARY GENERAL MEETING
P&O Princess Cruises plc ("P&O Princess") and Carnival Corporation
("Carnival") announce that at the P&O Princess EGM held earlier today, the
resolution set out in the P&O Princess shareholder circular dated 17 March
2003 relating to, inter alia, the DLC transaction with Carnival was passed
on a show of hands.
Proxy votes announced at the EGM were 408,679,183 votes cast in favour,
representing 99.7 per cent. of shares voted, and 1,118,826 votes cast
against, representing 0.3 per cent. of shares voted. There were 3,854,706
votes refrained or abstained.
The DLC transaction has now received all necessary shareholder and
regulatory approvals and is expected to close on 17 April 2003.
The DLC structure will allow P&O Princess shareholders to retain their
shares with their exposure to the cruise industry and its significant growth
potential in North America, Europe and the rest of the world.
Combining P&O Princess and Carnival creates the world's largest cruise
vacation group, with a wide range of complementary and well known cruise
brands. The portfolio of 13 brands will cover all sectors of the cruise
vacation market and is among the strongest in the industry with Carnival
Cruise Lines and Princess, as well as Holland America, being the three top
lines in North America; P&O Cruises and Cunard Line the leading brands in
the UK; Costa Cruises the best known brand in Southern Europe; Aida the
leader in Germany; and P&O Australia the leader in Australia.
The Combined Group will have 66 ships with a further 17 on order equating to
100,000 berths and 42,300 berths respectively. In addition, the Combined
Group will have substantial financial flexibility, with strong operating
cash flow, low leverage and a strong balance sheet. The pro forma combined
revenue for the group for the year ended November 2002 was $6,891million
with net income of $1,333 million. In total 4.7 million passengers were
carried during this period.
Under the DLC structure, the Combined Group is expected to remain in both
the S&P 500 and the FTSE 100 indices.
Lord Sterling of Plaistow, who is to retire as Chairman of P&O Princess on
completion of the DLC Transaction, said:
"I am pleased that the shareholders of P&O Princess and Carnival have
decided to combine their two great companies. As I retire as Chairman of
P&O Princess, I have the pleasure of knowing that our people, both at sea
and on shore, will have a tremendous future working together with their
Carnival colleagues in this new global cruising enterprise"
Micky Arison, who will become Chairman and Chief Executive of the Combined
Group, said:
"Such an overwhelming vote in favour of the DLC transaction demonstrates the
logic of combining our two companies. Our primary focus will now be on
organic growth and extracting the benefits of the combination for
shareholders and customers alike. Carnival and P&O together are in the best
position to ride the current geo-political uncertainties and benefit from
the positive long term prospects for the cruising industry.
"In virtually every market in the world where cruise vacations have
established a foothold in the overall leisure travel business, Carnival
Corporation & P&O Princess are leaders. In addition these brands offer
very different experiences allowing us to cater to virtually every lifestyle
and budget. We offer, quite literally, something for everyone."