Offer Update
Persimmon PLC
06 January 2006
Not for release, publication or distribution, in whole or part, in, into or from
the United States, Canada, Australia or Japan.
FOR IMMEDIATE RELEASE 6 January 2006
RECOMMENDED CASH OFFER
by
CITIGROUP GLOBAL MARKETS LIMITED
on behalf of
PERSIMMON PLC ('PERSIMMON')
for
WESTBURY PLC ('WESTBURY')
Level of Acceptances and Extension of Offer
1. Level of acceptances
Persimmon announces that as at 3.00 p.m. (London time) on 6 January 2006, being
the first closing date of the Offer, valid acceptances of the Offer had been
received in respect of a total of 57,227,472 Westbury Shares, representing
approximately 49.8 per cent. of Westbury's issued share capital. None of these
acceptances were received from persons acting in concert with Persimmon. Each of
these acceptances may be counted by Persimmon towards the satisfaction of the
acceptance condition of the Offer.
On 24 November 2005, being the date of the announcement of the Offer, Persimmon
announced that it had received irrevocable undertakings to accept (or procure
the acceptance of) the Offer in respect of a total of 310,951 Westbury Shares,
representing approximately 0.3 per cent. of Westbury's issued share capital.
Valid acceptances have been received in respect of 295,156 of those Westbury
Shares, representing approximately 0.3 per cent. of Westbury's issued share
capital. All of these acceptances are included in the total of valid acceptances
referred to above.
As announced on 24 November 2005, Persimmon acquired 30,000,000 Westbury Shares
thereby increasing its total holding of Westbury Shares to 30,000,001
representing approximately 26.1 per cent. of Westbury's issued share capital.
Accordingly, as at 3.00 p.m. (London time) on 6 January 2006, Persimmon either
owned or has received valid acceptances in respect of a total of 87,227,473
Westbury Shares representing approximately 75.9 per cent. of Westbury's issued
share capital.
2. Extension of the Offer
The Offer, which remains subject to the terms and conditions set out in the
offer document posted to Westbury Shareholders on 16 December 2005 (the 'Offer
Document'), is being extended and will remain open for acceptance until the next
closing date which will be 3.00 p.m. (London time) on 16 January 2006. Any
further extensions of the Offer will be publicly announced by 8.00 a.m. on the
Business Day following the day on which the Offer was otherwise due to expire,
or at such later time or date as the Panel may agree.
Westbury Shareholders who have not yet accepted the Offer and who hold Westbury
Shares in certificated form are urged to complete, sign and return the Form of
Acceptance as soon as possible and, in any event, so as to be received by
Computershare Investor Services PLC by no later than 3.00 p.m. (London time) on
16 January 2006.
Westbury Shareholders who have not yet accepted the Offer and who hold Westbury
Shares in uncertificated form are urged to make acceptance electronically
through CREST so that the TTE Instruction settles by no later than 3.00 p.m.
(London time) on 16 January 2006. If you hold Westbury Shares as a CREST
sponsored member, you should refer to your CREST sponsor as only your CREST
sponsor will be able to send the necessary TTE Instruction to CRESTCo.
Terms defined in the Offer Document shall have the same meanings in this
announcement. The term 'acting in concert' shall have the same meaning as in
the City Code.
Persimmon PLC Tel: 01904 642 199
Mike Killoran, Group Finance Director
Neil Francis, Group Company Secretary
Citigroup Global Markets Limited Tel: 020 7986 4000
Philip Robert-Tissot
Dimitrios Georgiou
Nigel Mills (Corporate Broking)
Andrew Forrester (Corporate Broking)
Finsbury Group Tel: 020 7251 3801
Faeth Birch
Citigroup Global Markets Limited, which is authorised and regulated in the
United Kingdom by the Financial Services Authority, is acting exclusively for
Persimmon 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 Citigroup Global Markets Limited or for providing advice in relation
to the Offer.
This announcement does not constitute, or form part of, any offer for, or any
solicitation of any offer for, securities. Any acceptance or other response to
the Offer should be made only on the basis of information referred to in the
Offer Document.
The Offer is not being and will not be made, directly or indirectly, in or into,
or by use of the mails of, or by any means or instrumentality (including,
without limitation, facsimile or electronic transmission, telex, internet or
telephone) of interstate or foreign commerce of, or any facility of a national,
state or other securities exchange of, the United States, Canada, Australia or
Japan and the Offer will not be capable of acceptance by any such use, means,
instrumentality or facility from or within the United States, Canada, Australia
or Japan.
This information is provided by RNS
The company news service from the London Stock Exchange