CSE Cross Shr Reg S

RNS No 3910h
CITY SITE ESTATES PLC
1st December 1998


          ANNOUNCEMENT OF MARKET PURCHASES & MANDATORY RULE 9 BID

Not for release, publication or distribution in or into the United States of
America, Canada, Japan, Australia, South Africa or the Republic of Ireland.

                          Issued by Ernst & Young

                     on behalf of Woodvale Estates Ltd
                 in respect of the recommended cash offer
                        for the ordinary shares of

                           CITY SITE ESTATES plc

On 23 November  1998 a voluntary recommended cash offer was made  by Ernst &
Young  (the  "Offer")  on  behalf  of Woodvale  Estates  Limited  ("Woodvale
Estates")  for  the  Ordinary Shares of City Site Estates  plc  ("City  Site
Estates") not already owned by Woodvale Estates and Louis Goodman. As at  23
November  1998 Woodvale Estates and person acting or deemed to be acting  in
concert  with  it  owned  or had contracted to purchase  in  respect  of  an
aggregate 5,043,545 Ordinary Shares representing approximately 30  per  cent
of  the  existing  issued ordinary share capital of City  Site  Estates.  In
addition,  Woodvale Estates has received irrevocable undertakings to  accept
the  Offer,  in  respect  of in aggregate 184,350 Ordinary  Shares.   Today,
market  purchases of Ordinary Shares of City Site Estates have been made  by
Woodvale  Estates.  These market purchases total 1,041,667  Ordinary  Shares
details of which are as follows:

Date acquired                   Number            Price per share
1 December 1998                 1,041,667         26p

These  purchases result in Woodvale Estates and persons acting or deemed  to
be  acting  in  concert with it owning or having contracted to  purchase  in
respect of 6,085,212 Ordinary Shares representing approximately 36 per  cent
of  the  issued  ordinary share capital of City Site Estates.  In  addition,
Woodvale Estates has received irrevocable undertakings to accept the  Offer,
in respect of in aggregate 184,350 Ordinary Shares as mentioned above.

Woodvale Estates is now required to make a mandatory offer under Rule  9  of
The City Code on Takeovers and Mergers ("City Code").

The Offer as detailed in the formal Offer Document posted to Shareholders on
23  November 1998 is subject only to an acceptance condition which  complies
with Rule 9.3 of the City Code.  This condition reads in full as follows:

Valid  acceptances being received (and not, where permitted, withdrawn)  by,
at  the  latest, 3pm on 14 December 1998 or such later time and/or  date  as
Woodvale  Estates  may, subject to the rules of the City  Code,  decide,  in
respect  of  that amount of the Ordinary Shares to which the  Offer  relates
which  (when  taken together with the Ordinary Shares already owned  by  it,
Louis  Goodman  and  any  person acting in concert  with  them)  results  in
Woodvale Estates having acquired or agreed to acquire, pursuant to the Offer
or  otherwise, Ordinary Shares carrying in aggregate more than  50%  of  the
voting  rights then normally exercisable at general meetings  of  City  Site
Estates. For the purposes of this condition Ordinary Shares which have  been
unconditionally  allotted shall be deemed to carry the voting  rights  which
they will carry on issue.

As  required  by  the City Code, the latest date by which valid  acceptances
must be received is now extended to 15 December 1998.

Subject to the Offer contained in the Offer Document dated 23 November  1998
being  construed as a mandatory offer as required in terms of Rule 9 of  the
City  Code,  the terms of the Offer as set out in the Offer document  remain
the same.

Ernst & Young are satisfied that the resources available to Woodvale Estates
are sufficient to satisfy full acceptance of the Offer assuming exercise  of
all  outstanding  options  and  conversion of  all   Convertible  Cumulative
Redeemable  Preference Shares of City Site Estates ("Convertible  Preference
Shares") and to procure that City Site Estates can redeem the 7% Convertible
Unsecured  Loan  Stock  redeemable 2006 of City Site  Estates  ("Convertible
Unsecured Loan Stock") at par (other than the Convertible  Preference Shares
and  Convertible Unsecured Loan Stock held by Woodvale Estates and  Kylebrae
Limited, a private company owned by Louis Goodman and a member of his family
("Kylebrae")  and  those  held  or controlled by  Louis  Goodman).  Woodvale
Estates,  Kylebrae  and  Louis Goodman have confirmed  that  they  will  not
convert their Convertible Preference Shares and will not seek redemption  at
par of their Convertible Unsecured Loan Stock in the event the Offer becomes
or  is  declared  unconditional in all respects.  The Bank  of  Scotland  is
making  the necessary facilities available to Woodvale Estates to  meet  the
consideration payable under the Offer.

Enquiries
Woodvale Estates Ltd
Louis Goodman
Phone 0141 248 2534

Hudson Sandler
Michael Sandler/Wendy Baker
Phone 0171 796 4133

This  announcement  has been issued on behalf of the directors  of  Woodvale
Estates  Ltd by Ernst & Young.  Ernst & Young is authorised by the Institute
of  Chartered  Accountants  in  England and Wales  to  carry  on  investment
business.  Ernst & Young, is acting for Woodvale Estates Ltd and no-one else
in  connection  with the Offer and will not be responsible to  anyone  other
than  Woodvale  Estates Ltd for providing the protections  afforded  to  the
Offer.

The  Offer  is not being made directly or indirectly in or into  the  United
States, Canada, Japan, Australia, South Africa or the Republic of Ireland or
by  the  use  of  mail  in whatever form, or by means or instrumentality  of
interstate  or  foreign commerce, or any facility of a  national  securities
exchange,  of the United States, Canada, Japan, Australia, South  Africa  or
the Republic of Ireland.

The  Directors  of  Woodvale  Estates,  (being  Louis  Goodman  and  Richard
Gilliland)  accept  responsibility for the  information  contained  in  this
announcement.  To the best of the knowledge and belief of the  Directors  of
Woodvale Estates (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.

END

OFFFSISUFUAUFIE

Cross Shore Acquisition (LSE:CSE)
Historical Stock Chart
From May 2024 to Jun 2024

Cross Shore Acquisition (LSE:CSE)
Historical Stock Chart
From Jun 2023 to Jun 2024