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Fairfield Enterprise (FFD)

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Monday 31 January, 2000

Fairfield Enterprise

Final Results and Offer Details - Part 1

Fairfield Enterprises PLC
31 January 2000


PART 1

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

RECOMMENDED CASH OFFERS

by

HAWKPOINT PARTNERS LIMITED

on behalf of

BOBST SA

for

FAIRFIELD ENTERPRISES PLC

and

PRELIMINARY RESULTS OF FAIRFIELD ENTERPRISES PLC

Summary

The Board and Executive Committee of Bobst and the Board of
Fairfield announce that agreement has been reached on the
terms of recommended cash offers, to be made by Hawkpoint
Partners on behalf of Bobst, for the whole of the issued
and to be issued share capital and Loan Stock of Fairfield.

Bobst is one of the world's foremost suppliers of equipment
and services in the field of printing and converting of
solid board, corrugated board and flexible packaging
materials.

Fairfield is one of the leading suppliers of graphic arts
machinery and associated equipment and services in the UK
and Eire, including the exclusive distribution in those
territories of Bobst products.

Highlights

- The Ordinary Offer will be 200 pence in cash for each
  Fairfield Share, which represents a premium of 12.0 per
  cent over the closing middle market price of 178.5 pence
  per Fairfield Share on 28 January 2000 (being the last
  dealing day prior to the date of this announcement) and
  values the existing issued share capital of Fairfield at
  approximately £19.4 million
  
- The Loan Stock Offer will be 125 pence in cash for every
  £1 nominal of Loan Stock
  
- The aggregate value of the Offers, assuming the exercise
  of all Share Options and Warrants, is £23.1 million
  
- A loan note alternative will be made available in
  respect of each of the Offers
  
- The Offers are unanimously recommended by the Board of
  Fairfield
  
- Bobst has received irrevocable undertakings from the
  directors of Fairfield and persons connected with them
  to accept the Ordinary Offer in respect of their entire
  legal and beneficial holdings of, in aggregate, 702,515
  Fairfield Shares, representing approximately 7.3 per
  cent of the issued share capital of Fairfield
  
- Fairfield's preliminary results for the year ended 30
  September 1999, which are set out in Appendix IV of this
  announcement, report turnover of £58 million and profit
  before tax of £3.0 million.  Reported earnings per
  Fairfield Share were 32.3 pence in the same period.
  Shareholders' funds as at 30 September 1999 were £17
  million.


Commenting on the Offers, Jim Venn, Chairman of Fairfield,
said:

'Fairfield has always enjoyed a close and mutually
beneficial relationship with Bobst and has acted as an
exclusive distributor in the UK and Eire for most of Bobst
Group's products for more than fifty years.

Having carefully considered the alternatives open to
Fairfield, your Board concluded that this deal is in the
best interests of shareholders, employees and customers of
Fairfield.  Accordingly I and my co-directors are
recommending that Fairfield Shareholders and Loan
Stockholders accept the Offers'.

Commenting on the Offers, Andreas Koopman, Chief Executive
Officer of Bobst SA, said:

'The acquisition of Fairfield represents an important step
for Bobst in creating closer ties with its customers in the
important UK market.  Fairfield is a business we know well
and we look forward to working with the management of
Fairfield in developing even further the services we offer
to our customer base'.


Enquiries

Bobst SA                                   
Markus Niederhauser                 Tel:    +41 21 621 24 30
Josef Santoro                       Tel:    +41 21 621 25 60
                                           
Hawkpoint  Partners Limited  (advisers  to Bobst)
David Renton                        Tel:    020  7665 4500
                                           
Fairfield Enterprises PLC                  
Jim Venn                            Tel:    01527 516667
Geoff Darricotte                           
Steve Darlington                           
                                           
ARM Corporate Finance Limited (advisers to Fairfield)
Francis Madden                      Tel:   020 7512 0191
Ian Fenn                                   
                                           
College   Hill  Associates   Limited   (PR advisers)
Michael Padley                      Tel:   020  7457 2020






Hawkpoint  Partners, which is regulated by  The  Securities
and  Futures Authority Limited, is acting for Bobst and  no
one  else  in  connection with the Offers and will  not  be
responsible  to anyone other than Bobst for  providing  the
protections afforded to customers of Hawkpoint Partners nor
for giving advice in relation to the Offers.

ARM Corporate Finance, which is regulated by The Securities
and  Futures Authority Limited, is acting for Fairfield and
for  no one else in connection with the Offers and will not
be responsible to anyone other than Fairfield for providing
the  protections  afforded to customers  of  ARM  Corporate
Finance nor for giving advice in relation to the Offers.

This  announcement,  for  which  Bobst  and  Fairfield  are
responsible,  has been approved by Hawkpoint  Partners  for
the  purposes  of Section 57 of the Financial Services  Act
1986.

These  highlights should be read in conjunction  with,  and
are subject to, the text of the full announcement, which is
attached.


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

                                       
RECOMMENDED CASH OFFERS

by

HAWKPOINT PARTNERS LIMITED

on behalf of

BOBST SA

for

FAIRFIELD ENTERPRISES PLC

and

PRELIMINARY RESULTS OF FAIRFIELD ENTERPRISES PLC

1.       Introduction

The Board and Executive Committee of Bobst and the Board of
Fairfield announce that they have agreed the terms of
recommended cash offers to be made by Hawkpoint Partners on
behalf of Bobst to acquire the entire issued and to be
issued share capital and Loan Stock of Fairfield.  A loan
note alternative will be made available in respect of the
Offers.

2.       The Offers

The Offers, which will be made on the terms and subject to
the conditions set out below, in Appendix I, and the
further terms to be set out in the Offer Document and in
the Form(s) of Acceptance, will be made on the following
basis:

Ordinary Offer
   For each Fairfield Share              200 pence in cash

Loan Stock Offer
   For every £1 nominal of               125 pence in cash
   Loan Stock

The Ordinary Offer will value the existing issued share
capital of Fairfield at approximately £19.4 million and
represents a premium of approximately 12.0 per cent to the
closing middle market price (taken from the Official List)
of 178.5 pence per Fairfield Share on 28 January 2000
(being the last dealing day prior to the announcement of
the Offers).  The value of the Loan Stock Offer will be
£1.25 million.  The aggregate value of the Offers, assuming
the exercise of  all Share Options and Warrants, will be
£23.1 million.  Details of the financial effects of
acceptance are set out in paragraph 6 below.

In addition, the directors of Fairfield have declared a
second interim dividend of 5.0 pence (net) per Fairfield
Share (in lieu of a final dividend) in respect of the year
ended 30 September 1999 payable to Fairfield Shareholders
on the register of members at the close of business on 11
February 2000.  The dividend will be paid on 17 March 2000
or within 14 days of the Ordinary Offer becoming or being
declared unconditional in all respects, whichever is the
earlier.

The Board of Fairfield, which has been so advised by ARM
Corporate Finance, considers the terms of the Offers to be
fair and reasonable and unanimously recommends Fairfield
Shareholders and, as the case may be, Loan Stockholders to
accept the Offers as they and persons connected with them
have irrevocably undertaken to do in respect of their
entire legal and beneficial holdings in relation to the
Ordinary Offer which together amount to 702,515 Fairfield
Shares, representing approximately 7.3 per cent of
Fairfield's issued share capital.

The Fairfield Shares will be acquired by Bobst fully paid
and free from all liens, charges, equitable interests,
third party rights and encumbrances and together with all
rights now or hereafter attaching thereto, including the
right to receive and retain all dividends and other
distributions (if any) declared, made or paid after the
date of this document, save that Fairfield Shareholders
will be entitled to receive and retain the second interim
dividend of 5.0 pence (net) per Fairfield Share declared in
respect of the year ended 30 September 1999.

The Loan Stock will be acquired by Bobst fully paid and
free from all liens, charges, equitable interests, third
party rights and encumbrances and together with all rights
now or hereafter attaching thereto, save that the Loan
Stockholders will be entitled to receive and retain such
amount as equals the accrued but unpaid interest on the
Loan Stock from 1 December 1999 to the date on which the
consideration under the Loan Stock Offer is settled.

The Offers will be subject to the conditions and further
terms set out in Appendix I and in the Offer Document and
the Form(s) of Acceptance, together with such further terms
as may be required to comply with the rules and regulations
of the London Stock Exchange and the provisions of the
Code.

The Loan Stock Offer of 125 pence for each £1 nominal of
Loan Stock reflects the conversion rights attaching to the
Loan Stock.

3.       The Loan Note Alternative

Fairfield Shareholders and Loan Stockholders (other than
certain overseas Fairfield Shareholders and Loan
Stockholders) who validly accept the Offers may elect,
subject as mentioned below, to receive Loan Notes to be
issued by Bobst instead of all or part of the cash
consideration to which they would otherwise be entitled
under the Offers on the following basis:

   For each £1 of cash            £1 nominal of Loan Notes
   consideration

No Loan Notes will be issued unless, by the time the Offers
become or are declared unconditional in all respects, valid
elections for the Loan Note Alternative have been received
which will result in the issue of at least £250,000 in
nominal value of Loan Notes, or such smaller amount as
Bobst may decide.  If insufficient elections are received,
Fairfield Shareholders and Loan Stockholders who validly
elect for the Loan Note Alternative will receive cash in
accordance with the terms of the Offers.

The Loan Notes will be issued, credited as fully paid, in
amounts and integral multiples of £1 nominal value and will
be guaranteed by National Westminster Bank Plc.  The Loan
Notes will not, however, be secured on the assets of Bobst.
Fractional entitlements to Loan Notes will be disregarded
and not allotted.  No application will be made for the Loan
Notes to be listed or dealt in on any stock exchange but
they will be transferable subject to certain restrictions
as summarised in Appendix II.

The Loan Notes will bear interest at a rate 1.0 per cent
below LIBOR for six month sterling deposits of £10 million.
Interest will be payable less any tax, in particular Swiss
withholding tax, every six months in arrears on 1 January
and 1 July in each year (or if such day is not a business
day the immediate succeeding business day), except that the
first payment of interest will be made on 1 July 2000 in
respect of the period from (and including) the first date
of issue of any of the Loan Notes to (but excluding) 1 July
2000.  The Loan Notes will be redeemable in whole or in
part for cash at the option of the holders on 1 January
2001 and subsequent interest payment dates.  In certain
circumstances, Bobst will have the right to redeem all of
the Loan Notes.  The final redemption date will be 30 June
2005.

The Loan Note Alternative is conditional on the Offers
becoming or being declared unconditional in all respects
and will remain open for acceptance for so long as the
Offers remain open for acceptance.

The Loan Note Alternative is not being made available to
certain overseas Fairfield Shareholders who are located, or
resident, outside the United Kingdom, and in particular,
the Loan Notes have not been, and will not be, registered
under the Securities Act or under the securities laws of
any state or other jurisdiction of the United States,
Canada, Australia or Japan.  Accordingly, unless an
exemption under the Securities Act or other relevant
securities laws is available, the Loan Notes may not be
offered, sold, resold, delivered or transferred, directly
or indirectly, in or into the United States, Canada,
Australia or Japan.

Sutherlands has given independent advice to Bobst that, in
its opinion, based on market conditions on 28 January 2000
(being the last business day prior to the announcement of
the Offers) if the Loan Notes had then been in issue, their
value would have been approximately 99.0 pence per £1 in
nominal value.

Further details of the terms of the Loan Notes are set out
in Appendix II to this announcement.

4.       Irrevocable undertakings

Bobst has received irrevocable undertakings to accept the
Ordinary Offer from the directors of Fairfield and persons
connected with them in respect of their entire legal and
beneficial holdings in Fairfield Shares.  These
undertakings are given in respect of 702,515 Fairfield
Shares, representing approximately 7.3 per cent of
Fairfield's issued share capital and extend to any further
Fairfield Shares which may be acquired by them during the
course of the Ordinary Offer.  The directors of Fairfield
do not hold any Loan Stock.




5.       Background to and reasons for the Offers

Fairfield has enjoyed a close and mutually beneficial
working relationship with Bobst, and has acted as the
exclusive distributor in the UK and Eire for most of the
Bobst Group's products for more than fifty years.  In the
year to 30 September 1999, sales of Bobst products, which
comprise printing, converting and corrugating equipment for
the packaging industries, represented in aggregate more
than half of the Fairfield Group's sales.

Recognising the reputation and quality of Fairfield and its
management team, and the importance of the UK market, Bobst
felt that it was appropriate and timely to put forward
proposals for the acquisition of Fairfield by Bobst.  These
proposals have led to agreement between the Board of
Fairfield and the Board and Executive Committee of Bobst on
the terms of the Offers which the directors of Fairfield
will recommend to shareholders.

6.       Financial effects of acceptance

On the bases and assumptions set out in the notes below,
for illustrative purposes only and assuming the Offers
become or are declared unconditional in all respects, the
following tables show the financial effects on capital
value and income for a holder of one Fairfield Share or
£100 nominal of Loan Stock who accepts the Offers (and also
the effects of electing for the Loan Note Alternative).

                                        Ordinary  Loan Note
                                         Offer  Alternative
                                            (p)        (p)
   (a)  Capital value                                     
   Cash  consideration  received/value    200.0      198.0
   of Loan Notes received(1)
   Market   value  of  one   Fairfield    178.5      178.5
   Share(2)
   Increase in capital value               21.5       19.5
   This represents an increase of:        12.0%      10.9%
                                                
   (b)  Gross income                                      
   Gross interest income from cash         12.0       10.8
   consideration(3)/Loan Notes(4)
   Gross dividend income from one           9.2        9.2
   Fairfield Share(5)
   Increase in income                       2.8        1.5
   This represents an increase of:        30.6%      16.6%

                                           Loan  Loan Note
                                          Stock  Alternative
                                          Offer      (£)
                                            (£)
   (a)  Capital value                                     
   Cash  consideration  received/value    125.0      123.8
   of Loan Notes received(1)
   Nominal value of Loan Stock            100.0      100.0
   Increase in capital value               25.0       23.8
   This represents an increase of:        25.0%      23.8%
                                                
   (b)  Gross income                                      
   Gross interest income from cash          7.5        6.7
   consideration(3)/Loan Notes(4)
   Gross interest income from £100          6.0        6.0
   nominal of Loan Stock(6)
   Increase in income                       1.5        0.7
   This represents an increase of:        25.4%      12.0%

(1) Fairfield Shareholders or Loan Stockholders electing for
    the  Loan  Note alternative will receive £1  nominal  in
    Loan  Notes for every £1 of cash consideration to  which
    they  would  otherwise  be  entitled.   Sutherlands  has
    advised  Bobst  that, in its opinion,  based  on  market
    conditions  on 28 January 2000 (being the last  business
    day prior to the announcement of the Offers) if the Loan
    Notes  had  been in issue, their value would  have  been
    approximately  99.0  pence  per  £1  in  nominal  value.
    Fractional   entitlements  to   Loan   Notes   will   be
    disregarded and not allotted.  No account has been taken
    of  any  liability  to taxation or the  effects  of  any
    withholding tax.

(2) The  market value of one Fairfield Share is based on the
    closing middle-market price of 178.5 pence per Fairfield
    Share  derived  from  the Daily  Official  List  for  28
    January  2000  (the  last  dealing  day  prior  to   the
    announcement of the Offers).

(3) Gross  interest  income from the cash  consideration  has
    been calculated assuming that it is re-invested so as  to
    yield  6.0  per  cent per annum, being the medium  coupon
    average gross redemption yield for the FT-Actuaries Fixed
    Index  (5-15  years) as published in the Financial  Times
    dated 28 January 2000 (the last business day prior of the
    announcement of the Offers).

(4) Gross  interest  income from Loan Notes is  based  on  an
    interest  rate of 5.4 per cent, being 1.0 per cent  below
    LIBOR  for six month sterling deposits of £10 million  on
    28  January  2000  (the last business day  prior  to  the
    announcement of the Offers) in accordance with the  terms
    of  the Loan Note Instrument.  No account has been  taken
    of  any  liability  to taxation or  the  effects  of  any
    withholding tax.

(5) Gross  dividend income from one Fairfield Share is  based
    on  the  aggregate of the first interim dividend  of  3.3
    pence  (net) and the second interim dividend of 5.0 pence
    (net)  in  respect  of the year ended 30  September  1999
    together with associated tax credits of 1/9th of the  net
    dividends.

(6) Gross interest income from £100 nominal of Loan Stock  is
    based on a coupon of 6.0 per cent of the nominal value of
    the  Loan  Stock  in accordance with  the  terms  of  the
    instrument constituting the Loan Stock.


7.       Information on Bobst

Bobst is one of the world's foremost suppliers of equipment
and services in the field of printing and converting of
solid board, corrugated board and flexible packaging
materials.  Bobst supplies through the following trade
names: Bobst, Martin, Peters, CRC, Asitrade and Schiavi.

Bobst's products, ranging from individual machines through
to complete high-tech manufacturing systems, are marketed
through a dedicated sales and service network with offices
in more than 100 countries.

For the financial year ended 31 December 1998, Bobst
reported turnover of SFr 1,274 million (1997: SFr 1,361
million) and profit before tax of SFr 113 million (1997:
SFr 113 million).  Reported earnings per Bobst bearer share
were SFr 163.1 for the same period (1997: SFr 158.4).
Shareholders' funds as at 31 December 1998 were SFr 964
million (1997: SFr 910 million).

The unaudited interim results for the six months to 30 June
1999 stated that Bobst achieved turnover of SFr 549 million
(1998: SFr 588 million) and profit before tax of SFr 43
million (1998: SFr 54 million) for that period.  The net
assets of Bobst as at 30 June 1999 were SFr 982 million
(1998: SFr 923 million).

8.       Information on Fairfield

Fairfield, which operates through subsidiaries based in
Glasgow, Hemel Hempstead, London, Liverpool, Leeds and
Redditch, is one of the leading suppliers of graphic arts
machinery and associated equipment and services in the UK
and Eire, including the exclusive distribution in those
territories of most of Bobst's products.

The Fairfield Group's activities include the importation,
distribution and sale of a wide range of machinery,
tooling, spares and related consumables used by printers,
converters and finishers in the carton, corrugated board,
label, newspaper, envelope, commercial printing, business
forms and book production markets.

Fairfield is also involved, through its Lasercomb Dies
subsidiary, in the manufacture and supply of high quality
sets of laser cut dies and tooling designed to improve the
cutting and creasing efficiency of flatbed die cutting
machinery and, through another subsidiary, The Palatine
Engraving Company Limited, is one of the largest engravers
of embossing dies for the printing, packaging, label and
greeting card manufacturing industries in the UK.

For the financial year ended 30 September 1998, Fairfield
reported turnover of £65 million (1997: £59 million) and
profit before tax of £2.7 million (1997: £1.7 million).
Reported earnings per Fairfield Share were 22.1 pence in
the same period (1997: 13.2 pence).  Shareholders' funds as
at 30 September 1998 were £14 million (1997: £12 million).

The Fairfield Group's preliminary figures for the year
ended 30 September 1999, which are set out in Appendix IV
to this announcement, report turnover of £58 million and
profit before tax of £3.0 million.  Reported earnings per
Fairfield Share were 32.3 pence in the same period.
Shareholders' funds as at 30 September 1999 were £17
million.

9.       Directors, management and employees

Bobst attaches great importance to the skills and
experience of the existing management and employees of
Fairfield.  The executive directors of Fairfield will
retain their existing responsibilities for the management
of the Fairfield Group following the Offers becoming or
being declared unconditional in all respects.  Bobst has
given assurances that the existing employment rights,
including pension rights, of all the management and
employees of Fairfield will be fully safeguarded in
accordance with applicable law.

10.      Fairfield Share Option Schemes and Warrants

The Ordinary Offer will extend to any Fairfield Shares
unconditionally allotted or issued before the date on which
the Ordinary Offer closes (or any earlier date that Bobst
may, subject to the Code, decide) as a result of the
exercise of Share Options or Warrants.  To the extent Share
Options or Warrants are not exercised it is intended that,
in due course, appropriate proposals will be made to
participants in the Fairfield Share Option Schemes and
Warrant Holders.  These will include cash cancellation
proposals whereby participants in the Fairfield Share
Option Schemes and the Warrant Holders will be invited to
cancel their Share Options and Warrants in return for a
cash payment equal to the difference between the relevant
exercise price and 200 pence.  These proposals will not
include a rollover into options or warrants over shares in
Bobst.

11. Compulsory  acquisition,  de-listing and re-registration

If sufficient acceptances of the Offers are received and/or
sufficient Fairfield Shares and Loan Stock are otherwise
acquired, Bobst intends to apply the provisions of Sections
428 to 430F (inclusive) of the Act to acquire compulsorily
any outstanding Fairfield Shares and Loan Stock following
the Offers becoming or being declared unconditional in all
respects.

It is also intended that, following the Offers becoming or
being declared unconditional in all respects and subject to
any applicable requirements of the London Stock Exchange,
Bobst will procure that Fairfield will apply to the London
Stock Exchange for the Fairfield Shares to be de-listed.
It is anticipated that the cancellation of the listing of
the Fairfield Shares on the London Stock Exchange will take
effect approximately 20 business days following the Offers
becoming or being declared unconditional in all respects.
De-listing would significantly reduce the liquidity and
marketability of any Fairfield Shares not assented to the
Offers.

It is also proposed that Fairfield will be re-registered as
a private company under the relevant provisions of the Act
in due course.

12.      General

The Offer Document and Form(s) of Acceptance will be
despatched to Fairfield Shareholders and Loan Stockholders
later today.

The availability of the Offers to persons outside the UK
may be affected by the laws of the relevant jurisdiction.
Such persons should inform themselves about, and observe
any applicable requirements.

The Offers (including the Loan Note Alternative) will not
be made, directly or indirectly, in or into, or by use of
the mails, or by any means or instruments of transportation
or communication (including, without limitation, facsimile
transmission, telex and telephone) of interstate or foreign
commerce, or any facility of a national securities exchange
of, the United States, Canada, Australia or Japan.
Accordingly, copies of this announcement, the Offer
Document, the Form(s) of Acceptance and any other related
documents will not be, and must not be, directly or
indirectly, mailed, or otherwise distributed or sent in,
into or from the United States, Canada, Australia or Japan.
All Fairfield Shareholders and Loan Stockholders
(including, without limitation, custodians, nominees and
trustees) who would, or otherwise intend to, forward this
announcement, the Offer Document, the Form(s) of Acceptance
and any other related documents, to any jurisdiction
outside the UK should inform themselves of, and observe,
any applicable requirements of the laws of the relevant
jurisdictions in which they are resident.

This announcement does not constitute an offer or an
invitation to purchase any securities whether in the United
States or elsewhere.

The definitions of the terms used in this announcement are
contained in Appendix III.

13.      Responsibility for information

(a) The members of the Board and Executive Committee of
    Bobst, whose names appear in sub-paragraph (c) below,
    accept responsibility for all the information contained
    in this announcement save for the information relating to
    Fairfield and its subsidiaries, the directors of
    Fairfield and their connected persons. To the best of the
    knowledge and belief of such members of the Board and
    Executive Committee of Bobst (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.
   
(b) The directors of Fairfield, whose names appear in
    sub-paragraph (d) below, accept responsibility for the
    information relating to Fairfield and its subsidiaries,
    the directors of Fairfield and their connected persons.
    To the best of the knowledge and belief of the directors
    of Fairfield (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.
   
                            
(c) The members of the         The  members  of  the  Executive
    Board of Bobst are:        Committee of Bobst are:
    M C Cappis (Chairman)      A Koopman (Chief Executive Officer) 
    L Bonnard (Vice-Chairman)  Th de Kalbermatten (Executive Vice President)
    A Koopman                  C Currat
    Th de Kalbermatten         H Eggenberger
    P Baroffio                 H Mockli
    R Domeniconi               P de Preux
    P A Jolliet                O Gardiol
    J Pfau                     J Muggli
    H Ruttimann              
   
(d) The directors of Fairfield are:
    J R Venn (Non-executive Chairman)
    G C Darricotte (Chief Executive)
    S J Darlington
    C E C Cooke
    W J Wallis


Enquiries

Bobst SA                                   
Markus Niederhauser                     Tel:  +41 21 621 24 30
Josef Santoro                           Tel:  +41 21 621 25 60
                                           
Hawkpoint  Partners Limited (advisers  to Bobst)
David Renton                            Tel:  020  7665 4500
                                           
Fairfield Enterprises PLC                  
Jim Venn                                Tel:  01527 516667
Geoff Darricotte                           
Steve Darlington                           
                                           
ARM  Corporate Finance Limited  (advisers to Fairfield)
Francis Madden                          Tel:  020  7512 0191
Ian Fenn                                   
                                           
College   Hill  Associates  Limited   (PR advisers)
Michael Padley                          Tel:  020  7457 2020





Hawkpoint  Partners, which is regulated by  The  Securities
and  Futures Authority Limited, is acting for Bobst and  no
one  else  in  connection with the Offers and will  not  be
responsible  to anyone other than Bobst for  providing  the
protections afforded to customers of Hawkpoint Partners nor
for giving advice in relation to the Offers.

ARM Corporate Finance, which is regulated by The Securities
and  Futures Authority Limited, is acting for Fairfield and
for  no one else in connection with the Offers and will not
be responsible to anyone other than Fairfield for providing
the  protections  afforded to customers  of  ARM  Corporate
Finance nor for giving advice in relation to the Offers.

This  announcement,  for  which  Fairfield  and  Bobst  are
responsible,  has been approved by Hawkpoint  Partners  for
the  purposes  of Section 57 of the Financial Services  Act
1986.


                        APPENDIX I
        Conditions and further terms of the Offers
                             
The Offers, which will be made by Hawkpoint Partners on
behalf of Bobst, will comply with the applicable rules and
regulations of the London Stock Exchange and the Code and
will be on the terms and subject to the conditions set out
in the Offer Document and related Form(s) of Acceptance.

1.       The Ordinary Offer

The Ordinary Offer is subject to the following conditions:
   
(a) valid acceptances of the Ordinary Offer being received
    (and not, where permitted, withdrawn) by no later than
    3.00pm on 21 February 2000 (or such later time(s) and/or
    date(s) as Bobst may, subject to the rules of the Code,
    decide) in respect of not less than 90 per cent (or such
    lesser percentage as Bobst may decide) in nominal value
    of the Fairfield Shares to which the Ordinary Offer
    relates, provided that this condition will not be
    satisfied unless Bobst and/or any of its wholly owned
    subsidiaries shall have acquired or agreed to acquire,
    whether pursuant to the Ordinary Offer or otherwise,
    Fairfield Shares carrying, in aggregate, more than 50 per
    cent of the voting rights then exercisable at a general
    meeting of Fairfield, including for this purpose to the
    extent (if any) required by the Panel, any such voting
    rights attaching to any Fairfield Shares that may be
    unconditionally allotted or issued before the Ordinary
    Offer becomes or is declared unconditional as to
    acceptances whether pursuant to the exercise of any
    outstanding conversion or subscription rights or
    otherwise and, for this purpose:
   (i)  The expression 'Fairfield Shares to which the Offer
        relates' shall be construed in accordance with
        Sections 428 to 430F (inclusive) of the Act; and
       
   (ii) Shares which have been unconditionally allotted but
        not issued shall be deemed to carry the voting rights
        which they will carry upon issue;
   
(b) valid acceptances of the Loan Stock Offer being received
    (and not, where permitted, withdrawn) by no later than
    3.00pm on 21 February 2000 (or such later time(s) and/or
    date(s) as Bobst may, subject to the rules of the Code,
    decide) in respect of not less than 90 per cent (or such
    lesser percentage as Bobst may decide) in nominal value
    of the Loan Stock to which the Loan Stock Offer relates
    and, for this purpose, the expression 'Loan Stock to
    which the Loan Stock Offer relates' shall be construed in
    accordance with Sections 428 to 430F (inclusive) of the
    Act;
   
(c) one of the following events having occurred:
       
   (i)  the Minister for Enterprise, Trade and Employment of
        the Republic of Ireland (the 'Minister') having
        stated in writing that he has decided not to make an
        order under Section 9 of the Mergers, Takeovers and
        Monopolies (Control) Act 1978 (the 'Mergers Act') in
        relation to the proposed acquisition of the Fairfield
        Shares and/or Loan Stock by Bobst hereunder;
       
   (ii) the Minister having made an order under Section 9 of
        the Mergers Act in relation to the proposed
        acquisition of the Fairfield Shares and/or Loan Stock
        by Bobst hereunder on terms acceptable to Bobst; or
       
   (iii)the relevant period within the meaning of Section 6
        of the Mergers Act having elapsed without the
        Minister having made an order under Section 9 of the
        Mergers Act in relation to the proposed acquisition
        of Fairfield, Fairfield Shares and/or Loan Stock by
        Bobst;
   
(d) no government, government department or governmental,
    quasi-governmental, supranational, municipal, statutory,
    regulatory or investigative body, authority or any court,
    trade agency, professional association or any other
    person or body in any jurisdiction having the authority
    to do so (each a 'Relevant Authority') having decided to
    take, institute, implement or threaten any action,
    proceedings, suit, investigation or enquiry, or made,
    proposed or enacted any statute, regulation or order or
    taken any other steps and there not continuing to be
    outstanding any statute, legislation, regulation,
    decision or order thereof, which would or is reasonably
    likely to:
       
   (i)  make the Offers or either of them or any acquisition
        by Bobst of any Fairfield Shares or Loan Stock or
        control of Fairfield void, illegal or unenforceable
        in any such jurisdiction or otherwise materially and
        adversely, directly or indirectly, restrict,
        restrain, prohibit, delay or otherwise interfere with
        the implementation of, or impose material additional
        conditions or obligations with respect to, or
        otherwise materially impede, challenge, interfere or
        require amendment to the terms of, the Offers or any
        such acquisition;
       
   (ii) require, prevent or materially delay the acquisition
        or alter in any material respect the terms envisaged
        for any proposed acquisition by Bobst of some or all
        of the Fairfield Shares or Loan Stock;
       
   (iii)impose any limitation on the ability of Bobst to
        acquire or to hold or to exercise effectively any
        rights of ownership of shares or loans or securities
        convertible into shares in any member of the
        Fairfield Group or to exercise management control
        over any member of the Bobst Group or the Fairfield
        Group to an extent which, in each case, would be
        material in the context of (as applicable) the Bobst
        Group taken as a whole or the Fairfield Group taken
        as a whole;
       
   (iv) require Bobst or any member of the Bobst Group to
        offer to acquire any shares or other securities in
        any member of the Fairfield Group (other than in
        implementation of the Offers or pursuant to Rule 9 of
        the Code);
       
   (v)  otherwise materially and adversely affect the
        business, profits or prospects of any member of the
        Fairfield Group or of any member of the Bobst Group
        to an extent which, in each case, would be material
        in the context of (as applicable) the Bobst Group
        taken as a whole or the Fairfield Group taken as a
        whole;
   
   and all applicable waiting and other time periods during
   which any such Relevant Authority could decide to take,
   institute, implement or threaten any such action,
   proceedings, suit, investigation or enquiry having
   expired, lapsed or been terminated;
   
(e) all necessary filings having been made, all necessary
    waiting periods under any applicable legislation or
    regulation of any jurisdiction having expired, lapsed or
    terminated, in each case in respect of the Offers and the
    acquisition of any Fairfield Shares or Loan Stock, or of
    control of Fairfield, by Bobst, or any matter arising
    therefrom or relating thereto and all material
    authorisations, orders, recognitions, grants, consents,
    licences, confirmations, clearances, permissions and
    approvals necessary in any jurisdiction for, or in
    respect of, the Offers and any acquisition or the
    proposed acquisition of any Fairfield Shares or Loan
    Stock, or of control of Fairfield by Bobst and/or to
    carry out the business of Bobst or any member of the
    Fairfield Group having been obtained, in terms and in a
    form reasonably satisfactory to Bobst, from all
    appropriate Relevant Authorities and from persons or
    bodies with whom Bobst or any member of the Bobst Group
    or the Fairfield Group has entered into contractual
    arrangements ('Authorisations') where the absence of such
    Authorisations would have a material adverse effect on
    the Fairfield Group taken as a whole or on the Bobst
    Group taken as a whole, as the case may be, and all such
    Authorisations remaining in full force and effect and
    there being no notice of an intention to revoke, suspend,
    restrict, modify or not to renew any of the same, in each
    case as may be material in the context of the Offers and
    all necessary statutory and regulatory obligations in any
    jurisdiction having been complied with;
   
(f) except as disclosed in the announcement by Fairfield of
    the preliminary results for the year ended 30 September
    1999, or otherwise publicly announced by Fairfield or
    otherwise fairly disclosed to Bobst in writing prior to
    31 January 2000, there being no provision of any
    arrangement, agreement, licence, instrument or
    authorisation to which any member of the Fairfield Group
    is a party or by or to which any such member or any of
    their assets may be bound, entitled or subject and which,
    in consequence of the Offers or any acquisition or
    proposed acquisition of any Fairfield Shares or Loan
    Stock or control of Fairfield by Bobst or otherwise,
    would or is reasonably likely, to an extent which is
    material in the context of the Fairfield Group taken as a
    whole, result in:
       
   (i)  any monies borrowed by, or other indebtedness actual
        or contingent, of any such member being or becoming
        repayable or being capable of being declared
        repayable immediately on or prior to their or its
        stated maturity or repayment date or the ability of
        any such member to borrow monies or to incur any
        indebtedness being withdrawn or inhibited or becoming
        capable of being withdrawn or inhibited;
       
   (ii) the creation of any mortgage, charge or other
        security interest over the whole or any part of the
        business, property or assets of any such member or
        any such security (whenever, arising or having
        arisen) becoming enforceable or being capable of
        being enforced;
       
   (iii)the rights, liabilities, obligations or interests of
        any such member under any such arrangement,
        agreement, licence, instrument or authorisation or
        the interests or business of any such member in or
        with any other firm or body or person (or any
        agreement or arrangement relating to such interests
        or business) being terminated, adversely modified,
        materially affected or any action being taken of an
        adverse nature or any obligation arising thereunder;
       
   (iv) any assets of any such member being or falling to be
        disposed of or any right arising under which any such
        asset or interest could be required to be disposed of
        other than in the ordinary course of business;
       
   (v)  the interest or business of any such member in or
        with any firm, company, body or person, or any
        arrangements relating to such interest or business,
        being terminated or adversely modified or affected;
       
   (vi) any such member ceasing to be able to carry on
        business under any name under which it presently does
        so;
       
   (vii)the value or financial or trading position or
        prospects of any such member being prejudiced or
        adversely affected; or
       
  (viii)the creation of material actual or contingent
        liabilities by any such member;
   
   
(g) since 30 September 1999 and except as disclosed in the
    announcement by Fairfield of the preliminary results for
    the year then ended, or publicly announced by Fairfield
    prior to 31 January 2000 or otherwise fairly disclosed to
    Bobst in writing by 31 January 2000, no member of the
    Fairfield Group having:
       
   (i)  issued or agreed to or authorised or proposed the
        issue of additional shares of any class, or
        securities convertible into, or rights, warrants or
        options to subscribe for or acquire, any such shares
        or convertible securities (save for options granted,
        and for any Fairfield Shares allotted upon exercise
        of Share Options or Warrants before 31 January 2000);
       
   (ii) recommended, declared, paid or made or proposed to
        recommend, declare, pay or make any bonus in respect
        of shares, dividends or other distribution other than
        to other members of the Fairfield Group save for the
        second interim dividend of 5.0 pence (net) per
        Fairfield Share declared in respect of the year ended
        30 September 1999;
       
  (iii) made or authorised or proposed or announced its
        intention to propose any merger or demerger or
        acquisition or disposal of assets or shares which is
        material in the context of the Fairfield Group taken
        as a whole (other than in the ordinary course of
        trading) or any other material change in its share or
        loan capital;
       
   (iv) issued, authorised or proposed the issue of any
        debentures or incurred any indebtedness or contingent
        liability (other than in the ordinary course of
        trading) which is material in the context of the
        Fairfield Group taken as a whole;
       
   (v)  merged with any body corporate or disposed of or
        demerged or transferred, mortgaged, charged or
        encumbered any asset (including shares and trade
        investment) or any right, title or interest in any
        asset (other than in the ordinary course of trading)
        in a manner which is material in the context of the
        Fairfield Group taken as a whole;
       
   (vi) purchased, redeemed or repaid or announced any
        proposal to purchase, redeem or repay any of its own
        shares or other securities or reduced or made any
        other change to any part of its share capital (other
        than the issue of shares pursuant to the exercise of
        the Warrants or the Share Options);
       
   (vii)entered into or materially varied any contract or
        commitment other than in the ordinary course of
        business (whether in respect of capital expenditure
        or otherwise) which is of a long-term, onerous or
        unusual nature or involves or is reasonably likely to
        involve an obligation of such a nature in each case
        which is material in the context of the Fairfield
        Group taken as a whole;
       
  (viii)waived or compromised any claim which is material in
        the context of the Fairfield Group taken as a whole;
   
       
   (ix) implemented or authorised, proposed or announced its
        intention to implement or enter into any
        reconstruction, amalgamation, scheme, commitment,
        transaction or arrangement (otherwise than in the
        ordinary course of business) which is material in the
        context of the Fairfield Group taken as a whole;
       
   (x)  taken any corporate action or had any order made for
        its winding-up, dissolution or reorganisation or for
        the appointment of a receiver, administrator,
        administrative receiver, trustee or similar officer
        of all or any of its assets and revenues or any
        analogous or similar event having occurred in any
        jurisdiction which is material in the context of the
        Fairfield Group taken as a whole;
       
   (xi) entered into or made an offer (which remains open for
        acceptance) to enter into or materially change the
        terms of any service agreement with any of the
        directors of Fairfield; or
       
   (xii)entered into any agreement or commitment or passed
        any resolution with respect to any of the
        transactions or events referred to in this paragraph
        (g) which is material in the context of the Fairfield
        Group taken as a whole;
   
(h) since 30 September 1999 and save as disclosed in the
    announcement by Fairfield of the preliminary results for
    the year then ended or otherwise except as publicly
    announced by Fairfield prior to 31 January 2000 or
    otherwise fairly disclosed to Bobst in writing prior to
    31 January 2000:
       
   (i)  there having been no adverse change in the business,
        assets, financial or trading position or profits or
        prospects of any member of the Fairfield Group which
        in any such case is material in the context of the
        Fairfield Group taken as a whole;
       
   (ii) no litigation, arbitration proceedings, prosecution
        or other legal proceedings having been instituted,
        announced or threatened by or against or remaining
        outstanding against any member of the Fairfield Group
        which in any such case could have a material effect
        on that member and on the Fairfield Group taken as a
        whole;
       
   (iii)there having been no inquiry or investigation by or
        complaint or reference to any Relevant Authority in
        respect of any member of the Fairfield Group and no
        such inquiry, investigation, complaint or reference
        having been threatened, announced or instituted or
        remaining outstanding which would in any such case
        reasonably be expected materially and adversely to
        affect the Fairfield Group taken as a whole; or
       
   (iv) no contingent or other liability having arisen or
        become apparent to Bobst which would reasonably be
        expected materially and adversely to affect the
        Fairfield Group taken as a whole;
   
(i) Bobst not having discovered, except as disclosed in the
    announcement by Fairfield of the preliminary results for
    the year ended 30 September 1999 or publicly announced by
    Fairfield prior to 31 January 2000 or otherwise fairly
    disclosed to Bobst in writing prior to 31 January 2000,
    that the financial or business information concerning the
    Fairfield Group as contained in the information publicly
    disclosed at any time by or on behalf of any member of
    the Fairfield Group is misleading or contains a material
    misrepresentation of fact which has not, prior to 31
    January 2000, been corrected by public announcement or
    omits to state a fact necessary to make the information
    contained therein not materially misleading;

Bobst  reserves the right to waive in whole or in part  all
or any of the conditions other than condition (a).

The  Offers will lapse unless the conditions set out  above
(other  than  condition  (a) to  the  Ordinary  Offer)  are
fulfilled  or  (if  capable  of waiver)  waived  or,  where
appropriate,   have  been  determined  by  Bobst   in   its
reasonable  opinion to be or to remain satisfied  no  later
than 21 days after the later of the first closing date  and
the date on which the Ordinary Offer becomes or is declared
unconditional as to acceptances, whichever is the later, or
such  later  date as Bobst, with the consent of the  Panel,
may decide.

Bobst  shall  be under no obligation to waive or  treat  as
satisfied any of conditions (b) to (i) inclusive by a  date
earlier  than  the  latest  date specified  above  for  the
satisfaction   thereof  notwithstanding  that   the   other
conditions  of the Ordinary Offer may at such earlier  date
have  been waived or fulfilled and that there are  at  such
earlier  date  no circumstances indicating  that  any  such
conditions may not be capable of fulfilment.  If  Bobst  is
required by the Panel to make an offer for Fairfield Shares
under the provisions of Rule 9 of the Code, Bobst may  make
such   alterations  to  the  above  conditions,   including
condition  (a) above, as are necessary to comply  with  the
provisions of that Rule.

The  Offers  will  lapse  if a reference  is  made  to  the
Competition Commission in the UK in respect of  the  Offers
before 3.00pm on 21 February 2000 or the date on which  the
Offers   become  or  are  declared  unconditional   as   to
acceptances,  whichever is the later.   If  the  Offers  so
lapse,  they will cease to be capable of further acceptance
and  accepting Fairfield Shareholders and Loan Stockholders
will  cease to be bound by Form(s) of Acceptance  submitted
before the time when the Offers lapse.

2.       The Loan Stock Offer

The Loan Stock Offer is conditional only upon the Ordinary
Offer having become or being declared unconditional in all
respects.

3.       Certain further terms of the Offers

The Offers will be subject to the applicable requirements
of the Code.  The Offers and any acceptances under the
Offers will be governed by English law.

The Offers will be on the terms and subject to the
conditions which are set out in this Appendix I and the
further terms which will be set out in the Offer Document
and in the Form(s) of Acceptance.


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