Offer Update
April 17 2003 - 10:24AM
UK Regulatory
RNS Number:1775K
Thistle Hotels PLC
17 April 2003
THISTLE HOTELS PLC ("THISTLE")
BIL'S OFFER RECEIVES VERY LOW LEVEL OF ACCEPTANCES
The Board of Thistle* notes the announcement today by BIL International Limited
("BIL") that it has received acceptances representing only 0.2 per cent. of the
existing issued share capital of Thistle. This very low level of acceptances
underlines the Board of Thistle's* view that BIL's offer is wholly inadequate.
Thistle shareholders should, in particular, note that BIL's offer remains
conditional upon valid acceptances being received in respect of not less than 90
per cent. of the Thistle shares not owned by BIL, not merely on BIL achieving an
aggregate holding in excess of 50 per cent. of Thistle's existing issued share
capital.
The Board of Thistle* urges shareholders to continue to reject BIL's offer and
not to complete any form of acceptance.
Enquiries:
Thistle Hotels Plc Telephone: 020 7895 2304
Ian Burke, Chief Executive Officer
Merrill Lynch International Telephone: 020 7995 2000
Simon Mackenzie-Smith, Managing Director
Richard Nourse, Managing Director
Deutsche Bank Telephone: 020 7545 8000
Charles Wilkinson, Managing Director
Financial Dynamics Telephone: 020 7831 3113
Andrew Dowler
Ben Foster
References to the existing issued share capital of Thistle are based on
482,382,087 Thistle shares in issue.
* The Board of Thistle for these purposes comprises all of the directors of
Thistle, other than Tan Sri Quek Leng Chan and Mr Arun Amarsi, who in view of
their positions as Chairman and CEO, respectively, of BIL have not participated
in the deliberations of the Thistle board in relation to BIL's offer.
Merrill Lynch International and Deutsche Bank AG are acting for Thistle Hotels
Plc and for no-one else in connection with BIL's offer for Thistle Hotels Plc
and will not be responsible to anyone other than Thistle Hotels Plc for
providing the protections afforded to clients of Merrill Lynch International or
Deutsche Bank AG or for providing advice in relation to such offer.
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