Scottish Highland - Offer Acceptances, etc.
September 16 1999 - 11:00AM
UK Regulatory
RNS No 6037q
SCOTTISH HIGHLAND HOTELS PLC
16 September 1999
PARAMOUNT HOTELS INVESTMENTS LIMITED ("PARAMOUNT") LEVEL OF
ACCEPTANCE OF THE RECOMMENDED CASH OFFER ("THE OFFER") FOR
THE ENTIRE ISSUED ORDINARY SHARE CAPITAL OF
SCOTTISH HIGHLAND HOTELS PLC ("SCOTTISH HIGHLAND")
By 3.00 pm London time on 8 September 1999, being the first
closing date of the Offer, Paramount Hotels Investments
Limited had received valid acceptances from the holders of
17,732,876 Scottish Highland Shares (representing
approximately 60.67 per cent. of the existing issued share
capital of Scottish Highland Hotels plc).
In addition, on 18 August 1999 Paramount acquired 8,738,663
Scottish Highland Shares representing 29.90 per cent. of the
issued share capital of Scottish Highland at 130p per share.
Accordingly, Paramount Hotels Investments now owns, or has
received acceptances in respect of in aggregate 26,471,539
Scottish Highland shares representing 90.57 per cent. of the
issued share capital of Scottish Highland.
The Board of Paramount Hotels Investments Limited announces
that, having obtained acceptances for over ninety per cent.
of the share capital of Scottish Highland Hotels plc,
Paramount Hotels Investments Limited will acquire
compulsorily all of the Scottish Highland Shares for which
it has not yet received valid acceptances in respect of the
Offer.
In accordance with sections 428 to 430F of the Companies Act
1985 (the "Act") Paramount Hotels Investments Limited have
served notices pursuant to section 429(4) of the Act on the
holders of Scottish Highland Shares for which it has not yet
received acceptances of the Offer.
The Offer will remain open for acceptance until further
notice. Terms defined in the offer document dated 1 August
1999 have the same meaning in this press release unless the
context otherwise requires.
Prior to the commencement of the offer period on 22 June
1999, save as disclosed in the offer document, neither
Paramount Hotels Investments Limited nor any person acting
in concert with it owned any Scottish Highland Shares (or
rights over such shares) nor since that date (other than as
disclosed above) has Paramount Hotels Investments Limited or
any person acting in concert with it acquired or agreed to
acquire any Scottish Highland Shares (or rights over such
shares).
This announcement, which is the sole responsibility of
Paramount Hotels Investments Limited, has been approved by
Apax Partners & Co. Capital Limited solely for the purpose
of Section 57 of the Financial Services Act 1986. Apax
Partners & Co. Capital Limited which is regulated by The
Securities and Futures Authority Limited, is acting for
Paramount Hotels Investments Limited and no-one else in
connection with the Offer and will not be responsible for
anyone other than Paramount Hotels Investments Limited for
providing the protections afforded to its customers nor for
providing advice in relation to the Offer.
Enquiries:
Paramount Hotels Investments Limited 0113 238 0033
Michael Purtill
Ian Goulding
Alchemy Partners 0171 240 9596
Martin Bolland
Apax Partners & Co. Capital Limited 0161 831 9133
Richard Hughes
END
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