ADV.L Regulatory News (ADV)

12 Sep 2008 10:42



12 September 2008

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO.

ADVENT CAPITAL (HOLDINGS) PLC

("ADVENT" OR THE "COMPANY")

The Board of Advent notes the announcement made by Fairfax Financial Holdings Limited ("Fairfax") yesterday regarding its offer for the entire issued share capital of Advent (the "Offer"). Fairfax's Offer has been closed. As a result of acceptances received, Fairfax's resulting shareholding in Advent has risen to 23,792,120 Advent shares representing approximately 58.51 per cent. of the existing issued share capital of Advent.

Fairfax's announcement stated that valid acceptances had been received in respect of 5,715,512 Advent shares. Of these, 5,698,346 Advent shares represented acceptances of the Offer by Phoenix Asset Management Partners Limited.

Brian Caudle, Chairman of Advent, said today: 

"We have been very clear in our communications with shareholders during the Offer process in focusing our energies for the future. We stand by our belief that we can deliver real long term shareholder value and that Advent's prospects are strong. We have enjoyed a good business relationship with our major shareholder for almost eight years and see no reason why this should not continue as we take Advent forward in what are interesting but challenging times."

ENDS 

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In view of the fact that Trevor Ambridge is an employee and officer of Fairfax, he is not considered independent for the purposes of the Offer and accordingly he has taken no part in the Advent Board's deliberations relating to the Offer nor the recommendation from the Advent Board in relation to the Offer.

The Directors of the Company (other than Trevor Ambridge) accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Directors of the Company (other than Trevor Ambridge), who have taken all reasonable care to ensure that such is the case, the information contained in this announcement for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.

Kinmont Limited, which is regulated in the United Kingdom by the Financial Services Authority, is acting as financial adviser to the Company in relation to the matters referred to in this announcement and no one else and will not be responsible to any other person for providing the protections afforded to clients of Kinmont Limited or for providing advice in relation to the matters referred to in this announcement.

Fox-Pitt, Kelton Limited, which is regulated in the United Kingdom by the Financial Services Authority, is acting as Nomad and Broker to the Company in relation to the matters referred to in this announcement and no one else and will not be responsible to any other person for providing the protections afforded to clients of Fox-Pitt, Kelton Limited or for providing advice in relation to the matters referred to in this announcement.