Sims Food Group - Global Statement re Offer
June 16 1999 - 5:39AM
UK Regulatory
RNS No 9111q
SIMS FOOD GROUP PLC
16 June 1999
Not for release, publication or distribution in or into the
United States, Canada, Australia or Japan
The Global Group plc ("Global")
Recommended final cash offer (the "Offer") for Sims Food Group
plc("Sims")
Jourdan plc ("Jourdan") undertaking to lapse offer for Sims
Global announces that, following the announcement on 15 June
1999 of its offer to acquire the entire issued and to be
issued share capital of Sims, it has acquired a total of
9,131,146 Sims Shares in the market, representing 26.5 per
cent. of Sims' issued share capital.
As announced by Global on 15 June 1999, it has also received
irrevocable undertakings to accept the Offer (including from
the directors of Sims) in respect of a total of 10,033,125
Sims Shares, representing 29.1 per cent. of Sims' issued share
capital. The terms of the irrevocable undertakings require
acceptance of the Offer even if a competing or higher offer is
made by a third party, except the irrevocable undertakings
over 7,148,125 shares will cease to be binding if a competing
or higher offer is made by a third party at, or in excess of,
73 pence in cash per Sims Share (or with a cash alternative at
or above that level) and the remaining irrevocable
undertakings, over 2,885,000 shares, will cease to be binding
if a competing or higher offer is made by a third party in
excess of 65 pence in cash per Sims Share (or with a cash
alternative above that level).
Global also welcomes the announcement today by Jourdan that it
has undertaken that it will allow its offer for Sims to lapse.
Prior to the commencement of the Offer Period on 13 May 1999,
Global and persons acting in concert with it held no Sims
Shares.
Other than as set out above, neither Global nor any person
acting, or deemed to be acting, in concert with it held any
Sims Shares as at 12 May 1999, the day before the commencement
of the Offer Period, or has acquired or agreed to acquire any
Sims Shares (or rights over such shares) during the Offer
Period.
As at the time and date of this announcement, therefore,
Global has either acquired or has an interest in a total of
19,164,271 Sims Shares representing 55.5 per cent. of Sims'
issued share capital.
Sims Shareholders are urged to complete and return their Form
of Acceptance as soon as possible after receiving Global's
offer document which will be posted shortly. Sims Shareholders
who have already accepted Jourdan's offer and who wish to
accept Global's offer should wait until Jourdan's offer
lapses, which is expected to be on 23 June 1999, the first
closing date of that offer, and then accept Global's offer.
Enquiries:
The Global Group plc 0181-668 9344
Ken Manley (Chairman)
Colin Copland (Finance Director)
WestLB Panmure Limited 0171-638 4010
Erik Anderson (Director)
WestLB Panmure Limited, which is regulated in the UK by The
Securities and Futures Authority Limited, is acting for Global
and no one else in connection with the Offer and will not be
responsible to anyone other than Global for providing the
protections afforded to customers of WestLB Panmure Limited,
nor for advising any other person in relation to the Offer.
END
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