RNS Number:5306Q
Redstone PLC
01 February 2007
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE
UNITED STATES, CANADA, AUSTRALIA OR JAPAN
REDSTONE PLC ("Redstone" or the "Company")
RECOMMENDED OFFER FOR IDN TELECOM PLC ("IDN")
Compulsory Acquisition
Evolution Securities Limited ('Evolution') announces that as at 1.00 p.m. on 31
January 2007 valid acceptances of the Offer had been received in respect of a
total of 401,502,910 IDN Shares representing, in aggregate, approximately 91.00
per cent. of IDN's total issued share capital.
As valid receives acceptances have been received by Redstone under the Offer in
respect of more than 90 per cent. of the IDN Shares to which the Offer relates,
Redstone confirms that it intends to exercise its rights pursuant to the
provisions of sections 428 to 430F of the Act to acquire compulsorily IDN Shares
in respect of which acceptances have not been received.
Accordingly, Redstone is today posting statutory notices under section 429(4) of
the Act to IDN Shareholders who have not yet validly accepted the Offer,
informing such IDN Shareholders that it will compulsorily acquire their IDN
Shares under the provisions of sections 428 to 430F of the Act. The compulsory
acquisition procedure is expected to be completed on, or shortly after, 14 March
2007.
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
ICIS Limited Tel. +44 (0)20 7651 8688
Tom Moriarty or +44 (0)7769 937 626
The Redstone Directors accept responsibility for all the other information
contained in this announcement. To the best of the knowledge and belief of the
Redstone Directors and the IDN Directors (who have taken all reasonable care to
ensure that such is the case) the information contained in this announcement for
which they are respectively responsible is in accordance with the facts and does
not omit anything likely to affect the import of such information.
Evolution Securities Limited, 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.
This announcement does not constitute an offer to sell, or an invitation to
purchase, subscribe for or exchange any securities or a solicitation of an offer
to subscribe for or buy any security, nor is it a solicitation of any vote or
approval in any jurisdiction, nor shall there be any sale, issuance or transfer
of the securities referred to in this announcement in any jurisdiction in
contravention of applicable law. The Offer is made solely by means of the Offer
Document, the advertisement published in the London edition of the Financial
Times on 4 December 2006 and the Form of Acceptance (in respect of certificated
IDN Shares), which contain the full terms and conditions of the Offer, including
details of how the Offer may be accepted and any such purchase, subscription or
exchange should be made solely on the basis of information contained in such
documents.
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, 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 the United
States, Canada, Ireland, Australia or Japan.
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 the United States, Canada, Ireland,
Australia or Japan 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 the United States,
Canada, Ireland, Australia or Japan 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.
1 February 2007
This information is provided by RNS
The company news service from the London Stock Exchange
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