29th Jul 2008 07:00
Alternative Networks plc
Result of Tender Offer
29 July 2008
The Board of Alternative Networks is pleased to announce the result of the Tender Offer referred to in the Tender Offer Document to shareholders of Alternative Networks dated 1 July 2008. This offer closed in accordance with its published timetable on 28 July 2008.
The Strike Price for Ordinary Shares tendered, calculated in accordance with the procedure set out in the Tender Offer Document, is 140 pence per share.
A total of 5,608,890 Ordinary Shares were tendered at the Strike Price pursuant to the Tender Offer which equates to 11.7 per cent. of the 47,851,774 Ordinary Shares currently in issue.
Based on the Strike Price of 140 pence per Ordinary Share, the total number of the Ordinary Shares to be purchased pursuant to the Tender Offer is 2,857,119 Ordinary Shares for a total cost payable by the Company, before expenses, of approximately £4.0 million.
Following completion of the Tender Offer and cancellation of the Ordinary Shares, the Company will have a total of 44,994,655 Ordinary Shares of 0.125p each in issue.
Shareholders who validly tendered all or part of their holding for cash at the Strike Price of 140 pence per share were scaled back and will receive a cheque or have their CREST accounts credited for approximately 50.9 per cent. of those Ordinary Shares successfully tendered.
All Ordinary Shares tendered above the Strike Price will not be purchased under the Tender Offer. It is anticipated that crediting of CREST accounts and consideration for the tendered Ordinary Shares purchased under the Tender Offers will be sent to Shareholders by 11 August 2008. In addition, it is anticipated that CREST accounts will be credited, balance certificates will be issued and share certificates for unsuccessfully tendered Ordinary Shares will be sent by 11 August 2008.
Terms used in this announcement have the same meaning as those in the Tender Offer document.
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Alternative Networks plc |
0870 190 7444 |
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James Murray, Chief Executive Officer |
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Edward Spurrier, Chief Financial Officer |
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Investec |
020 7597 5970 |
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Martin Smith Patrick Robb |
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Financial Dynamics |
020 7831 3113 |
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Juliet Clarke Haya Chelhot |
Investec Investment Banking, which is regulated for designated investment business in the UK by the Financial Services Authority, is acting for Alternative Networks plc and no one else in connection with the Tender Offer and will not be responsible to anyone other than for Alternative Networks plc providing the protections afforded to customers of Investec Investment Banking Ltd or for providing advice in relation thereto or for advising any such person on the contents of this document or any transaction or agreement referred to herein.
Overseas Shareholders should inform themselves about and observe any applicable legal or regulatory requirements. If they are in any doubt about their position, they should consult their professional advisor in the relevant territory.
Related Shares:
AN..L