CMG Croma Grp

RNS Number:7922K
Admiral PLC
17 May 2000



Not  for  release, distribution or publication in or into the  United  States,
Canada, Australia or Japan


                                CMG plc ("CMG")
                 Recommended Offer for Admiral plc ("Admiral")
                                       
                Offer declared unconditional as to acceptances


The Board of CMG announces that by 3.00 p.m. on Wednesday 17 May, 2000, being
the First Closing Date of the Offer, valid acceptances of the Offer had been
received in respect of 58,870,753 Admiral Shares, representing approximately
91.3 per cent. of the issued ordinary share capital of Admiral.  The Offer has
therefore been declared unconditional as to acceptances and will remain open
until further notice.

As stated in the Offer Document, Admiral Shareholders may no longer elect to
receive more than 315 pence in cash for each Admiral Share they hold.  Admiral
Shareholders will still, however, be entitled to elect to receive up to 315
pence in cash per Admiral Share under the Partial Cash Alternative (or its
equivalent in Loan Notes under the Partial Loan Note Alternative).  Such
entitlement will remain available in respect of acceptances received by no
later than 3.00 p.m. on Wednesday 31 May, 2000, but may, at CMG's discretion,
be withdrawn at any time thereafter without prior notice.  Admiral
Shareholders who have not yet accepted the Offer are urged to do so without
delay.

CMG received irrevocable undertakings from the directors of Admiral to accept
the Offer in respect of 6,128,300 Admiral Shares, representing approximately
9.5 per cent. of Admiral's issued share capital.  Certain trusts connected
with Clay Brendish have undertaken to accept the Offer in respect of 4,459,000
Admiral Shares representing approximately 6.9 per cent. of Admiral's issued
share capital.  Valid acceptances in respect of all these shares have been
received and are included in the acceptances referred to above.

Save as disclosed above, neither CMG nor any person acting, or deemed to be
acting, in concert with CMG held any Admiral Shares or rights over Admiral
Shares prior to the Offer Period and neither CMG nor any person acting, or
deemed to be acting, in concert with CMG has acquired or agreed to acquire any
Admiral Shares or rights over Admiral Shares since the Offer Period commenced
(other than pursuant to acceptances of the Offer).

Application for listing of New CMG Shares has been made to the UK Listing
Authority and the Amsterdam Exchanges.

Terms defined in the Offer Document dated 26 April, 2000 have the same meaning
in this announcement save where the context requires otherwise.

For further information please contact:

CMG              Cor Stutterheim     Executive Chairman +44 20 7592 4000
                 Tom Rusting         Chief Executive    
                 Chris Banks         Finance Director   
                                                        
ABN AMRO         Philip Evans                           +44 20 7678 8000
                 Guy Williams                           
                 Peter Hayward-Butt                     
                                                        
Citigate Dewe    Toby Mountford                         +44 20 7638 9571
Rogerson

ABN AMRO Corporate Finance Limited ("ABN AMRO"), which is regulated by The
Securities and Futures Authority Limited in the United Kingdom, is acting for
CMG and no one else in connection with the Offer and will not be responsible
to anyone other than CMG for providing the protections afforded to customers
of ABN AMRO or for providing advice in relation to the Offer.

END

OUPSFWESWSSSELI

Croma Grp (LSE:CMG)
Historical Stock Chart
From Jun 2024 to Jul 2024

Croma Grp (LSE:CMG)
Historical Stock Chart
From Jul 2023 to Jul 2024