Vitec Group PLC
01 November 1999
Vitec Group plc ('Vitec' or the 'Company')
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Vitec is pleased to announce that it is accepting valid tenders for
approximately 7.2 million of its ordinary shares, representing 14.9 per cent
of its ordinary share capital. The tender offer was announced on 4 October
1999 and closed on 29 October 1999 following shareholder approval at an
Extraordinary General Meeting of the Company held on that day.
Vitec has set the strike price at 630 pence per share. All shares validly
tendered below the strike price have been accepted in full. As the tender
offer is oversubscribed, the first 1,000 shares per shareholder tendered at
the strike price have been accepted in full and remaining validly tendered
shares at the strike price will be scaled back pro rata on the basis of 877
shares being repurchased for every additional 1,000 shares validly tendered.
The total consideration for the tender offer of approximately £45 million,
will be sent on 8 November 1999 either through CREST or by cheque despatched
by first class post to those shareholders who successfully tendered
shares.
Enquiries:
Malcolm Baggott
Roland Peate
Vitec Group plc Tel: 01494 679 800
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