Further re Placing and Open Offer & Ideal Hardware
InterX PLC
2 March 2000
INTERX PLC
('InterX' or the 'Company')
Further details of Proposed Placing and Open Offer
Update on Ideal Hardware plc
Further Details of Proposed Placing and Open Offer
On 9 February 2000 the board of InterX announced its proposed acquisition of
Cromwell Media Limited ('Cromwell') (the 'Acquisition') and an associated
placing and open offer to raise up to £30 million for the Company. Since that
date the Board has identified certain additional strategic opportunities to
extend the ITNetwork business model into other vertical markets. Accordingly,
it intends to increase the amount of its proposed placing and open offer by
£20 million to a total of £50 million in order to allow it to pursue these.
In order to maintain an orderly market in the Company's shares the Board of
InterX also announces that, at the time of the open offer, certain directors
and former directors of InterX and shareholders of Cromwell (the 'Selling
Shareholders') will sell, in aggregate, up to 2,462,062 ordinary 5p shares in
InterX. The sale of these shares is conditional, inter alia, upon the approval
by InterX shareholders of the Acquisition and the proposed placing and open
offer.
The shares will be placed by Charterhouse Securities Limited with
institutional investors. The Selling Shareholders will enter into orderly
market undertakings in respect of their remaining holdings. Following the
placing, the Selling Shareholders will continue to hold not less than
16,167,687 shares in InterX, representing approximately 47 per cent. of the
InterX group based upon yesterday's closing price of 3100p, as enlarged by the
acquisition of Cromwell and the associated placing and open offer.
Details of the proposed placing and open offer, the placing of Selling
Shareholders' shares and the orderly market undertakings will be contained in
InterX's circular to shareholders, which is expected to be dispatched by
mid-March 2000.
Update on Ideal Hardware plc
The Board also announces that it is progressing the separation of Ideal
Hardware plc ('Ideal') from the Group. The Board is encouraged by the
performance of Ideal, which is trading ahead of the Company's internal budgets
for the year to date.
Enquiries:
InterX plc Tel: 020 8410 7200
James Wickes, Chief Executive
Simon Barker, Operations Director
Simon Miesegaes, Finance Director
Charterhouse Securities Tel: 0207 248 4000
Colin La Fontaine Jackson, Director
College Hill Associates Tel: 020 7457 2020
Nicola Weiner
Mary Matthewson
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