15 Jun 1999
The board of Fairey announces that as of 3.00 pm today it has received acceptances under the Offer, or has acquired, a total of 9,555,397 Servomex Shares representing approximately 92.42 per cent. of the issued ordinary share capital of Servomex. All of the remaining conditions of the Offer having been satisfied or waived, the board of Fairey declared the Offer unconditional in all respects on 10 June, 1999, subject to the admission of 1,185,632 New Fairey Shares to the Official List, which became effective on Monday 14 June, 1999.
As at 3.00 pm today, Fairey had received valid acceptances under the Offer for 7,282,247 Servomex Shares, representing approximately 70.43 per cent. of the issued ordinary share capital of the Company. Included in this level of acceptances are those received pursuant to irrevocable undertakings from certain Servomex Shareholders, in respect of 2,069,098 Servomex Shares, representing approximately 20.0 per cent. of the issued ordinary share capital of the Company.
In addition, on 12 May, 1999, Fairey acquired 2,273,150 Servomex Shares representing approximately 22.0 per cent. of the issued ordinary share capital of the Company.
The Offer will remain open for acceptance until 3.00 pm on 29 June, 1999. The Partial Share Alternative and the Additional Share Election were closed at 3.00 pm on 10 June, 1999. Shareholders who have not yet accepted the Offer should despatch their Forms of Acceptance as soon as possible. Servomex Shareholders who validly accept the Offer will receive their consideration within 14 days of receipt of their completed form of acceptance.
Fairey intends to apply the statutory provisions to acquire compulsorily the remaining Servomex Shares in due course.
Words and expressions defined in the Offer Document dated 20 May, 1999 shall, unless the context otherwise requires, have the same meanings when used in this announcement.
PRESS ENQUIRIES
For further information contact:
Fairey
John Poulter – Chief Executive 01784 470 470
Close Brothers (for Fairey)
Tom Quigley – Director 0171 426 4000
Close Brothers, which is regulated in the UK by The Securities and Futures Authority Limited, is acting for Fairey and no one else in connection with the Offer and will not be responsible to anyone other than Fairey for providing the protections afforded to customers of Close Brothers or for giving advice in relation to the Offer.
Back
