ITE Group PLC
07 July 2005
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO CANADA, AUSTRALIA,
THE REPUBLIC OF IRELAND, SOUTH AFRICA AND JAPAN
ITE Group plc ('ITE' or the 'Company')
Tender Offer to purchase up to 29,126,213 Shares at 103 pence per Share
7 July 2005
On 23 May 2005, ITE, the international exhibitions specialist, announced that it
intended to return up to £30 million of cash to Shareholders by means of a
Tender Offer. The Company today announces the terms of that tender offer.
Under the terms of the Tender Offer, Numis Securities Limited will offer to
purchase up to 29,126,213 Shares at 103 pence per Share. If the maximum number
of shares are tendered the Company will return to Shareholders £30 million. The
tender price represents a premium of approximately 5.6 per cent. to the closing
price of 97.5p per share on Monday 23 May 2005, the date on which the intention
to implement a share buy-back was announced.
Qualifying Shareholders may tender either all or a proportion of their
registered holdings. Shareholders' entitlements under the Tender Offer will be
calculated as follows:
(i) valid tenders of up to 1,000 Shares from each Qualifying Shareholder
will be accepted in full;
(ii) if Qualifying Shareholders tender more than 29,126,213
Shares in aggregate, tenders will first be accepted from each
Shareholder for up to 1,000 Shares. Tenders for more than 1000
shares will then be scaled back pro-rata to the aggregate level
of excess applications, such that no more than 29,126,213 shares
are acquired.
The Tender Offer document and Tender Form are expected to be posted to
shareholders on Friday 8 July, following the formal registration of the
cancellation of the share premium account, which is expected to take place
today. The Tender Offer document and the Tender Form will contain the formal
terms of the Tender Offer and instructions to Shareholders on how to tender
Shares.
Ian Tomkins, Chief Executive, commented:
'After careful consideration, and having a view to the financial resource
requirements necessary to facilitate the organic and acquisition opportunities
in our core markets, the Board has determined that the current levels of cash
balances are surplus to requirements. Consequently the Board has decided to buy
back and cancel shares up to a maximum value of £30 million.'
Expected timetable of principal events:
Record Date 5.00 p.m. on 25 July 2005
Latest time and date for receipt of Tender Forms 3.00 p.m. on 25 July 2005
Tender Offer closes 3.00p.m. on 25 July 2005
Announcement of take-up level under the Tender By 7.30 a.m. on 26 July 2005
Offer
CREST accounts credited with Tender Offer proceeds 1 August 2005
Despatch of cheques for Tender Offer proceeds in 1 August 2005
respect of certificated Shares
Definitions in this announcement have the same meaning as those set out in the
Tender Offer document.
Enquiries:
Ian Tomkins +44 (0) 20 7596 5000
Chief Executive, ITE Group plc
Bridget Fury +44 (0) 20 7653 6620
Merlin
Numis Securities Limited, which is regulated in the United Kingdom by the
Financial Services Authority, is acting for ITE Group plc and no-one else in
relation to the matters described in this announcement and will not be
responsible to anyone other than ITE Group plc for providing the protections
afforded to clients of Numis Securities Limited nor for providing advice in
relation to the matters described in this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
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