Offer Update
October 20 2004 - 3:00AM
UK Regulatory
RNS Number:2525E
Erinaceous Group PLC
20 October 2004
20 October 2004
Not for release, distribution or publication in whole or in part in or into
Ireland, the United States, Canada, Australia or Japan
Recommended cash offer by Collins Stewart on behalf of Erinaceous Group plc for
Hercules Property Services plc
Levels of acceptances and extension of the Offer
On 27 September 2004, the boards of Erinaceous and Hercules announced that they
had reached agreement on the terms of a recommended offer made by Collins
Stewart on behalf of Erinaceous for the entire issued and to be issued share
capital of Hercules Property Services. The Offer Document was posted on 28
September 2004.
Erinaceous announces that, as at 3.00 p.m. on 19 October 2004, being the first
closing date of the Offer, valid acceptances of the Offer had been received in
respect of a total of 15,164,178 Hercules Shares, representing approximately
78.78 per cent. of the issued ordinary share capital of Hercules.
Prior to making the Offer, Erinaceous had obtained irrevocable undertakings to
accept the Offer from Hercules Directors in respect of their own beneficial
holdings amounting to 24,828 Hercules Shares, representing approximately 0.13
per cent. of Hercules' issued share capital. In addition, Erinaceous had
received letters of intent to accept the Offer in respect of 7,210,476 Hercules
Shares, representing 37.5 per cent. of Hercules' issued share capital.
Erinaceous hereby declares the Offer to be unconditional as to acceptances. The
Offer remains subject, inter alia, to the listing of Erinaceous on the Official
List of the UK Listing Authority. It is expected that Admission will become
effective within the next few days at which time the Offer will be declared
wholly unconditional. The Offer will remain open until further notice.
It is anticipated that payment of the cash element of the consideration and
share certificates in respect of new Erinaceous Shares will be dispatched and
CREST accounts credited for those shareholders who hold Hercules shares in
uncertificated form within 14 days of the Offer being declared wholly
unconditional. Consideration in respect of valid acceptances of the Offer
received after the Offer is declared wholly unconditional will be dispatched to
accepting Hercules Shareholders within 14 days of such receipt.
Application is being made to the UK Listing Authority for the existing
Erinaceous Shares and the New Erinaceous Shares to be admitted to the Official
List and for the admission of the existing Erinaceous Shares and New Erinaceous
Shares to trading on the London Stock Exchange's market for listed securities.
Erinaceous announced on 27 September 2004 that, pursuant to rule 39 of the AIM
Rules, it gave notice of the intended cancellation of trading of the existing
Erinaceous Shares on AIM. It is anticipated that this will take effect
simultaneously with Admission.
Cancellation of Hercules' listing on the Official List will be approximately 20
business days from the date the Offer is declared wholly unconditional.
The board of Erinaceous urges Hercules Shareholders who have not yet accepted
the Offer, and wish so to do, should dispatch their Forms of Acceptance as soon
as possible. Any shareholder who has any questions, or require a further copy of
the Offer Document or Form of Acceptance, should telephone Capita IRG on 0870
162 3100.
The expressions used in this announcement, unless the context otherwise
requires, bear the same meaning as in the Offer Document dated 28 September
2004.
Enquiries:
Erinaceous Group plc 0870 703 9301
Neil Bellis
Collins Stewart 020 7523 8350
Andrew Dawber / Chris Howard
Gavin Anderson 020 7554 1400
Mark Lunn / Robert Speed
The Erinaceous Directors accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of such persons (who
have taken all reasonable care to ensure that such is the case), the information
contained herein for which they accept responsibility is in accordance with the
facts and does not omit anything likely to affect the import of such
information.
Collins Stewart, which is regulated in the United Kingdom by the Financial
Services Authority, is acting for Erinaceous and for no one else in connection
with the Offer and will not be responsible to anyone other than Erinaceous for
providing the protections afforded to clients of Collins Stewart nor for
providing advice in relation to the Offer or any matter referred to herein or in
the Offer Document.
The Offer is not being, and will not be, made, directly or indirectly, in or
into, or by use of the mails of, or by any means or instrumentality (including,
without limitation, facsimile transmission, telex, telephone or e-mail) of
interstate or foreign commerce of, or by any facilities of a national securities
exchange of, Ireland, the United States, Canada, Australia or Japan and cannot
be accepted by any such use, means, instrumentality or facility or from within
Ireland the United States, Canada, Australia or Japan. Accordingly, copies of
this announcement are not being and must not be mailed or otherwise distributed
or sent in or into Ireland, the United States, Canada, Australia or Japan.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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