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Thursday 17 July, 2003

Soldier Limited

Offer Document Posted

Soldier Limited
17 July 2003

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

                    RECOMMENDED REVISED INCREASED CASH OFFER

                                       by

                             KPMG Corporate Finance

                                  on behalf of

                          Soldier Limited ('Soldier')

                                      for

                            Hamleys plc ('Hamleys')



                  Posting of Revised Increased Offer Document



The board of Soldier has noted the announcement earlier today by ING Investment
Banking on behalf of Children's Stores  Holdings Limited ('Children's Stores')
that it was withdrawing its offer of 230 pence per Hamleys Share and that
Children's Stores and DC Thomson & Company Limited, its concert party, have
agreed to sell all of their existing shares in Hamleys to A Holding S.A., a
subsidiary of Baugur and a concert party with Soldier, at 254 pence per Hamleys
Share, conditional upon the posting of the Revised Increased Offer Document.
Following this statement the Independent Directors of Hamleys announced that
they would be recommending the Revised Increased Offer from Soldier.

Accordingly, the board of Soldier announces that the Revised Increased Offer
Document and Revised Form of Acceptance, in respect of the Revised Increased
Offer of 254 pence per Hamleys Share announced on 3 July 2003, will be posted
later today to Hamleys Shareholders and, for information only, to participants
in the Hamleys Share Schemes.

The next closing date for the Revised Increased Offer has been extended to 3.00
p.m. on 31 July 2003. If you have already accepted Soldier's Original Offer, you
need take no further action: you will automatically receive the benefit of the
Revised Increased Offer. If you have not already accepted Soldier's Original
Offer and your Hamleys Shares are held in certificated form, you should complete
and return the Revised Form of Acceptance as soon as possible; if your Hamleys
Shares are held in uncertificated form (that is, in CREST), you should not sign
the Revised Form of Acceptance but should transfer your Hamleys Shares to an
escrow balance in accordance with the procedure set out in the Revised Increased
Offer Document.

As at 3.00 p.m. on 16 July 2003, valid acceptances of the Original Offer had
been received in respect of, in aggregate, 559,745 Hamleys Shares, representing
approximately 2.4 per cent. of the entire existing issued ordinary share capital
of Hamleys. This total includes valid acceptances received from the Independent
Directors pursuant to the irrevocable undertakings which they have given in
respect of 62,250 Hamleys Shares, representing approximately 0.3 per cent. of
the entire existing issued ordinary share capital of Hamleys. These irrevocable
undertakings lapse only in the event of the Revised Increased Offer lapsing or
being withdrawn.

In addition, A Holding S.A., a subsidiary of Baugur and a party acting in
concert with Soldier, has purchased or conditionally agreed to purchase
6,069,812 Hamleys Shares (including 3,513,548 Hamleys Shares from Children's
Stores and DC Thomson & Company Limited referred to above), representing
approximately 26.3 per cent. of the entire existing issued ordinary share
capital of Hamleys, at a price of 254 pence per Hamleys Share.

Soldier has also received irrevocable undertakings to accept (or to take steps
within the undertaker's power to cause acceptance of) the Revised Increased
Offer from certain Hamleys Shareholders in respect of, in aggregate, 2,845,175
Hamleys Shares, representing approximately 12.3 per cent. of the entire existing
issued ordinary share capital of Hamleys. Of these, the irrevocable undertaking
in respect of 1,752,175 Hamleys Shares will cease to be binding in the event
that a higher competing offer is made which, including any future dividend paid
by Hamleys, is equal to or greater than 267 pence in cash per Hamleys Share or
where the giver of the undertaking ceases to be vested with active discretionary
control over such Hamleys Shares. The irrevocable undertaking in respect of
1,093,000 Hamleys Shares will cease to be binding in the event that any higher
competing offer is made.

In addition, by virtue of the Hamleys Management Share Exchange Agreement (which
was amended by a supplemental agreement dated 27 June 2003), Soldier has
conditionally contracted to acquire, in aggregate, 36,585 Hamleys Shares from
Hamleys Management, representing approximately 0.2 per cent. of Hamleys' entire
existing issued ordinary share capital, together with a further 439,741 Hamleys
Shares upon exercise of certain options held under the Hamleys plc Unapproved
Executive Share Option Scheme. This agreement is conditional upon the Revised
Increased Offer becoming or being declared unconditional in all respects and
Soldier legally and beneficially holding more than 25 per cent. of Hamleys'
entire existing issued ordinary share capital.

Accordingly, Soldier and its concert parties have acquired or conditionally
contracted to acquire, or have received acceptances of, or undertakings to
accept (or to take steps within the undertaker's power to cause acceptance of)
the Revised Increased Offer in respect of, in aggregate, 9,511,317 Hamleys
Shares currently in issue, representing approximately 41.2 per cent. of Hamleys'
entire existing issued ordinary share capital. In addition, Soldier has
conditionally contracted to acquire 439,741 Hamleys Shares upon exercise of
certain options under the Hamleys plc Unapproved Executive Share Option Scheme.

Prior to the Offer Period, Soldier held no Hamleys Shares and Hamleys Management
held an interest in 36,585 Hamleys Shares, representing approximately 0.2 per
cent. of the entire existing issued ordinary share capital of Hamleys. In
addition, prior to the Offer Period, the Hamleys Management held options to
subscribe for, in aggregate, a maximum of 515,819 Hamleys Shares under the
Hamleys Share Schemes.

Words and expressions defined in the Original Offer Document dated 19 June 2003
and set out in the Revised Increased Offer announcement dated 3 July 2003 shall
apply for the purposes of this announcement.

Enquiries:

Gavin Anderson & Company (PR adviser to Baugur)               Tel: 020 7554 1400
Neil Bennett
Halldor Larusson


Soldier                                                       Tel: 020 7479 7313
John Watkinson

KPMG Corporate Finance (financial adviser to Soldier)         Tel: 020 7311 1000
David McCorquodale
Michael McDonagh



The availability of the Revised Increased Offer to persons not resident in the
UK may be affected by the laws of the relevant jurisdiction. Persons who are not
resident in the UK should obtain advice and observe any applicable requirements.
The Revised Increased Offer, including the Loan Note Alternative, is not being
made, directly or indirectly, in or into, or by use of the mails, or by any
means or instrumentality (including, without limitation, facsimile transmission,
electronic mail, telex or telephone) of interstate or foreign commerce, or of
any facility of a national securities exchange, of the United States, Canada,
Australia or Japan, and the Revised Increased Offer will not be capable of
acceptance by any such means, instrumentality or facility from within the United
States, Canada, Australia or Japan. Accordingly, copies of this announcement and
any other documents related to the Revised Increased Offer are not being, and
must not be, mailed or otherwise distributed or sent in or into the United
States, Canada, Australia or Japan and persons receiving such documents
(including custodians, nominees and trustees) must not distribute or send them
in, into or from such jurisdictions as doing so may invalidate any purported
acceptance of the Revised Increased Offer by persons in any such jurisdiction.

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

KPMG Corporate Finance, a division of KPMG LLP which is authorised in the United
Kingdom by the Financial Services Authority for investment business activities,
is acting for the Company as financial adviser in relation to the Revised
Increased Offer and is not acting for any other person in relation to such
offer.  KPMG Corporate Finance will not be responsible to anyone other than
Soldier for providing the protections afforded to its clients or for providing
advice in relation to the contents of this announcement or any transaction or
arrangement referred to herein.


                      This information is provided by RNS
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