Information  X 
Enter a valid email address
  Print      Mail a friend       More announcements

Thursday 05 October, 2000

Sunningdale Corp.

Offer Update

Sunningdale Corporation
5 October 2000


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



RECOMMENDED CASH OFFER BY ARTHUR ANDERSEN CORPORATE FINANCE ON BEHALF OF
SUNNINGDALE CORPORATION FOR HI-TEC SPORTS PLC

The board of Sunningdale announces that by 3pm on 5 October 2000, the First
Closing Date, valid acceptances had been received in respect of 12,951,226
HI-TEC Shares and that Sunningdale has extended the Offer by 14 days so that
the Offer will remain open until 3pm on 19 October 2000.

On 13 September 2000, prior to announcing the Offer, Sunningdale acquired the
entire shareholding in HI-TEC of Frank van Wezel and members of his family,
amounting to 31,707,215 HI-TEC Shares, representing approximately 60.60 per
cent. of the issued share capital of HI-TEC. Accordingly, the Offer relates to
the 20,611,632 HI-TEC Shares not already owned by Sunningdale.

By 3pm on 5 October 2000, valid acceptances had been received in respect of
12,951,226 HI-TEC Shares (representing 62.83 per cent. of the HI-TEC Shares to
which the Offer relates and 24.75 per cent. of the issued share capital of
HI-TEC). This includes acceptances in respect of 1,819,865 HI-TEC Shares
(representing 8.83 per cent. of the HI-TEC Shares to which the Offer relates
and 3.48 per cent. of the issued share capital of HI-TEC) which were the
subject of irrevocable undertakings to accept the Offer. Acceptances in
respect of 150,000 HI-TEC Shares (representing 0.73 per cent. of the HI-TEC
Shares to which the Offer relates and 0.29 per cent. of the issued share
capital of HI-TEC), which were the subject of irrevocable undertakings to
accept the Offer, have been received but are not yet complete in all respects.

Save as disclosed above, neither Sunningdale, nor persons acting in concert
with Sunningdale, owned any HI-TEC Shares (or rights over such shares)
immediately prior to the Offer Period nor have acquired or agreed to acquire
any HI-TEC Shares (or rights over such shares) during the Offer Period.

The Offer has been extended until 3pm on 19 October 2000. HI-TEC Shareholders
who have not yet accepted the Offer and who wish to do so should despatch
completed forms of acceptance as soon as possible.

Appropriate proposals will be made to participants in the HI-TEC Share Option
Schemes shortly.

The definitions of terms used in this announcement are as stated in the Offer
Document issued by Sunningdale on 14 September 2000 containing the Offer.

Enquiries:

Sunningdale

Frank van Wezel 01702 541 741

Paul Harrison 01702 541 741

HI-TEC Sports Plc

Roger Rowland 01702 541741

Arthur Andersen Corporate Finance

Jonathan Hinton 020 7438 3000

Old Mutual Securities Limited

Philip Dayer 020 7489 4600

The Offer will not be made, directly or indirectly, in or into, or by use of
the mails, or by any means or instrumentality (including, without limitation,
facsimile transmission, telex and telephone) or interstate or foreign commerce
of, or of any facility of a national securities exchange of, Canada, Australia
or Japan.

Arthur Andersen Corporate Finance, a division of Arthur Andersen, which is
authorised to carry on investment business by the Institute of Chartered
Accountants in England and Wales, is acting exclusively for Sunningdale and no
one else in connection with the Offer and will not be responsible to anyone
other than Sunningdale for providing the protections afforded to clients of
Arthur Andersen or for giving advice in relation to the Offer.

Old Mutual Securities, a division of Old Mutual Securities Limited, which is
regulated by The Securities and Futures Authority Limited, is acting only for
HI-TEC, acting through the Independent Directors, and no one else in
connection with the Offer and will not regard any other person as its customer
or be responsible to anyone other than HI-TEC, acting through the Independent
Directors, for providing the protections afforded to customers of Old Mutual
Securities, nor for providing advice to any such person in relation to the
Offer.

                                                                                
                                                                                
                              

a d v e r t i s e m e n t