CSS Stellar PLC
15 April 2002
CSS Stellar plc ('CSS Stellar' or the 'Company')
Result of placing and open offer (the 'Placing and Open Offer')
On 21 March 2002, CSS Stellar announced the conditional Placing and Open Offer
of 4,416,316 new ordinary shares of 50p each (the 'Issue Shares') at an issue
price of 225p (the 'Issue Price'). 2,018,703 of those Issue Shares were subject
to clawback by way of an open offer (the 'Open Offer') to qualifying
shareholders on the basis of 2 Issue Shares for every 9 existing ordinary shares
held at the close of business on 15 March 2002 (the 'Record Date').
Irrevocable undertakings were obtained from the Directors and other shareholders
not to take up their entitlements under the Open Offer for, in aggregate,
2,397,613 Issue Shares, representing approximately 54.3 per cent. of the Issue
Shares offered under the Open Offer. These Issue Shares were placed firm with
institutional and other investors at the Issue Price by Robert W. Baird.
The Open Offer closed at 3.00 p.m. on Friday, 12 April 2002 and valid
applications had been received at that time for 1,124,329 Issue Shares,
representing approximately 55.7 per cent. of the 2,018,703 Issue Shares capable
of being taken up by qualifying shareholders under the Open Offer. The 894,374
Issue Shares not taken up have been placed with institutional and other
investors at the Issue Price by Robert W. Baird.
The Placing and Open Offer remains conditional upon shareholder approval, which
is to be sought at the extraordinary general meeting of the Company, convened
for 9.00 am on Wednesday, 17 April 2002, and on admission of the Issue Shares to
trading on the Alternative Investment Market of the London Stock Exchange which
is expected to take place on Friday, 19 April 2002.
Enquiries:
CSS Stellar plc Tel: 020 7078 1400
Julian Jakobi (Chief Executive)
Sean Kelly (Finance Director and Deputy Chief Executive)
Robert W. Baird Limited Tel: 020 7488 1212
Peter Watson
Julien Darmon
15 April 2002
END
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