Gartmore Fledgling Index Trust PLC
18 January 2000
Gartmore Fledgling Index Trust plc ('Gartmore Fledgling' or
the 'Company')
Proposed Tender Offer
and
Offer for Themis FTSE Fledgling Index Trust PLC ('Themis
Fledgling')
Proposed Tender Offer
The Company is pleased to announce that it proposes to make a
tender offer to shareholders for 30 per cent. of the Company's
shares at an 8 per cent. discount to net asset value. It is
currently expected that an explanatory circular setting out
the terms of such tender offer, together with a form for
accepting the tender offer, will be despatched to shareholders
at the end of this month. The tender offer is expected to
close by the end of February with settlement shortly
thereafter.
In the circular to shareholders and the offer document to
Themis Fledgling shareholders dated 11 November 1999 it was
envisaged that two tender offers of approximately 15% each
would be made by March 2000 and June 2000. However, the
rebalancing of the Company's portfolio in December 1999
resulted in surplus cash from the net movement of companies
out of the FTSE Fledgling Index into the FTSE All-Share Index.
Rather than investing the surplus cash proportionately in
companies comprised in the FTSE Fledgling Index, in light of
the proposed Tender Offer the Company has retained it in the
form of cash or near cash investments so as to maintain
liquidity and to minimise transaction costs. The Board
considers that such cash and near cash investments, together
with the Company's available borrowing facilities, will
provide sufficient resources to enable the Company to
undertake a single 30% tender offer. The Company has sought to
maintain a full equity exposure by the purchase of an
appropriate number of FTSE-100 futures contracts which will be
realised at the time of completion of the Tender Offer.
Offer for Themis Fledgling
Further to its announcement of 11th November 1999 of a share
for share offer by the Company for Themis Fledgling (the
'Offer'), the Board of Directors of Gartmore Fledgling
announces that as at 3.00pm on Monday 17 January it had
received valid acceptances for the Offer from shareholders
holding in aggregate 47,865,978 shares in Themis Fledgling
representing 95.22% of Themis Fledgling's issued share
capital. As a result of the acquisition by the Company of more
than 90% of the shares in Themis Fledgling to which the Offer
relates, the Company is now entitled, pursuant to sections 428
to 430F of the Companies Act 1985, to acquire compulsorily all
shares in Themis Fledgling in respect of which it has not
already received acceptances under the terms of the Offer.
The Offer will remain open for acceptance until 1 February
2000. The Company will use its powers of compulsory
acquisition to acquire all shares in Themis Fledgling in
respect of which no acceptance of the Offer has been received
by 3.00 pm on that date.
Dresdner Kleinwort Benson, which is regulated in the United
Kingdom by The Securities and Futures Authority Limited, is
acting exclusively for Gartmore Fledgling and for no-one else
in connection with the Offer and will not be responsible to
anyone other than Gartmore Fledgling for providing the
protections afforded to customers of Dresdner Kleinwort Benson
or for providing advice in relation to the Offer.
Enquiries:-
Gartmore Investment Limited Tel: 0207 782 2000
Michael Wrobel
Gary Smith
Dresdner Kleinwort Benson Tel: 0207 623 8000
Andrew Zychowski