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Queensborough Hldgs (QSN)

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Thursday 29 June, 2000

Queensborough Hldgs

Offer Update

Queensborough Hldgs PLC
29 June 2000


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

                   Cloudburst Holdings Limited ('Cloudburst')

                      Recommended cash offer (the 'Offer')

                                      for

                  Queensborough Holdings plc ('Queensborough')

*    69.7 per cent. acceptance of the Offer

*    Cloudburst extends the time for acceptance of the Offer for Queensborough

Cloudburst  announces that, as at 3.00 p.m on 28 June 2000, the first  closing
date  of  the  Offer,  valid acceptances of the Offer  had  been  received  in
respect  of  32,159,948 Queensborough Shares, representing approximately  69.7
per  cent. of the Queensborough Shares to which the Offer relates and 28.1 per
cent. of the existing issued share capital of Queensborough.

As  at  7  June  2000, the date of announcement of the Offer,  Cloudburst  had
received   irrevocable  undertakings  to  accept  its   Offer   from   certain
Queensborough   Shareholders   representing   an   aggregate   of    2,547,626
Queensborough  Shares  representing 5.5 per cent. of the Queensborough  Shares
to  which the Offer relates and approximately 2.2 per cent. of Queensborough's
issued  share  capital.   Cloudburst has now  received  valid  acceptances  in
respect  of  at least 2,345,884 of the Queensborough Shareholdings subject  to
the  irrevocable  undertakings, representing at least 5.1  per  cent.  of  the
Queensborough Shares to which the Offer relates and these shares are  included
in the total level of valid acceptances reported above.

A   total  of  68,160,986  Queensborough  Shares  amounting  in  aggregate  to
approximately 59.6 per cent. of the existing issued ordinary share capital  of
Queensborough will be transferred to Cloudburst on the Offer becoming or being
declared unconditional in all respects.

Save  as disclosed above, neither Cloudburst nor any person acting, or  deemed
to  be  acting, in concert with Cloudburst held any Queensborough  Shares  (or
rights  over  Queensborough  Shares) prior to the commencement  of  the  Offer
Period,   nor  has  any  such  person  acquired  or  agreed  to  acquire   any
Queensborough Shares (or rights over Queensborough Shares) since that time and
no  acceptances of the Offer have been received from such persons  acting,  or
deemed to be acting, in concert with Cloudburst.

The  Offer  has been extended for a further 14 days and will remain  open  for
acceptance until 3.00 pm on 12 July 2000.  Queensborough Shareholders who have
not  yet accepted the Offer and wish to do so should complete and return their
Forms  of Acceptance as soon as possible and in any event so as to be received
by  no  later than 3.00 pm on 12 July 2000.  The procedures for acceptance  of
the  Offer are set out on pages 11 to 13 of the Offer Document and in the Form
of  Acceptance.  The Offer remains subject to the terms and conditions set out
in the Offer Document.

Terms  defined  in the Offer Document have the same meaning as in  this  press
announcement.


For further information contact:

Nigel Barratt, LBC Corporate Finance         0161 238 4927
Piers Hooper, Hudson Sandler                 020 7796 4133

The  directors  of Cloudburst accept responsibility for the contents  of  this
announcement,  which  has  been  approved by LBC  Corporate  Finance,  a  firm
authorised by the Institute of Chartered Accountants of Scotland to carry  out
investment  business, solely for the purpose of section 57  of  the  Financial
Services Act 1986. LBC Corporate Finance are acting for Cloudburst and no  one
else  in connection with the Offer and will not be responsible to anyone other
than  Cloudburst  for providing the protections afforded to customers  of  LBC
Corporate Finance nor for the provision of advice in relation to the Offer.
The  Offer will not be made, directly or indirectly, in or into, or by use  of
the   mails  of  or  by  any  means  or  instrumentality  (including,  without
limitation,  facsimile  transmission, telex or  telephone)  of  interstate  or
foreign  commerce  of, or of any facilities of a national securities  exchange
of,  the United States nor will it be made in or into Canada or Australia  and
the  Offer  will  not  be  capable  of acceptance  by  any  such  use,  means,
instrumentality  or  facilities or from within the United  States,  Canada  or
Australia.



            

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