RNS Number:0868P
Redstone PLC
08 January 2007
Not for release, publication or distribution, in whole or in part, in, into or
from the United States, Canada, Ireland, Australia or Japan, or any other
jurisdiction where to do so would constitute a violation of the relevant laws of
such jurisdiction.
Redstone plc ("Redstone")
Recommended Cash Offer for IDN Telecom plc by Evolution Securities Limited on
behalf of Redstone ("the Offer")
Extension of Offer and Announcement of Level of Acceptances
Redstone announces that as at 1.00 p.m. on 5 January 2007, being the second
closing date of the Offer being made by Evolution Securities Limited
("Evolution") on behalf of Redstone for the entire issued and to be issued share
capital of IDN Telecom plc ("IDN") as set out in the Offer Document dated 1
December 2006, valid acceptances of the Offer had been received in respect of a
total of 312,340,975 IDN Shares representing, in aggregate, approximately 80.51
per cent. of IDN's total issued share capital.
The Offer has now been extended and will remain open for acceptance until 1.00
p.m. on 19 January 2007.
Prior to the announcement of the Offer on 30 November 2006 Redstone had received
irrevocable undertakings to accept the Offer from IDN Shareholders in respect of
154,213,231 IDN Shares held by them, representing approximately 39.75 per cent.
of IDN's total issued share capital. Valid acceptances have been received in
respect of 154,213,231 IDN Shares remaining subject to the irrevocable
undertakings and are included in the total number of acceptances referred to
above. In addition Redstone has received an irrevocable undertaking from Michael
Morrison, Chief Executive of IDN to accept the Offer in respect of IDN Shares
acquired as a result of exercising his vested options. No such exercise has yet
occurred.
Save as disclosed above, no IDN Shares have been acquired or agreed to be
acquired by or on behalf of Redstone or any person acting in concert with
Redstone during the Offer Period and neither Redstone nor any person acting in
concert with Redstone has the benefit of any irrevocable commitment or letter of
intent in respect of any IDN Shares or has any interest in any IDN Shares, or
any short position (whether conditional or absolute and whether in the money or
otherwise and including any short position under a derivative), any agreement to
sell, any delivery obligation, any right to require another person to purchase
or take delivery in respect of any IDN Shares, any right to subscribe for any
IDN Shares or any stock borrowing or lending arrangement in respect of any IDN
Shares.
Forms of Acceptance not yet returned should be completed and returned in
accordance with the instructions set out in the Offer Document and on the Form
of Acceptance so as to be received as soon as possible and in any event by no
later than 1.00 p.m. on 19 January 2007. Any further extensions of the Offer
will be publicly announced by 8.00 a.m. on the business day following the day on
which the Offer is due to expire.
The Offer remains subject to the terms and conditions set out in the Offer
Document.
Unless the context otherwise requires, defined terms used in this announcement
shall have the meanings given to them in the Offer Document.
ENQUIRIES:
Redstone plc Tel. +44 (0)845 200 2200
Martin Balaam, Chief Executive
Tim Perks, Chief Financial Officer
IDN Telecom plc Tel. +44 (0)870 777 1775
Mike Morrison, Chief Executive
Gordon Hermiston, Finance Director
ICIS Limited Tel. +44 (0)20 7651 8688
Tom Moriarty or +44 (0)7769 937 626
The Redstone Directors accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the Redstone
Directors (who have taken all reasonable care to ensure that such is the case)
the information contained herein for which they are responsible is in accordance
with the facts and does not omit anything likely to affect the import of such
information.
Evolution Securities, which is regulated in the UK by the Financial Services
Authority, is acting exclusively for Redstone in connection with the Offer and
no one else and will not be responsible to anyone other than Redstone for
providing the protections afforded to clients of Evolution Securities Limited
nor for providing advice in relation to the Offer.
The Offer will not be made, directly or indirectly, in or into, or by the use of
mails or any means or instrumentality (including, without limitation,
telephonically or electronically) of interstate or foreign commerce of, or any
facility of a national securities exchange of a Restricted Jurisdiction
(including the United States, Canada, Ireland, Australia or Japan) and the Offer
will not be capable of acceptance by any such use, means, instrumentality or
facilities from or within a Restricted Jurisdiction. Accordingly, copies of this
announcement and any related documents are not being, and must not be, directly
or indirectly, mailed or otherwise forwarded, distributed or sent in or into or
from a Restricted Jurisdiction and persons receiving this announcement and any
related document (including custodians, nominees and trustees) must not mail or
otherwise forward, distribute or send it in, into or from a Restricted
Jurisdiction or such other jurisdiction where to do so would constitute a
violation of the relevant laws of such jurisdiction. Doing so may render invalid
any purposed acceptance of the Offer.
The availability of the Offer to persons who are not resident in the United
Kingdom may be affected by the laws of the relevant jurisdictions. Persons who
are not resident in the United Kingdom should inform themselves about and
observe any applicable requirements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
OUPILFVRLDIEIID
|