Esporta PLC
12 July 2002
ESPORTA PLC ('ESPORTA')
RESPONSE TO DUKE STREET CAPITAL LEISURE INVESTMENTS LIMITED ('DUKE STREET')
ANNOUNCEMENT
The Board of Esporta notes the mandatory cash offer of 87.5 pence per share
announced earlier today by Duke Street (the 'Mandatory Cash Offer') and the
announcement by Duke Street earlier today that this offer had been declared
wholly unconditional. The Mandatory Cash Offer represents a 9 per cent.
increase over their original offer. The Board believes this Mandatory Cash
Offer continues to undervalue Esporta, which has seen a significant improvement
under new management. However, as the Mandatory Cash Offer has now been
declared wholly unconditional, in the event that the Esporta shares are
de-listed, Shareholders who do not accept the Mandatory Cash Offer would own
shares in an unlisted company controlled by Duke Street.
In these circumstances, the Board, which has been so advised by Lazard,
recommends that Shareholders accept Duke Street's Mandatory Cash Offer, as they
will be doing in respect of their own shareholdings. In providing advice to the
Board, Lazard has taken into account the Directors' commercial assessments.
ENQUIRIES:
ESPORTA
Maurice Kelly, Chief Executive 0118 912 3503
Michael Ball, Finance Director 0118 912 3504
LAZARD (Financial Adviser to Esporta)
Nicholas Shott 020 7588 2721
Jean-Eudes Renier
CAZENOVE (Broker to Esporta)
Michael Wentworth-Stanley 020 7588 2828
Roger Lambert
BRUNSWICK
William Cullum 020 7404 5959
The Directors of Esporta accept responsibility for the information contained in
this announcement, save that the only responsibility accepted by the Directors
of Esporta in respect of the information contained in this document relating to
Duke Street which has been compiled from published sources, is to ensure that
such information has been correctly and fairly reproduced and presented.
Subject as aforesaid, to the best knowledge and belief of the Directors of
Esporta (having taken all reasonable care to ensure that such is the case), the
information contained in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such information.
Lazard Brothers & Co., Limited ('Lazard') is acting for Esporta and no one else
in connection with the Offer by Duke Street and will not be responsible to
anyone other than Esporta for providing the protections afforded to clients of
Lazard nor for providing advice in relation to this matter.
Cazenove & Co Ltd ('Cazenove') is acting for Esporta and no one else in
connection with the Offer by Duke Street and will not be responsible to anyone
other than Esporta for providing the protections afforded to clients of Cazenove
nor for providing advice in relation to this matter.
Words and expressions defined in the document posted to Esporta Shareholders on
14 June 2002 have the same meaning where used in this announcement unless the
context otherwise requires.
This information is provided by RNS
The company news service from the London Stock Exchange
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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.
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