City Centre Restaurants PLC
10 December 2003
10 DECEMBER 2003
CITY CENTRE RESTAURANTS PLC ('CITY CENTRE')
AND
ASK CENTRAL PLC ('ASK CENTRAL')
MERGER UPDATE
On 12 November 2003 City Centre and Ask Central announced that preliminary
discussions were taking place with regard to a merger of the two companies
structured by way of a recommended offer by City Centre for the entire issued
share capital of Ask Central.
Due diligence has now been materially completed and terms substantially agreed.
The offer proposal to Ask Central shareholders will be at a premium to the Ask
Central share price of 166p on 12 November and will be funded by a mixture of
City Centre shares and cash.
Both Boards are confident that there is an excellent commercial, strategic and
financial logic in combining the two companies.
A merged group would be expected to create:
- One of the UK's largest independent popular catering restaurant
operators with over 400 restaurants.
- A group with three strong restaurant concepts with excellent roll out
potential.
- A strengthened management team with executive and non executive
participants from each company.
- Greater flexibility for the improvement, rationalisation and further
development of new sites
A further announcement will be made in due course.
Enquiries:
City Centre Restaurants plc Tel: 020 7747 7750
Alan Jackson, Executive Chairman
Ask Central plc Tel: 01727 735800
Adam Kaye, Chief Executive
Dresdner Kleinwort Wasserstein (City Centre) Tel: 020 7623 8000
Charlie Batten, Managing Director
Evolution Beeson Gregory (Ask Central) Tel: 020 7488 4040
Tom Price, Director
College Hill Tel: 020 7457 2020
Matthew Smallwood/Tom Baldock
Dresdner Kleinwort Wasserstein Limited, which is authorised and regulated by the
Financial Services Authority, is acting exclusively for City Centre Restaurants
plc and for no-one else in connection with the contents of this announcement and
will not be responsible to anyone other than City Centre Restaurants plc for
providing the protections afforded to customers of Dresdner Kleinwort
Wasserstein Limited, or for giving advice in relation to the contents of this
announcement or any matters referred to herein.
Evolution Beeson Gregory Limited, which is authorised and regulated by the
Financial Services Authority, is acting exclusively for Ask Central plc and
no-one else in connection with the contents of this announcement and will not be
responsible to anyone other than Ask Central for providing the protections
afforded to customers of Evolution Beeson Gregory Limited, or for giving advice
in relation to the contents of this announcement or any matters referred to
herein.
End
This information is provided by RNS
The company news service from the London Stock Exchange
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