25th Jul 2007 14:29
Glotel PLC25 July 2007 25 July 2007 Glotel plc ('Glotel' or 'the Company') Notice of Cancellation of Admission to Trading Spring (Corporate) Limited, a wholly owned subsidiary of Spring Group plc('Spring'), newly established for the purpose of making the Offer, announced on25 July 2007 that all of the conditions of its recommended cash offer to acquirethe entire issued and to be issued share capital of the Company (the 'Offer')had been satisfied or waived and, accordingly, the Offer was declaredunconditional in all respects. Spring (Corporate) Limited also announced that as at 1.00pm (London time) on 24July 2007, being the first closing date of the Offer, it owned, controlled orhad received valid acceptances in respect of a total of 35,278,534 GlotelShares, representing approximately 90.8 per cent. of the existing issuedordinary share capital of Glotel. In accordance with the terms of the OfferDocument dated 3 July 2007, Glotel has applied to the UKLA for the cancellationof the listing of its ordinary shares on the Official List and to the LondonStock Exchange for the cancellation of the admission to trading in its ordinaryshares on the Official List of the London Stock Exchange's market for listedSecurities. If this cancellation occurs, it will significantly reduce theliquidity and marketability of Glotel Shares not assented to the Offer. It isanticipated that the cancellation of the listing of its ordinary shares on theOfficial List and the cancellation of admission to trading on the London StockExchange, being 20 business days following the date of this announcement, willtake effect from 7.00 a.m. on 23 August 2007 with the last clear day of tradingon 22 August 2007. The Offer will remain open for acceptance until further notice. Certain terms used in this announcement are defined in the Offer Document dated3 July 2007. Enquiries: Glotel Group plcPeter Darraugh Tel: 44 (0)20 7300 9000 Baird (Rule 3 and Financial Adviser to Glotel)David Silver Tel: +44 (0) 20 7488 1212 This announcement does not constitute an offer or invitation to purchase orsubscribe for securities. Baird, which is authorised and regulated in the United Kingdom by the FinancialServices Authority for designated investment business, are acting exclusivelyfor Glotel and no one else in connection with the Offer and will not beresponsible to anyone other than Glotel for providing the protections affordedto their clients or for providing advice in relation to the Offer or in relationto the contents of this announcement or any transaction or arrangement referredto herein. The Glotel Directors accept responsibility for the information contained in thisannouncement. To the best of the knowledge and belief of the Glotel Directors(who have taken all reasonable care to ensure that such is the case), theinformation contained in this announcement for which they are responsible is inaccordance with the facts and does not omit anything likely to affect the importof such information. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
GLO.L