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April 7, 1987

EXTEL SHARES DROP AS MAXWELL SAYS HE DOES NOT PLAN TO BUY

By CBR Staff Writer

Having hyped the entire market into believing that he would be launching a bid for Extel Group Plc as soon as he was free to do so – and in the interim buying more shares at the end of last month, Robert Maxwell now says he won’t be making a bid for Extel, sending the shares into a 38 pence tailspin to 490 pence – but with about 27% of Extel’s equity held by various Maxwell companies, he is still in a key position to determine the future of the company; the Maxwell holdings are now to be sold off.

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