HMF Handmade

 

TIDMHMF 
 
RNS Number : 1507N 
Almorah Services Limited 
07 June 2010 
 

Headline: acceptance levels and offers closed 
Almorah Services Limited 
7 June 2010 
 
? 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR 
INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, THE USA OR ANY OTHER RESTRICTED 
JURISDICTION 
FOR IMMEDIATE RELEASE 
7 June 2010 
            MANDATORY CASH OFFER 
 by 
 ALMORAH SERVICES LIMITED 
    for the entire issued and to be issued share capital of 
 HANDMADE plc 
                                      and 
                          Convertible Loan Note Offer 
 
             Offers closed 
       Levels of acceptance 
Words not defined in this announcement have the same meaning as in the offer 
document dated 30 April 2010 (the "Offer Document"). 
Offers closed 
On 29 April 2010, Almorah made a Mandatory Offer for the entire issued and to be 
issued share capital of Handmade other than the 92,459,015 Shares acquired on 29 
April 2010 by Almorah (representing approximately 39.68 per cent. of the issued 
ordinary share capital of Handmade) at 1 pence per Share in cash. As announced 
on 29 April 2010, the acceptance condition set out in Part A of Appendix I to 
the Offer Document was satisfied upon the posting of the Offer Document and the 
Mandatory Offer became unconditional upon the occurrence of this event. 
On 14 May 2010, the Independent Directors of Handmade (namely, Robert Benton, 
Antony Fraser, Simon Flamank, John Howkins and Nicholas Simunek) recommended 
that Shareholders accept the Mandatory Offer. 
On 24 May 2010, Almorah announced that the Mandatory Offer was wholly 
unconditional and recommended. Almorah further confirmed that Handmade would 
apply to the London Stock Exchange for the cancellation of the admission to 
trading of the Shares on AIM and that Handmade would be re-registered as a 
private limited company shortly thereafter. 
Almorah today announces that its Offers have now closed. As set out in the Offer 
Document, Almorah now intends to proceed to acquire compulsorily the outstanding 
Shares pursuant to provisions of sections 979 to 991 (inclusive) of the 
Companies Act 2006. 
Mandatory Offer: level of acceptances 
As at 1.00 p.m. (London time) on 4 June 2010 (being the second closing date of 
the Offer), Almorah had received valid acceptances in respect of 95,172,730 
Shares, representing 40.84 per cent. of the issued share capital of Handmade. 
As previously announced, since 29 April 2010 Almorah has acquired a further 
33,312,580 Shares, representing approximately 14.29 per cent. of the issued 
share capital of Handmade. 
Accordingly, as at 1.00 p.m. (London time) on 4 June 2010, the aggregate number 
of Shares in relation to which Almorah has either (i) acquired or (ii) received 
valid acceptances of the Mandatory Offer was 220,944,325 Shares, representing in 
aggregate 94.83 per cent. of the issued share capital of Handmade. 
CLN Offer: level of acceptances 
As at 1.00 p.m. (London time) on 4 June 2010 (being the second closing date of 
the Offer), Almorah had received valid acceptances as set out below: 
(i)         in respect of GBP3,300,000 in aggregate nominal value of the CLN, 
representing 32.35 per cent. of the outstanding CLN; these acceptances, which 
were made under the irrevocable commitments to accept the CLN Offer described in 
the Offer Document, were in respect of Option 2 of the CLN Offer; and 
(ii)        in respect of GBP250,000 in aggregate nominal value of the CLN, 
representing 2.45 per cent. of the outstanding CLN; this acceptance was in 
respect of Option 1 of the CLN Offer. 
As previously announced, since 29 April 2010 Almorah has acquired at the CLN 
Offer Price a further GBP6,400,000 in aggregate nominal value of the CLN, 
representing 62.75 per cent. of the outstanding CLN. 
Accordingly, as at 1.00 p.m. (London time) on 4 June 2010, the aggregate nominal 
value of CLN which Almorah has either acquired or in respect of which it has 
received valid acceptances of the CLN Offer was GBP9,950,000 in aggregate 
nominal value of CLN , representing in aggregate 97.55 per cent. of the 
outstanding CLN. 
Settlement of consideration 
Settlement of any outstanding consideration due under the Offers will be made as 
set out in the Offer Document. The settlement procedure will comply with the 
rules of the City Code. 
Enquiries: 
London Bridge Capital   020 3008 6809 
Nick Donaldson 
London Bridge Capital Limited, which is authorised and regulated in the United 
Kingdom by the Financial Services Authority, is acting exclusively for Almorah 
and no one else in connection with the matters described in this announcement 
and is not advising any other person and accordingly will not be responsible to 
any person other than Almorah for providing the protections afforded to clients 
of London Bridge Capital Limited or for providing advice in relation to the 
matters described in this announcement. 
The contents of this announcement, which has been prepared by and is the sole 
responsibility of Almorah, have been approved by London Bridge Capital Limited 
solely for the purposes of section 21 of the Financial Services and Markets Act 
2000. The Directors of Almorah accept responsibility for the information 
contained in this announcement. To the best of the knowledge and belief of the 
Directors of Almorah (who have taken all reasonable care to ensure that such is 
the case), the information contained herein is in accordance with the facts and 
does not omit anything likely to affect the import of such information. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 OUPUGUGGQUPUUQM 
 

Handmade (LSE:HMF)
Historical Stock Chart
From Apr 2024 to May 2024

Handmade (LSE:HMF)
Historical Stock Chart
From May 2023 to May 2024