GUINESS PEAT GROUP PLC
10 September 1999
JOE WHITE MALTINGS LTD (AUSTRALIA)
Guiness Peat Group plc ('GPG') and its subsidiary companies intend to make a
cash takeover offer at A$3.25 per share for 50% of each member's fully paid
ordinary shares in Joe White Maltings Ltd ('Joe White'), an Australia company
('the proposed offer').
This offer would value Joe White at A$67.2 million. GPG currently holds 3.1
million shares (15% of Joe White's issued capital) and proposes to make market
purchases to increase this percentage to 19.9%. Assuming completion of the
market purchases, a full acceptance of the proposed offer would result in GPG
holding a total of approximately 60% of Joe White's issued capital.
The value of the net assets attributable to Joe White were A$75.1 million in the
year to 30 June 1999, and the profits were A$66,000.
Joe White produces malt through company operated plants throughout Australia,
selling it mainly to brewing companies, distillers and the food/beverage
industry throughout the world.
If successful, GPG intends to sell Joe White's business and distribute the
proceeds to its shareholders.
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