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Thursday 26 January, 2012

Acorn Global Investments Limit

Offer Closed


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, OR FROM,
ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT
LAWS OF SUCH JURISDICTION

                                 Cash Offer by                                 

                       Acorn Global Investments Limited                        

                                      for                                      

                          Dhir India Investments plc                           

                                 Offer Closed                                  

 

On 12 January 2012, Acorn Global Investments Limited ("Acorn") announced that
its cash offer (the "Offer") of 42 pence per Dhir India Investments plc ("DII")
share (the "Offer Price") for the entire issued and to be issued ordinary share
capital of DII was wholly unconditional and that the Offer would remain open
until 1.00 pm on 25 January 2012 at which time it would be closed.


Level of Acceptance


As at 1:00 p.m. on 25 January 2012, Acorn had received valid acceptances of the
Offer in respect of 16,144,931 DII Shares representing, in total, approximately
96.87 per cent. of DII's entire issued share capital.

Prior to making the Offer, neither Acorn, the Acorn Directors nor any persons
acting in concert with Acorn owned or had any beneficial or non-beneficial
interest in the share capital of DII.

Save as disclosed in this announcement, neither Acorn, the Acorn Directors nor
any persons acting in concert with Acorn, is interested in or has any rights to
subscribe for any DII Shares nor does any such person have any short position
(whether conditional or absolute and whether in the money or otherwise),
including any short position under a derivative or any arrangement in relation
to DII Shares.  For these purposes, "arrangement" includes any agreement to
sell or any delivery obligation or right to require another person to purchase
or take delivery of DII Shares and any borrowing or lending of DII Shares which
have not been on-lent or sold and any outstanding irrevocable commitment or
letter of intent with respect to DII Shares.
 

Consideration
 

Settlement of the consideration due to DII Shareholders who have already
provided valid and complete acceptances under the Offer will be despatched (or
in respect of DII Shares held in uncertificated form, credited through CREST)
within 14 days of the date on which such acceptances are received or, in the
case of electronic acceptances, made.
 

Compulsory acquisition and quotation on AIM
 

Acorn now owns 96.87 per cent. of DII's entire issued share capital. In view of
this and having taken advice, Acorn does not believe it is feasible to meet the
conditions necessary for DII to continue to be suitable for quotation on AIM.
Accordingly, Acorn has decided to seek cancellation of admission of DII's
shares to trading on AIM as soon as practicable. Pursuant to AIM Rule 41, the
Company's shares will be cancelled from trading on AIM at 7:00 a.m. on Thursday
23 February 2012.

A decision will be taken in due course as to whether or not Acorn wishes to
exercise its right in accordance with, and within the time limits prescribed
by, Isle of Man company law to compulsorily acquire the DII shares not already
owned by Acorn at 1:00 p.m. on 25 January 2012 and such decision, when made,
will be notified to the holders of the DII Shares not owned by Acorn.
 

Further Information


A copy of all announcements made by Acorn and documents sent by Acorn,
including the Offer Document and this announcement, are available at Acorn's
website at: http://www.acornglobalinvestments.net.

The expressions used in this announcement, unless the context otherwise
requires, bear the same meaning as in the Offer Document dated 20 December
2011.

 

Enquires:

Acorn Global Investments Limited                        +44 7776 181 400     
Anup N Dalal                                                                 
                                                                             
Cairn Financial Advisers LLP - Financial Advisers to    +44 20 7148 7900     
Acorn                                                                        
Tony Rawlinson / Jo Turner                                                   

 
Cairn Financial Advisers, which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting exclusively for Acorn
and no-one else in connection with the Offer. Cairn Financial Advisers will not
be responsible to anyone other than Acorn for providing the protections
afforded to clients of Cairn Financial Advisers or for giving advice in
relation to the Offer or the content of, or any matter or arrangement referred
to in, this announcement.


Responsibility


Each of the Acorn Directors accept responsibility for the information contained
in this announcement. To the best of the knowledge and belief of each of the
Acorn Directors (who have taken all reasonable care to ensure that such is the
case), the information contained in this announcement for which they accept
responsibility is in accordance with the facts and does not omit anything
likely to affect the import of such information.

This announcement does not constitute an offer or an invitation to purchase or
subscribe for any securities.

a d v e r t i s e m e n t