02/02/2004

ITV shares begin trading on London Stock Exchange

ITV plc, the company formed on the merger of Carlton and Granada, has launched its shares on the London Stock Exchange.

All dealing in Carlton and Granada shares concluded on Friday's close, while ITV plc shares opened at 141 pence, reaching 146.25p by 4pm.

Under the terms of the merger, Granada Shareholders received one ITV ordinary share for each Granada share, while Carlton ordinary shareholders received 1.9386 ITV ordinary shares and 0.1835 ITV convertible shares for each Carlton ordinary share.

On completion of the Merger, Carlton ordinary shareholders received 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.

(GB)

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