City Site Estates - Miller Statement re Offer
December 10 1998 - 12:29PM
UK Regulatory
RNS No 9088b
CITY SITE ESTATES PLC
10th December 1998
MEDIA STATEMENT BY THE MILLER GROUP LIMITED
REGARDING OFFER FOR CITY SITE ESTATES PLC
The Board of The Miller Group Limited ("Miller") notes
with interest the statement made yesterday by the
Independent Directors of City Site Estates plc ("City
Site").
In Miller's view, this represents a substantial change of
position by the Independent Directors.
In the document dated 23 November 1998 containing the
offer by Woodvale Estates Limited (the "Woodvale Offer"),
the Independent Directors recommended acceptance of the
Woodvale Offer. On 2 December 1998, the Independent
Directors advised City Site shareholders, in view of the
approach by Miller, to take no action. Yesterday, the
Independent Directors recommended that City Site
shareholders consider a number of points when making any
decision whether or not to accept the Woodvale Offer.
Miller is pleased to note that the Independent Directors'
statement yesterday has replaced their previous
recommendation of the Woodvale Offer.
If the Woodvale Offer lapses, Miller will post its offer
to City Site ordinary shareholders (subject to the
Independent Directors recommending the offer by Miller
(the "Miller Offer") and (unless waived by Miller)
Woodvale and concert parties not acquiring nor gaining
control of any further shares or convertible debt nor
being granted any options over ordinary shares).
City Site shareholders should be aware that the posting
of the Miller Offer is not subject to any other
conditions.
If by 3.00pm on 15 December 1998, Woodvale has not
received acceptances to its offer which would take the
shareholding owned or controlled by it and persons acting
in concert with it to over 50 per cent of the City Site
ordinary shares, the Woodvale Offer may lapse. In this
event (subject to satisfaction and/or (where applicable)
waiver of the other conditions referred to above), Miller
will post its offer of 35p per ordinary share
(representing a circa 35% increase on the Woodvale Offer
of 26p per ordinary share) on 22 December 1998.
Following the announcement yesterday of the firm
commitment by Miller to make an offer for the ordinary
shares of City Site, subject to satisfaction and/or
(where applicable) waiver of the above conditions, Miller
has now received irrevocable undertakings to accept its
offer in respect of 2,508,540 ordinary shares,
representing circa 14.9% of City Site issued ordinary
shares. These undertakings cease to be binding in the
event of a higher offer for the ordinary shares of City
Site.
For Further Information
Pamela Counter Graham Watson
MacLaurin Communications Ltd Deloitte & Touche
Corporate Finance
Tel: 0131-220 8291 Tel: 0131-535 7221
Deloitte & Touche of Stonecutter Court, 1 Stonecutter
Street, London, EC4A 4TR is authorised by the Institute
of Chartered Accountants in England and Wales to carry on
investment business. Deloitte & Touche Corporate
Finance, a division of Deloitte & Touche, is acting for
Miller of Miller House, 18 South Groathill Avenue,
Edinburgh, EH4 2LW and no-one else in connection with the
Miller Offer, and will not be responsible to anyone other
than Miller for providing the protections offered to
clients of Deloitte & Touche Corporate Finance nor for
providing advice in relation to the Miller Offer.
The directors of Miller, James Miller, Keith Miller, John
Richards, Rob Clarke, Phil Miller, Geoff Potton, Hew
Balfour, Malcolm Gourlay and Jack Mather, accept
responsibility for the information contained in this
announcement. To the best of the knowledge and belief of
the directors of Miller (who have taken all reasonable
care to ensure that such is the case), the information
for which they accept responsibility in this
announcement, is in accordance with the facts and does
not omit anything likely to affect the import of such
information.
Deloitte & Touche Corporate Finance has approved this
announcement as an investment advertisement solely for
the purpose of section 57 of the Financial Services Act
1986.
END
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