Babcock International Group PLC
09 July 2007
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
PRESS ANNOUNCEMENT
9 July 2007
BABCOCK INTERNATIONAL GROUP PLC ('BABCOCK') FINAL CASH OFFER FOR INTERNATIONAL
NUCLEAR SOLUTIONS PLC ('INS')
FINAL CASH OFFER UNCONDITIONAL IN ALL RESPECTS
On 19 June 2007, Babcock announced that it had acquired or had an option to
acquire 43.3 per cent. of the existing issued share capital of INS and launched
a final recommended mandatory cash offer for INS of 63 pence per share (the
'Final Cash Offer'). In addition, at that time Babcock indicated that it had
received irrevocable commitments to accept the Final Cash Offer from the
directors of INS in respect of a further 0.4 per cent. of the existing issued
share capital of INS.
Level of acceptances and ownership
As at 11.00 a.m. (London time) on 9 July 2007 Babcock has acquired or has
received valid acceptances in respect of a total of 31,745,759 INS Shares,
representing approximately 50.9 per cent. of the existing issued share capital
of INS.
As a result, the Final Cash Offer has become unconditional in all respects.
Of this total:
- Babcock owns 27,954,131 INS Shares, representing approximately 44.8 per cent.
of the existing issued share capital of INS; and
- Babcock has received valid acceptances for 3,791,628 INS Shares representing
approximately 6.1 per cent. of the existing issued share capital of INS
(including acceptances pursuant to irrevocable undertakings to accept the Final
Cash Offer in respect of a total of 253,904 INS Shares, representing
approximately 0.4 per cent. of the existing issued share capital of INS).
Extension of the Final Cash Offer
The Board of Babcock announces that the Final Cash Offer has been extended and
will remain open for acceptance for a further 15 days, until 3.00 p.m. on 24
July 2007.
Procedure for acceptance
INS Shareholders who have not yet accepted the Final Cash Offer are urged to do
so as soon as possible and in any event no later than 3.00 p.m. on 24 July 2007.
The procedure for acceptance is set out in paragraph 18 of Part 2 of the Offer
Document.
Forms of Acceptance not yet returned should be completed and returned in
accordance with the instructions set out in the Offer Document and in the Form
of Acceptance so as to be received as soon as possible and in any event no later
than 3.00 p.m. on 24 July 2007.
If INS Shares are held in CREST acceptance should be made electronically so that
the TTE instruction settles as soon as possible and in any event no later than
3.00 p.m. on 24 July 2007.
Terms defined in the Offer Document dated 19 June 2007 shall have the same
meaning in this announcement.
Enquiries:
Babcock Telephone: +44 (0) 20 7291 5000
Gordon Campbell
Peter Rogers
Bill Tame
Hawkpoint (financial adviser to Babcock) Telephone: +44 (0) 20 7665 4500
Paul Baines
JPMorgan Cazenove (broker to Babcock) Telephone: +44 (0) 20 7588 2828
Dermot McKechnie
Financial Dynamics (Babcock PR enquiries) Telephone: +44 (0) 20 7269 7121
Susanne Walker
The release, publication or distribution of this announcement to persons who are
not resident in the United Kingdom may be affected by the laws of the relevant
jurisdictions in which they are located. Persons who are not resident in the
United Kingdom should inform themselves of, and observe, any applicable
requirements. Any failure to comply with such applicable requirements may
constitute a violation of the securities laws of any such jurisdictions.
Hawkpoint, which is authorised and regulated in the United Kingdom by the
Financial Services Authority, is acting exclusively for Babcock and no one else
in connection with the Final Cash Offer and will not be responsible to anyone
other than Babcock for providing the protections afforded to clients of
Hawkpoint nor for providing advice in relation to the Final Cash Offer, the
content of this announcement or any matter referred to herein.
JPMorgan Cazenove, which is authorised and regulated in the United Kingdom by
the Financial Services Authority, is acting exclusively for Babcock and no one
else in connection with the Final Cash Offer and will not be responsible to
anyone other than Babcock for providing the protections afforded to clients of
JPMorgan Cazenove nor for providing advice in relation to the Final Cash Offer,
the content of this announcement or any matter referred to herein.
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.