Offer Update
April 29 2003 - 3:01AM
UK Regulatory
RNS Number:4751K
GPG (UK) Holdings PLC
29 April 2003
For immediate release
Not for release, publication or distribution in whole or in part in or into the
United States, Canada, Japan or Australia
29 April 2003
UNCONDITIONAL RECOMMENDED CASH OFFER BY STRAND PARTNERS ON BEHALF OF AVENUE
ACQUISITION PLC ("AVENUE ACQUISITION") FOR COATS PLC ("COATS")
Offer Update
Coats Share Offer
As at 3.00 p.m. yesterday, being the first closing date of the Coats Share
Offer, Avenue Acquisition had received valid acceptances of the Coats Share
Offer in respect of 411,264,834 Coats Shares, representing approximately 58.07
per cent. of Coats' current issued ordinary share capital, of which elections
for the Convertible Stock Alternative had been made in respect of 98,154,927
Coats Shares, representing approximately 13.86 per cent. of Coats' current
issued ordinary share capital.
Prior to the commencement of the Offer Period, Avenue Acquisition held
179,082,728 Coats Shares, representing approximately 25.29 per cent. of Coats'
current issued ordinary share capital and, during the Offer Period, it purchased
a further 89,181,480 Coats Shares (in aggregate), representing approximately
12.59 per cent. of Coats' current issued ordinary share capital.
Prior to the commencement of the Offer Period persons acting in concert with
Avenue Acquisition (the "Concert Parties") held 86,016,424 Coats Shares,
representing approximately 12.15 per cent. of Coats' current issued ordinary
share capital. The Concert Parties have validly accepted the Coats Share Offer
in respect of all such Coats Shares.
Including valid acceptances of the Coats Share Offer received by Avenue
Acquisition, Avenue Acquisition therefore currently holds 679,529,042 Coats
Shares, representing approximately 95.96 per cent. of Coats' current issued
ordinary share capital.
The Coats Share Offer, including the Convertible Stock Alternative, has been
extended and will remain open until further notice. Coats Shareholders who wish
to accept the Coats Share Offer but have not yet done so should either return
their completed Form of Acceptance (and supporting documents) or, if their Coats
Shares are held in CREST, arrange for their CREST sponsor to send the relevant
TTE instruction(s) to CRESTCo, in accordance with the procedures set out in the
Offer Document. Additional Forms of Acceptance may be obtained by contacting
Capita IRG Plc at Corporate Actions, PO Box 166, The Registry, 34 Beckenham
Road, Beckenham, Kent BR3 4TH (telephone: 0870 162 3111).
Settlement of the consideration due in respect of the Coats Share Offer will be
effected on or before 12 May, 2003 for Coats Shareholders who validly accepted
the Coats Share Offer on or before close of business yesterday and within
fourteen days of receipt of a valid acceptance for Coats Shareholders who accept
the Coats Share Offer after that time. The Special Dividend will be paid to all
Coats Shareholders on the register of members at close of business on 7 April at
the same time as the consideration due in respect of the Coats Share Offer is
paid to Coats Shareholders who have validly accepted the Coats Share Offer on or
before the close of business yesterday.
Coats Bond Offer
As at 3.00 p.m. yesterday, being the first closing date of the Coats Bond Offer,
Avenue Acquisition had received valid acceptances of the Coats Bond Offer in
respect of #112,000 nominal of Coats Senior Convertible Bonds.
Prior to the commencement of the Offer Period, Avenue Acquisition and the
Concert Parties held nil Coats Senior Convertible Bonds and have not purchased
any Coats Senior Convertible Bonds during the Offer Period.
The Coats Bond Offer will remain open for acceptance for so long as the Coats
Share Offer remains open for acceptance and will close at the same time as the
Coats Share Offer closes.
Avenue Acquisition has now received sufficient acceptances of the Coats Share
Offer to enable it to acquire compulsorily all outstanding Coats Shares under
the provisions of sections 428 to 430F (inclusive) of the Companies Act and
intends to do so as soon as possible.
In this announcement "Offer Document" means the document setting out the full
terms of the Offers dated 7 April, 2003. Unless the context otherwise requires,
defined terms used in this announcement shall have the same meanings given to
them in the Offer Document.
Enquiries:
Avenue Acquisition plc Tel: (020) 7484 3370
Mark Butcher, Director
Ross Burney
Strand Partners Limited Tel: (020) 7409 3494
(Financial Adviser to Avenue Acquisition)
Simon Raggett
Warren Pearce
This information is provided by RNS
The company news service from the London Stock Exchange
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