31st Mar 2005 11:15
Future PLC31 March 2005 31 March 2005 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO AUSTRALIA, CANADA OR JAPAN Recommended Offer (the "Offer") by Morgan Stanley & Co. Limited ("Morgan Stanley") on behalf of Future plc ("Future") (or by Future in the United States) for Highbury House Communications plc ("Highbury") RESULT OF EGM On 14 February 2005, the boards of Future and Highbury announced that they hadreached agreement on the terms of a recommended share offer (with a Partial CashAlternative) to be made by Morgan Stanley on behalf of Future (or by Future inthe United States) to acquire the whole of the issued and to be issued ordinaryshare capital of Highbury. The Offer was conditional, inter alia, on FutureShareholders approving the Acquisition at an Extraordinary General Meeting to beheld at 11:00 a.m. on 31 March 2005. At that meeting, which took place earlier today, the ordinary resolution put toshareholders to approve the Acquisition was duly passed, with more than 80.6% ofall shares having been voted. Of these, more than 99.9% were cast in favour ofthe resolution. Copies of the Offer Document, Listing Particulars and Circular (which containednotice of the EGM) were submitted to the UK Listing Authority on 11 March 2005,and are available for inspection at the UK Listing Authority's Document ViewingFacility, which is situated at: Document Viewing Facility, 25 The North Colonnade, Canary Wharf, London E14 5HS. The Board expects to report the Future Group's results for the half-year to 31March on 13 June 2005. These results will be for the existing Future Group andwill not include results for Highbury House Communications plc, for which arecommended Offer was announced on 14 February 2005. As previously announced, the Offer Document in relation to the recommended Offerwas posted on 11 March and the first closing date is 1 April 2005. In the absence of exceptional circumstances or material news, the Board plans toissue its half-year trading update once the outcome of the Offer has beendetermined. Terms used in this announcement shall have the meanings given to them in theannouncement of the Offer dated 14 February 2005. -Ends- General Enquiries: Morgan Stanley & Co. Limited Close Brothers(Financial adviser to Future) (Financial adviser to Highbury)John Krumins, Managing Director David Bezem, DirectorTom Hill, Vice President Tel: 020 7655 3100Tel: 020 7425 5000 Hogarth Partnership(Financial PR advisers to Future)James LongfieldGeorgina BriscoeTel: 020 7357 9477 The Future Directors accept responsibility for the information contained in thisannouncement and, to the best of their knowledge and belief (having taken allreasonable care to ensure that such is the case), the information contained inthis announcement is in accordance with the facts and does not omit anythinglikely to affect the import of such information. This announcement does not constitute an offer to sell or the solicitation of anoffer to subscribe for or buy any security, nor is it a solicitation of any voteor approval in any jurisdiction, nor will there be any sale, issuance ortransfer of the securities referred to in this announcement in any jurisdictionin contravention of applicable law. Morgan Stanley & Co. Limited is acting for Future and no-one else in connectionwith the Offer, and will not be responsible to anyone other than Future forproviding the protections afforded to its clients nor for providing advice inrelation to the Offer. Close Brothers Corporate Finance, which is regulated by the Financial ServicesAuthority, is acting for Highbury and no-one else in connection with the Offerand will not be responsible to anyone other than Highbury for providing theprotections afforded to its customers nor for providing advice in relation tothe Offer. Unless otherwise determined by Future and except to the extent permitted byapplicable laws, the Offer is not being made, directly or indirectly, in or intoAustralia, Canada or Japan and the Offer is not capable of acceptance from orwithin these jurisdictions. Accordingly, copies of this announcement are notbeing, and must not be, mailed or otherwise forwarded, distributed or sent, inwhole or in part, in, into or from Australia, Canada or Japan and personsreceiving such announcement (including custodians, nominees and trustees) mustnot mail or otherwise forward, distribute or send it in, into or from Australia,Canada or Japan, if to do so would violate applicable laws in such jurisdiction.The ability of Highbury Shareholders who are not resident in the United Kingdomor the United States to accept the Offer may be affected by the laws of therelevant jurisdictions in which they are located. Such persons should informthemselves of, and observe, any applicable requirements. The New Future Shares have not been, and will not be, registered under the USSecurities Act or under the securities laws of any state of the United States;have not been, and will not be, qualified for sale or resale under thesecurities laws of any province or territory of Canada; and no prospectus inrelation to them has been, or will be, lodged with, or registered by, theAustralian Securities and Investments Commission or the Japanese Ministry ofFinance. Accordingly, the New Future Shares are not being and will not beoffered, sold, resold or delivered, directly or indirectly, in or intoAustralia, Canada or Japan or any other jurisdiction or to or for the account orbenefit of any residents of Australia, Canada or Japan if to do so wouldconstitute a violation of the laws of, or require registration thereof in, therelevant jurisdiction. OFFER IN THE UNITED STATES The Offer in the United States is being made solely by Future and neither MorganStanley nor any of its affiliates or related entities is making the Offer in theUnited States. Notice to New Hampshire Residents: Neither the fact that a registrationstatement or an application for a license has been filed under this chapter withthe State of New Hampshire nor the fact that a security is effectivelyregistered or a person is licensed in the State of New Hampshire constitutes afinding by the New Hampshire Secretary of State that any document filed underChapter 421-B of the New Hampshire Revised Statutes Annotated is true, completeand not misleading. Neither any such fact nor the fact that an exemption orexception is available for a security or a transaction means that the Secretaryof State of New Hampshire has passed in any way upon the merits orqualifications of, or recommended or given approval to, any person, security, ortransaction. It is unlawful to make, or cause to be made, to any prospectivepurchaser, customer, or client any representation inconsistent with theprovisions of this paragraph. Future is not aware of any jurisdiction in which the making of the Offer isprohibited by any administrative or judicial action pursuant to any validstatute of any state of the United States. If Future becomes aware of any validUS state statute prohibiting the making of the Offer, it will make a good faitheffort to comply with such US state statute or seek to have such statutedeclared inapplicable to the Offer. If, after such good faith effort, Futurecannot comply with any such state statute, the Offer will not be made to (andtenders will not be accepted from or on behalf of) holders in such state.The Offer is being made for securities of a United Kingdom company and UnitedStates investors should be aware that this announcement, the Announcement, theOffer Document, the Listing Particulars and any other disclosure documentsrelating to the Offer have been or will be prepared in accordance with the CityCode (as applicable), the Listing Rules (as applicable) and United Kingdomdisclosure requirements, format and style, all of which differ from those in theUnited States. Future's and Highbury's financial statements, and all financialinformation that was included in the Announcement or in the Offer Document orthe Listing Particulars or may be included in this announcement or any otherdisclosure documents relating to the Offer, have been or will be prepared inaccordance with United Kingdom generally accepted accounting principles and thusmay not be comparable to financial statements of United States companies.Future is incorporated under the laws of England and Wales. All of the FutureDirectors are residents of countries other than the United States. As a result,it may not be possible for United States shareholders of Future to effectservice of process within the United States upon Future or such Future Directorsor to enforce against any of them judgements of the United States predicatedupon the civil liability provisions of the federal securities laws of the UnitedStates. It may not be possible to sue Future or its officers or directors in anon-US court for violations of the US securities laws. In accordance with normal UK market practice, Future or its nominees or brokers(acting as agents) may from time to time during the period in which the Offerremains open for acceptance make certain purchases of, or arrangements topurchase, Highbury Shares otherwise than under the Offer, such as in open marketor privately negotiated purchases. Such purchases, or arrangements to purchase,will comply with all applicable UK rules, including the City Code, the ListingRules and the rules of the London Stock Exchange. Any person who, alone or acting together with any other person(s) pursuant to anagreement or any understanding (whether formal or informal) to acquire orcontrol securities of Highbury, owns or controls, or becomes the owner orcontroller, directly or indirectly, of one per cent or more of the issuedHighbury Shares is generally required under the provisions of Rule 8 of the CityCode to notify a Regulatory Information Service and the Panel of every dealingin such securities during the Offer period. Please consult your financialadviser immediately if you believe this Rule may be applicable to you. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Future