Carlton and Granada announce further merger details

ITV franchise holders Granada and Carlton have released details of share allocation in advance of their upcoming merger.
Under the terms of the merger, Granada Shareholders will receive one ITV ordinary share for each Granada share, while Carlton ordinary shareholders will receive 1.9386 ITV ordinary shares and 0.1835 ITV convertible shares for each Carlton ordinary share.
On completion of the Merger, Carlton ordinary shareholders will receive approximately 32% of the issued ordinary share capital of ITV plc. This will potentially increase to approximately 34% in 2006, conditional on the achievement of a share price for the ITV ordinary shares of 140 pence and on achievement of an earnings target for the ITV ordinary shares, for the year ending September 2005, equal to or greater than 6.26 pence.
This will be achieved through the issue of ITV convertible shares.
It is also intended that Granada shareholders on the register of members of Granada on January 28 2004 will receive a total of approximately £200 million in cash, equivalent to approximately 7.225 pence per Granada share.
The final date for the issue of Granada redeemable shares is January 26 2004.
(GB)