Offer Update
Capita Group PLC
24 September 2002
Not for release, publication or distribution in whole or in part in or into the
United States, Canada, Australia or Japan.
EMBARGOED UNTIL 7:00 AM
24 September 2002
Recommended Cash Offer by Schroder Salomon Smith Barney
on behalf of The Capita Group Plc ('Capita') for
Mission Testing plc ('Mission Testing')
Offer declared unconditional in all respects
Capita announces that the recommended cash offer (the 'Offer') by Schroder
Salomon Smith Barney on behalf of Capita for the whole of the issued and to be
issued share capital of Mission Testing has become unconditional in all
respects.
As at 3.00 p.m. (London time) on 23 September 2002, the first closing date of
the Offer, valid acceptances had been received in respect of a total of
15,862,592 Mission Testing Shares, representing approximately 90.8 per cent. of
the existing issued share capital of Mission Testing. Included in these
acceptances are those received pursuant to the irrevocable undertakings to
accept the Offer given by Mission Testing Shareholders holding 63.7 per cent. of
the issued share capital of Mission Testing, including the company's two founder
shareholders who each hold 29.9 per cent. of the issued share capital of Mission
Testing.
Neither Capita, nor any party deemed to be acting in concert with Capita, held
any ordinary shares in Mission Testing prior to the commencement of the Offer
period and save for the irrevocable undertakings disclosed herein neither Capita
nor any party deemed to be acting in concert with Capita, holds any ordinary
shares, nor has acquired nor agreed to acquire any Mission Testing ordinary
shares during the Offer period.
The Offer has been extended and will remain open for acceptance until further
notice.
Mission Testing Shareholders who have not yet accepted the Offer are urged to
complete and return their Form of Acceptance as soon as possible. If any
Mission Testing Shareholders require another Form of Acceptance, they should
contact Capita IRG Plc on 0870 162 3100, or on +44 (0) 20 8639 2157 for calls
made outside the UK.
Having received valid acceptances for more than 90 per cent. in nominal value of
the Mission Testing Shares to which the Offer relates, Capita intends to use the
procedures set out in sections 428 to 430F (inclusive) of the Companies Act 1985
to acquire compulsorily any Mission Testing Shares for which it has not received
valid acceptances of the Offer.
Notice is also given that Capita will be taking steps to procure an application
by Mission Testing to the London Stock Exchange for cancellation of the
admission of Mission Testing Shares to trading on the Alternative Investment
Market and that the 20 business day for this cancellation referred to in the
Offer document has now commenced. It is anticipated that cancellation of listing
and trading will take effect on 22 October 2002.
Enquiries
Schroder Salomon Smith Barney 020 7986 4000
William Barter
Unless the context requires otherwise, defined terms used in this announcement
shall have the meanings given to them in the Offer Document.
The Offer is not being made, directly or indirectly, in or into, or by use of
the mails of, or by 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,
Australia or Japan and will not be capable of acceptance by any such use, means,
instrumentality or facility. Accordingly, neither this announcement nor the
Offer Document nor the accompanying Form of Acceptance is being, and must not
be, mailed or otherwise forwarded, transmitted, distributed or sent in, into or
from the United States, Canada, Australia or Japan. Doing so may render invalid
any purported acceptance of the Offer. All Mission Testing Shareholders or other
persons (including nominees, trustees or custodians) who would or otherwise
intend to, or may have a contractual or legal obligation to, forward this
announcement or the Offer Document or the accompanying Form of Acceptance to any
jurisdiction outside the United Kingdom, should refrain from doing so and seek
appropriate professional advice before taking any action.
Salomon Brothers International Limited, trading as Schroder Salomon Smith Barney
('Schroder Salomon Smith Barney'), which is authorised by the Financial Services
Authority, is acting for Capita and no one else in connection with the Offer and
will not be responsible to any other person for providing the protections
afforded to clients of Schroder Salomon Smith Barney or for providing advice in
relation to the Offer.
The directors of Capita accept responsibility for the information for the
information contained in this announcement. To the best of the knowledge and
belief of the directors of Capita (who have taken all reasonable care to ensure
that such is the case), such information 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