RECOMMENDED OFFER
by
Corporate Synergy Plc
on behalf of
THE CREATIVE EDUCATION CORPORATION PLC
for
ACADEMY CHILDCARE GROUP PLC
Introduction
The Creative Directors and the Independent Academy Directors announce that they
have reached agreement on the terms of a recommended offer, to be made by
Corporate Synergy on behalf of Creative, to acquire the Academy Shares other
than those already owned by Creative.
The Independent Academy Directors consider, having been so advised by CLB, the
terms of the Offer to be fair and reasonable and recommend Academy Shareholders
to accept the Offer. In providing advice to the Independent Academy Directors,
CLB has taken into account the Independent Academy Directors' commercial
assessment.
Simultaneously with the issue of this announcement, Creative has released its
preliminary statements of results for the period ended 31 July 2004.
The Offer
The Offer, which will be subject to the conditions and terms set out in the
Offer Document will be made on the following basis:
1 New Creative Share for every Academy share
or
5p in cash provided such cash is used to subscribe for New Creative Shares at
the Placing Price
The cash alternative option is being offered to Academy Shareholders who wish
to claim tax relief under the Enterprise Investment Scheme in respect of their
New Creative Shares. Corporate Synergy makes no warranty or representation,
express or implied, and gives no confirmation as to the availability of any
such tax relief.
The Offer values the existing issued share capital of Academy at approximately
�2.18 million and each Academy Share at 5p. Creative will finance the cash
element of the Offer through the proceeds of the Placing, which will raise �5
million for Creative, before costs and expenses. Pursuant to the Placing
Agreement, Corporate Synergy has conditionally placed 100,000,000 new Creative
Shares with institutional and other investors.
Background to and reasons for the Offer
Creative currently operates 14 nurseries and one pre-prep school in South East
England under the trading names Primary Steps and Happy House. The acquisition
of Academy will take the total number of Creative's operating units to 29,
comprising 27 nurseries, one pre-prep school and one cr�che. The Creative
Directors believe that the proposed acquisition of Academy will provide the
Enlarged Group with the first significant step in becoming the principal quoted
consolidator in the nursery school sector. The Creative Directors believe that
the proposed acquisition of Academy will enable the Enlarged Group to have the
benefit of Academy's operational contribution whilst eliminating significant
head office costs currently being paid by Academy, as Academy's operations can
largely be supported by Creative's current head office structure. In addition,
the Creative Directors also believe significant short and medium term
improvement in Academy's operational performance can be achieved.
As stated, the Creative Directors believe the Enlarged Group will, following
the acquisition of Academy, be positioned as a prime consolidator in the UK
nursery education market. The nursery school sector is highly fragmented and
most private sector nurseries are operated by sole traders or small private
companies, with the largest single operator having less than two per cent. of
the market. Furthermore, the Creative Directors believe the 20 largest
childcare nursery operators have less than ten per cent. of the market. The
Creative Directors believe that, due to this fragmentation, there is an
opportunity for significant consolidation in the industry.
Creative's policy to achieve consolidation and further growth is principally to
acquire groups of small nurseries. The Creative Directors believe they can
consolidate the turnover from acquired businesses without taking on significant
additional head office costs.
Creative is therefore making the Offer and undertaking the Placing for the
following reasons:
* the Enlarged Group will be nearly three times the size of Creative's
existing operations and yet the Creative Directors believe that it can
operate largely with Creative's current head office structure and cost,
thus bringing economies of scale by way of consolidation;
* the Creative Directors see Academy's agreement with Next Generation to open
and operate nurseries in its fitness clubs, as an opportunity to expand its
childcare network throughout the UK;
* the Creative Directors believe that the funds from the Placing available to
the Enlarged Group will enable them to further actively consolidate the
nursery school sector by acquisition and seek to take the benefit of
operating contribution without the overheads associated with head office
operations. The Creative Directors believe that Creative's existing head
office structure can manage up to 50 operating units without significant
expansion;
* the Creative Directors believe Creative's operating format will improve
child occupancy levels in Academy's nurseries and increase the operating
performances at unit level; and
* all of Academy's operating units are fitted to purpose and the Creative
Directors believe that they are located to suit its target market of
working parents.
The Creative Directors believe that a combination of acquiring Academy and the
Placing will provide a significant platform from which to build a substantial
group of nursery schools in the UK and that the Enlarged Group will be one of
the top ten largest operators of day nurseries in the United Kingdom, with more
than 1,600 full time places.
Strategy
The Creative Directors' principal objective is to operate a group of quality
nurseries that make the Enlarged Group the nursery provider of choice within
each community that it operates. The Creative Directors believe that there is
scope for consolidation and there is potential for acquisitions to be made
within the sector thereby increasing the size of the business, enhancing market
penetration, and building a higher awareness of the "Primary Steps" brand and
services.
As part of its strategy Creative intends to:
* Consolidate within the sector
The Creative Directors intend to acquire further small groups of operating
nurseries and integrate them into the Enlarged Group thereby achieving critical
mass and eliminating the attributable head office overhead associated with
individual nursery groups.
The Creative Directors are continuously investigating other opportunities that
may lead to further acquisitions in future. No such opportunity has yet
progressed beyond the stage of the identification of potential targets.
* Increase its occupancy rate
The Creative Directors intend to increase the occupancy rates of its and
Academy's nurseries.
* Reduce overheads
The Creative Directors have identified a number of opportunities to reduce
costs and achieve higher margins in Academy's operations which will reduce the
losses and enhance the profitability of those nurseries in future.
* New nurseries
In addition to acquiring existing nurseries, the Creative Directors intend to
open new nurseries. These nurseries will be branded to Primary Steps
specifications. It is intended that not more than 25 per cent. of additional
nurseries opened or acquired will be new build due to the lead times to
profitability.
* Sector advantage
Through continuous expansion throughout the UK, Creative aims to become the
nursery provider of choice for all parents. The Creative Directors intend to
implement this through:
* consistent quality of service;
* training, recruitment and retention of highly skilled staff;
* investment in education and training; and
* comprehensive marketing and presentation campaigns to reinforce its
reputation and presence within each community.
Directors, management and employees
Creative has given assurances to the Academy Independent Directors that,
following the Offer becoming or being declared unconditional in all respects,
the existing employment rights, including pension rights, of Academy employees
will be fully safeguarded.
Academy Options
The Offer will extend to the holders of any Academy Shares unconditionally
issued or allotted whilst the Offer remains open for acceptance (or until such
earlier date as Creative may, subject to the City Code, decide) including any
Academy Shares which are to be unconditionally issued or allotted as a result
of the exercise of options granted under the Academy Options.
Recommendation
Laurence Davis and David Alexander are directors of Creative, and Ray Harris is
a previous director of Creative who is a member of Creative's operational board
and, as such, these directors have taken no part in the Academy Directors'
deliberations concerning the Offer and are not recommending a course of action
to Academy Shareholders.
The Independent Academy Directors, who have been so advised by CLB, consider
the terms of the Offer to be fair and reasonable. In providing advice to the
Independent Directors, CLB has taken into account the Independent Academy
Directors' commercial assessment.
Accordingly, the Independent Academy Directors unanimously recommend Academy
Shareholders to accept the Offer as they intend to do in respect of their own
beneficial holdings amounting to, in aggregate, 3,905,696 Academy Shares,
representing 8.9 per cent. of Academy's existing issued share capital.
Disclosure of interest in Academy
Creative owns 12,745,423 Academy Shares (29.2 per cent. of the entire issued
share capital of Academy) and �400,000 Academy loan notes which are convertible
into ordinary shares in the capital of Academy at a conversion price of (i) 5
pence before 31 December 2004 or (ii) �1 thereafter. Save as disclosed above,
neither Creative, nor any directors of Creative, nor, so far as Creative is
aware, any party acting in concert with Creative for the purposes of the code,
owns or controls Academy shares or holds any options to purchase Academy Shares
or has entered into any derivative reference to securities of Academy which
remain outstanding on 1 December 2004, the last business day prior to this
announcement.
Further details of the offer
The Academy Shares will be acquired by Creative fully paid, or credited as
fully paid, and free from all charges, liens, equitable interest, encumbrances,
rights of pre-emption and any other third party rights of any nature whatsoever
together with all rights now or later attaching to them, including the right to
receive all dividends and any other distributions, declared made or paid
thereafter.
Creative intends to despatch the formal offer document today or as soon as is
practicable and in any event within 28 days after the date of this
announcement. The conditions and principle further terms of the offer are set
out in Appendix 1 to this announcement.
Enquiries:
David Alexander 020 8864 5147
Creative Education Corporation Plc
Adam Reynolds 020 7245 1100
Hansard Communications
Olly Cairns 020 7626 2244
Corporate Synergy Plc
Corporate Synergy Plc is authorised and regulated by the Financial Services
Authority and is acting solely for Creative in connection with the offer and is
will not be responsible to anyone than Creative for providing the protections
afforded to customers of Corporate Synergy Plc or for providing advice in
relation to the offer.
CLB Corporate Finance LLP is authorised and regulated by the Financial Services
Authority and is acting solely for Academy in connection with the offer and is
will not be responsible to anyone than Academy for providing the protections
afforded to customers of CLB Corporate Finance LLP or for providing advice in
relation to the offer.
The offer is not being made, directly or indirectly, in, into, or from, the
USA, Canada, Australia, Japan or Ireland and any relating offer documents must
not be distributed or sent in, into or from, the USA, Canada, Australia, Japan
or Ireland.
Appendix 1
Conditions and further terms of the Offer
The following conditions and further terms apply to the Offer. Except where the
context otherwise requires, any reference in this Appendix 1 and in the Form of
Acceptance:
(i) to Offer means the Offer and any revision of it or extension to it;
(ii) to the Offer becoming unconditional includes the Offer being declared
unconditional;
(iii) to the Offer being or becoming unconditional is to be construed as the
Offer being or becoming unconditional as to acceptances, whether or not any
other condition of the Offer remains to be fulfilled;
(iv) to the acceptance condition means the condition as to acceptances set out
in part A of this Appendix 1 and references to the Offer becoming unconditional
as to acceptances shall be construed accordingly; and
(v) to Offer document means any document containing the Offer.
Part A - Conditions of the Offer
Conditions of the Offer
The Offer is conditional upon the following:
(a) valid acceptances of the Offer being received and not, where permitted,
withdrawn, by 3.00 p.m. on 23 December 2004 or, subject to the rules of the
City Code, such later date(s) and/or time(s) as Creative may decide, in respect
of not less than 90 per cent., or such lesser percentage as Creative may in its
sole discretion decide, in nominal value of the Academy Shares to which the
Offer relates, provided that this condition will not be satisfied unless
Creative has acquired or agreed to acquire, either pursuant to the Offer or
otherwise, directly or indirectly, shares in Academy carrying, in aggregate,
more than 50 per cent. of the voting rights normally exercisable at general
meetings of Academy. For this purpose, (i) the expression Academy Shares to
which the Offer relates is to be construed in accordance with sections 428 to
430F Companies Act 1985 (as amended), and (ii) Academy Shares that have been
unconditionally allotted will be deemed to carry the voting rights that they
will carry upon issue;
(b) the passing at an extraordinary general meeting of Creative, or any
adjournment of it, of the necessary resolutions to approve, implement and
effect the Offer;
(c) the admission of the New Creative Shares and the Placing Shares to trading
on AIM and such admission becoming effective in accordance with rule 6 of the
AIM rules;
(d) the unconditional written consent of the Bank of Scotland to the change of
control of Academy pursuant to the Offer;
(e) no government or governmental, quasi-governmental, supranational, statutory
or regulatory body, trade agency, professional association or any court or any
other person or body in any jurisdiction (each, a Relevant Authority) having,
prior to the date on which the Offer becomes or is declared unconditional in
all respects, instituted, implemented or threatened any action, proceeding,
suit, investigation or enquiry or enacted, made or proposed any statute,
regulation or order or taken any other step that would or might (in each case
to an extent which is material in the context of the Offer or the Wider Academy
Group taken as a whole):
(i) make the Offer, or the acquisition by Creative of any of the Academy
Shares, or control of Academy, illegal, void or unenforceable under the laws of
any jurisdiction, or otherwise restrain, restrict, prohibit, delay, interfere
with or challenge the implementation of, impose additional conditions or
obligations with respect to, or otherwise challenge or interfere with, the
Offer or such acquisition;
(ii) result in a delay in the ability of Creative, or render Creative unable,
to acquire some or all of the Academy Shares;
(iii) require the divestiture by any member of the Wider Creative Group or the
Wider Academy Group of all or any material portion of their respective
businesses, assets or properties or impose any limitations on the ability of
any of them to conduct their respective businesses or to own their respective
assets or properties;
(iv) impose any limitation on the ability of any member of the Wider Creative
Group to acquire or to hold or to exercise effectively any rights of ownership
of shares in Academy or any member of the Wider Academy Group or to exercise
management control over any such member of the Wider Academy Group;
(v) require any member of the Wider Creative Group or the Wider Academy Group
to offer to acquire any shares or other securities or rights over them in any
member of the Wider Academy Group owned by any third party;
(vi) impose any material limitation on the ability of any member of the Wider
Creative Group or the Wider Academy Group to co-ordinate its business, or any
part of it, with the business of any other member of the Wider Creative Group
or the Wider Academy Group; or
(vii) otherwise adversely affect any or all of the businesses, assets, profits
or prospects of any member of the Wider Creative Group or Wider Academy Group;
and all applicable waiting and other time periods during which any Relevant
Authority could take, institute, implement or threaten any such action,
proceeding or investigation having expired, lapsed or been terminated;
(f) all necessary filings having been made, all appropriate waiting periods
under any applicable legislation and regulations of any jurisdiction having
expired, lapsed or terminated, in each case in respect of the Offer or the
acquisition by Creative of any shares or other securities in, or control of
Academy and all authorisations and determinations necessary or appropriate or
reasonably required in any jurisdiction for or in respect of the Offer or the
acquisition by Creative of any shares or other securities in, or control of
Academy having been obtained, in terms and in a form reasonably satisfactory to
Creative, and such authorisations and determinations remaining in full force
and effect and all filings necessary for such purpose having been made and
there being no notice or intimation of any intention to revoke or not to renew
any of them;
(g) save as disclosed to Creative prior to 1 December 2004 (being the latest
day before the date of this document) there being no provision of any
arrangement, agreement, licence, permit or other instrument to which any member
of the Wider Academy Group is a party or by or to which any such member or any
of its assets may be bound or be subject and which would or might as a
consequence of the proposed acquisition by Creative of any Academy Shares or
control of Academy or otherwise in connection with such acquisition result in
(in each case to an extent which is material in the context of the Wider
Academy Group as a whole):
(i) any indebtedness, actual or contingent, of any such member of the Wider
Academy Group (which is not already payable on demand) being or becoming
repayable, or capable of being declared repayable immediately or prior to its
stated maturity, or the ability of any such member to borrow money or incur any
indebtedness being withdrawn or inhibited or prohibited;
(ii) any such arrangement, agreement, licence, permit or instrument being
terminated or modified or any action being taken or any onerous obligation
arising under any of them;
(iii) the rights, liabilities, obligations or interests of any member of the
Wider Academy Group with or in any other person, firm or company, or any
arrangements relating to such rights, interests or business, being terminated,
adversely modified or materially affected;
(iv) any member of the Wider Academy Group ceasing to be able to carry on
business under any name under which it presently does so;
(v) any material assets of any member of the Wider Academy Group being disposed
of or charged otherwise than in the ordinary course of business;
(vi) the creation of any mortgage, charge or other security interest over the
whole or any part of the business, property or assets of any member of the
Wider Academy Group or any such security becoming enforceable; or
vii. the value of any member of the Wider Academy Group or their respective
financial or trading positions being prejudiced or adversely affected;
and no event having occurred which, under any provision of any arrangement,
agreement, licence, permit or other instrument to which any member of the Wider
Academy Group is a party or by or to which any such member or any of its assets
may be bound or be subject would result, to an extent which is material in the
context of the Wider Academy Group as a whole, in any of the events or
circumstances as are referred to in items (i) to (vii) inclusive of this
paragraph;
(h) except as publicly announced prior to 1 December 2004 no member of the
Wider Academy Group having, since 31 March 2004, being the date to which the
latest published audited report and accounts of Academy were made up:
(i) issued or agreed to issue or authorised or proposed the issue of additional
shares of any class or of securities convertible into, or rights, warrants or
options to subscribe for or acquire, any such shares or convertible securities;
(ii) recommended, declared, paid or made or proposed to recommend, declare, pay
or make any bonus, dividend or other distribution;
(iii) made or authorised any change in its loan capital save as disclosed to
Creative prior to 1 December 2004;
(iv) issued or proposed the issue of any debentures, or incurred or increased
any indebtedness or contingent liability, save as disclosed to Creative prior
to 1 December 2004;
(v) authorised or proposed or announced its intention to propose any merger
with or demerger or acquisition of any body corporate or disposal of or
transfer, mortgage or charge or created any security interest over any assets,
including shares and trade investments;
(vi) purchased, redeemed or repaid any of its own shares or other securities or
reduced any part of its share capital or announced any proposal to do any of
them;
(vii) entered into or varied or proposed or announced its intention to enter
into or vary any contract, transaction or commitment that is of a long term,
onerous or unusual nature or magnitude or that would be restrictive on the
business of any member of the Wider Academy Group or the Wider Creative Group,
or that is other than in the ordinary course of business ,save as disclosed to
Creative prior to 1 December 2004;
(viii) implemented or effected any reconstruction, amalgamation, scheme,
commitment or other transaction or arrangement otherwise than in the ordinary
course of business which is material in the context of the Wider Academy Group
taken as a whole;
(ix) taken any corporate action or had any legal proceedings instituted or
threatened against it for its winding-up, dissolution or reorganisation or for
the appointment of a receiver, administrator, administrative receiver, trustee
or similar officer of all or any of its assets and revenues or proposed any
voluntary winding up;
(x) been unable or admitted in writing that it is unable to pays its debts or
having stopped or suspended or threatened to stop or suspend payment of its
debts generally or ceased or threatened to cease carrying on all or a
substantial part of its business;
(xi) waived or compromised any claim which is material in the context of the
Wider Academy Group taken as a whole;
(xii) entered into or varied or made any offer, that is still outstanding, to
enter into or vary the terms of any service agreements with any of the
directors of Academy or any management contract for the provision of services;
or
(xiii) entered into any agreement, commitment or arrangement or passed any
resolution or made any offer, that is still outstanding, with respect to, or
announced an intention to propose, any of the transactions, matters or events
referred to in this condition.
(i) since 1 December 2004 and except as publicly announced prior to that date:
(i) there having occurred no material adverse change in the financial or
trading position, or profits or prospects of any member of the Wider Academy
Group;
(ii) no litigation, arbitration proceeding, prosecution or other legal
proceeding to which any member of the Wider Academy Group is or may become a
party having been threatened, announced, or instituted by, or remaining
outstanding against or in respect of, any member of the Wider Academy Group
which is material in the context of the Wider Academy Group taken as a whole;
and
(iii) no contingent liability having arisen that would be likely to adversely
affect any member of the Wider Academy Group or its assets which is material in
the context of the Wider Academy Group taken as a whole.
(j) Creative not having discovered, save as disclosed prior to 1 December 2004:
(i) that any financial or business information disclosed to it at any time by
any member of the Wider Academy Group is misleading, contains a material
misrepresentation of fact or omits to state a fact necessary to make
information contained in it not misleading which has not been corrected prior
to 1 December 2004;
(ii) any information that affects the import of any information disclosed to it
at any time by or on behalf of any member of the Wider Academy Group which has
not been corrected prior to 1 December 2004;
(iii) that any entity in which Academy has a significant economic interest, and
that is not a member of the Wider Academy Group, is subject to any material
liability, contingent or otherwise, that was not disclosed in the annual report
and accounts of Academy for the financial period ended 31 July 2004; and
(iv) that any member of the Wider Academy Group has not complied in a material
respect with all applicable conditions imposed on it by Ofsted, which
non-compliance would be likely to give rise to any liability (whether actual or
contingent) on the part of any member of the Wider Academy Group which is
material in the context of the Wider Academy Group as a whole.
Conditions (b) to (j) inclusive must be fulfilled within 21 days after the
later of the first closing date of the Offer and the date on which condition
(a) is fulfilled (or, in each case, such later date as the Panel may agree).
Subject to the requirements of the Panel, Creative may waive all or any of the
conditions except conditions (a), (b) and (c). Creative is under no obligation
to waive or treat as satisfied any of conditions (d) to (j) inclusive by a date
earlier than the date specified above for the satisfaction of them.
The Offer will remain open for acceptance for an initial period of 21 days. If
the Offer has not become or been declared unconditional as to acceptances on or
before 23 December 2004, Creative will, as long as the Offer has not lapsed
pursuant to conditions (b) to (j) inclusive, extend the date and time for
fulfilment of condition (a) until such condition has been fulfilled or 1.00
p.m. on 31 January 2005, whichever is the earlier.
Appendix 2
Definitions
The following definitions apply throughout this document, unless the context
otherwise requires:
"Academy" Academy Childcare Group PLC
"Academy Directors" the directors of Academy
"Academy Group" Academy and its subsidiaries
"Academy Options" the Academy share option arrangements referred
to in part VI of the Admission Document and
paragraph 2(b) of Appendix 2 of this Offer
Document
"Academy Shares" the existing allotted, issued and fully paid
ordinary shares of one penny each in Academy at
the date of the Offer and any further such
shares which may be issued or unconditionally
allotted and fully paid or credited as fully
paid prior to the time and date on which the
Offer closes or such earlier time and date as
Creative may, subject to the City Code, decide
"Academy Shareholders" registered holders of Academy Shares
"Admission" admission of the Enlarged Share Capital to
trading on AIM becoming effective in accordance
with the AIM Rules
"Admission Document" the AIM admission document dated 2 December 2004
accompanying this document and relating to the
admission of the Enlarged Group to AIM
"AIM" the market of that name operated by London Stock
Exchange
"Announcement" this announcement
"City Code" The City Code on Takeovers and Mergers
"CLB" CLB Corporate Finance LLP, which is authorised
and regulated by the Financial Services
Authority
"Companies Act" or "Act" the Companies Act 1985 (as amended)
"Corporate Synergy" Corporate Synergy Plc, which is authorised and
regulated by the Financial Services Authority
"Creative" or "Company" The Creative Education Corporation PLC
"Creative Directors" the directors of Creative
"Creative Group" Creative and its subsidiaries
"Creative Shareholders" registered holders of Creative Shares
"Creative Shares" ordinary shares of one penny each in Creative
"Disclosure Period" the period commencing on 8 July 2003 being the
date 12 months prior to the commencement of the
Offer Period, and ending on 1 December 2004, the
latest practicable date before the posting of
this document
"Enlarged Group" the Creative Group as enlarged following the
acquisition of the Academy Group
"Enlarged Share Capital" the issued share capital of Creative as enlarged
following the issue and allotment of the Offer
Shares and the Placing Shares
"Form of Acceptance" the form of acceptance, authority and election
relating to the Offer accompanying the Offer
Document
"Independent Academy William Sharp, Melvyn Brooks and Anthony
Directors" Campling
"London Stock Exchange" London Stock Exchange plc
"New Creative Shares" the new Creative Shares of 1 penny each to be
issued credited as fully paid pursuant to the
Offer
"Offer" the recommended offer by Corporate Synergy on
behalf of Creative to acquire the Academy
Shares, other than those which Creative has
otherwise acquired, on the terms and conditions
set out in this document and the Form of
Acceptance
"Offer Document" the document to be published by Creative in
connection with the recommended offer by
Corporate Synergy on behalf of Creative for
Academy dated 2 December 2004
"Offer Price" 5 pence per Academy Share
"Offer Period" the period commencing on 2 December 2004 (being
the date of the Announcement) until the date on
which the Offer becomes or is declared
unconditional as to acceptances or lapses
"Ofsted" Office for Standards in Education
"Overseas Academy holders of Academy Shares who are citizens or
Shareholders" residents of jurisdictions outside the United
Kingdom, or their nominees
"Panel" The Panel on Takeovers and Mergers
"Placing" the placing of the Placing Shares referred to in
the Admission Document
"Placing Shares" the 100,000,000 new Creative Shares to be
issued, credited as fully paid, pursuant to the
Placing
"Receiving Agent' Capita IRG Plc, Corporate Actions, PO Box 166,
The Registry, 34 Beckenham Road, Beckenham, Kent
BR3 4TH
"United States" or "USA" the United States of America, its possessions
and territories and all other areas subject to
its jurisdiction and any political subdivision
of it
"Wider Academy Group" the Academy Group, its subsidiary undertakings
and associates (as defined in the Act),
including any joint venture, partnership, firm
or company in which any member of the Academy
Group is interested or any undertaking in which
any member of the Academy Group, aggregating
their interests, have a direct or indirect
interest in 20 per cent. or more of the voting
equity capital
"Wider Creative Group" the Creative Group, its subsidiary undertakings
and associates (as defined in the Act),
including any joint venture, partnership, firm
or company in which any member of the Creative
Group is interested, or any undertaking in which
any member of the Creative Group, aggregating
their interests, have a direct or indirect
interest in 20 per cent. or more of the voting
equity capital
END
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