8 Sep 2009 07:00
8 September 2009
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IF TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
ADVENT CAPITAL (HOLDINGS) PLC
Recommended Cash Offer
by
Fairfax Financial Holdings Limited ("Fairfax")
for
Advent Capital (Holdings) PLC ("Advent" or the "Company")
Application for Delisting of Advent Shares
Fairfax announced on 2 September 2009 that it had declared the Offer unconditional in all respects.
In accordance with the statements made in the Offer Document, having acquired or agreed to acquire Advent Shares carrying not less than 75 per cent. of the voting rights of Advent, Fairfax has requested that Advent applies to the London Stock Exchange for the Delisting of the issued Advent Shares in accordance with the AIM Rules. Fairfax also intends for Advent to be converted into a private limited company in due course.
Under the AIM Rules, a notice period of not less than 20 business days is required prior to Delisting and this will commence on 9 September 2009, being the day after the date of this announcement. It is intended that Delisting will take effect on or shortly after 7.00 a.m. (London time) on 7 October 2009.
Furthermore, also in accordance with the Offer Document, Fairfax has informed Advent that it has received acceptances under the Offer in respect of 90 per cent. or more in nominal value of the Advent Shares to which the Offer relates (and 90 per cent. or more of the voting rights carried by the Advent Shares to which the Offer relates) and, as the Offer has now been declared wholly unconditional, Fairfax has despatched notices under the provisions of Chapter 3 of Part 28 of the Companies Act 2006 to commence the squeeze out procedure to acquire compulsorily the remaining Advent Shares in respect of which the Offer has not been accepted, on the same terms as the Offer.
Capitalised terms used but not defined in this announcement shall have the meaning given to them in the offer document posted to Advent Shareholders on 31 July 2009 (the "Offer Document").
Copies of this announcement and the Offer Document are available to view on Advent's website at
www.adventgroup.co.uk.
ENDS
Contact
| Advent Keith Thompson Chief Operating Officer Neil Ewing Investor Relations | +44 (0) 20 7743 8200 |
This announcement does not constitute or form part of any offer or invitation to sell or purchase any securities or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, pursuant to the Offer or otherwise. The Offer, which is now unconditional, is made solely by the Offer Document. Please carefully read the Offer Document in its entirety before making a decision with respect to the Offer.