The Company announces that the Open Offer closed at 3.00pm on 11 June 2001 and that valid applications had been received at that time for 8,472,946 Open Offer Shares, representing approximately 33.4 per cent. of the Open Offer Shares.
The Company obtained irrevocable undertakings not to take up their entitlements under the Open Offer from the Directors in respect of, in aggregate, 14,979,150 Open Offer Shares. The number of valid applications for Open Offer Shares therefore represents approximately 81.6 per cent. of the Open Offer Shares which were capable of being taken up by qualifying shareholders.
The remaining 1,915,123 Open Offer Shares not taken up by qualifying shareholders under the Open Offer, together with the 14,979,150 Open Offer Shares in respect of which irrevocable undertakings were obtained, have been conditionally placed by Investec Henderson Crosthwaite at the Issue Price.
The Open Offer remains conditional upon shareholder approval which is to be sought at the EGM on Wednesday 13 June and admission of the new Ordinary Shares to the Official List, which is expected to take place on Friday 15 June 2001.
