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Chelsea Village PLC (CAV)

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Friday 26 September, 2003

Chelsea Village PLC

Compulsory Acqn of Shares

Chelsea Village PLC
26 September 2003

Not for release or distribution in or into Australia, Canada, Japan or the
United States of America

                                                               26 September 2003

                        Recommended Mandatory Cash Offer
                                  on behalf of
                                Chelsea Limited
                            for Chelsea Village plc

    Completion of compulsory acquisition procedures and closure of the Offer

Completion of compulsory acquisition procedures

Chelsea Limited announces that as at 3.00 p.m. on 25 September 2003, which is
the final closing date of the Offer, valid acceptances of the Offer had been
received during the Offer Period in respect of 82,067,492 Chelsea Village
Shares, representing approximately 97.01 per cent. of the Chelsea Village Shares
to which the Offer relates.  Under the provisions of Sections 428 to 430F of the
Companies Act 1985 all shares of Chelsea Village, for which valid forms of
acceptance were not received before 25 September 2003, will now be compulsorily
acquired by Chelsea Limited as follows:

       for every Chelsea Village Share                  35 pence in cash

The shares held by non-assenting Chelsea Village Shareholders will be
transferred to Chelsea Limited and the consideration due to non-assenting
Chelsea Village Shareholders will be held on their behalf by Chelsea Village in
trust.  Thereafter, the consideration to which non-assenting Chelsea Village
Shareholders are entitled may now be obtained by application to Capita IRG Plc,
accompanied by the share certificate(s) and/or other document(s) of title in
respect of such Chelsea Village shares formerly held by the non-assenting
Chelsea Village Shareholders.

Closure of the Offer

Accordingly, the Offer is now closed for acceptance.

Unless the context otherwise requires, defined terms used in this announcement
shall have the meanings given to them in the Offer Document sent to Chelsea
Village Shareholders dated 4 July 2003.

Chelsea Village Shareholder Enquiries:
Capita IRG                            0870 162 3100

Citigroup is acting for Chelsea Limited and no-one else in connection with the
Offer and will not be responsible to anyone other than Chelsea Limited for
providing the protections afforded to customers of Citigroup or for giving
advice in relation to the Offer.

This announcement does not constitute, or form part of, an offer or an
invitation to purchase any securities.

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                          

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