Result of Equity Issue, etc
Manx & Overseas PLC
10 July 2000
NETCENTRIC SYSTEMS PLC, FORMERLY MANX & OVERSEAS PLC:
RESULT OF EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS, PROPOSED ACQUISITION,
PLACING AND OPEN OFFER
INTRODUCTION
On 16 June 2000, Manx & Overseas PLC ('Manx' or the 'Company') announced,
subject to shareholder approval at an extraordinary general meeting (the
'Extraordinary General Meeting'), its intention to:
- Acquire the whole of the issued share capital of Netcentric Systems Limited
for an initial consideration of 60,000,000 new ordinary shares of 5p each
('Ordinary Shares') and up to a further 40,000,000 new Ordinary Shares of 5p
each dependent on future performance (the 'Acquisition');
- Place 80,000,000 new Ordinary Shares of 5p each (the 'Placing');
- Offer up to 47,622,303 new Ordinary Shares of 5p each to Qualifying
Shareholders (the Open Offer') on the basis of one new Ordinary Share for
every two existing ordinary shares of 5p each (the ' Existing Ordinary
Shares') held at the close of play on 12 June 2000 (the 'Record Date');
- Change its name to Netcentric Systems Plc;
- Adopt a new share option scheme (the 'New Share Option Scheme'); and
- Adopt new articles of association (the 'New Articles').
RESULT OF THE PLACING & OPEN OFFER
The Company announces that, as at 3 p.m. on 7 July 2000, being the latest time
and date for receipt of Application Forms and payment in full under the Open
Offer, valid applications have been received for 8,038,443 new Ordinary
Shares, representing 16.9 per cent. of the new Ordinary Shares available to
Qualifying Shareholders pursuant to the Open Offer. Excess applications have
been received for 1,289,907 new Ordinary Shares, representing a further 2.7
per cent of the new Ordinary Shares available to Qualifying Shareholders
pursuant to the Open Offer. Furthermore, 2,421,000 shares not validly taken
up under the Open Offer were placed with institutions and other investors.
In addition 80,000,000 new Ordinary Shares were placed by WH Ireland Limited
with institutions and other investors.
RESULT OF THE EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS
The Company is pleased to announce that, at the Extraordinary General Meeting
of Shareholders held on 10 July 2000, all the resolutions put before
shareholders were duly passed. Accordingly, inter alia, the acquisition of
Netcentric System Ltd, the Placing and the Open Offer remain conditional upon
admission of the 151,749,350 new Ordinary Shares to trading on the Alternative
Investment Market of the London Stock Exchange ('AIM') and the re-admission of
the 95,244,606 Existing Ordinary Shares to trading on AIM ('Admission').
Admission is expected to become effective and dealings in the new Ordinary
Shares and Existing Ordinary Shares on AIM are expected to commence on 11 July
2000.
Commenting on the EGM, Manx's outgoing Chairman, Desmond Bloom said, 'I am
delighted that 50% of shareholders have given their support to this move. I
believe that Netcentric has developed a product with the ability to dominate
its market sector. As the use of the Internet expands rapidly, the need for
products which enable the non-technical user to enhance its power will grow in
tandem. Netcentric's Lychee product has been developed primarily for B2B use.
Once installed with customised access, security and branding, many
non-technical users within a company can publish their material to multiple
outputs, simply and easily. I am not aware of another product which can
compete with it and I am convinced that Lychee could command a strong position
in a global market.'
New chief executive, Jane Garrett, commented 'We are pleased by the support
shown by our shareholders and our quotation on AIM will undoubtedly help to
enhance our profile. Netcentric now has the resource to take Lychee into new
markets both at home and overseas and we will continue to develop it to ensure
that it remains at the leading edge and ready to embrace new communications
technologies as they emerge. We look forward to reporting progress to
shareholders over the coming months and years.'
Press enquiries:
Jane Garrett, Chief Executive, Netcentric: 01223 839800
Zoe Biddick/Shane Dolan, Biddick Associates: 020 7464 4284
Duncan Macrae/Chris Barker, Noble & Company: 0131 225 9677
10 July 2000