CIU.L Regulatory News (CIU)

25 Oct 2007 09:06

Cape PLC25 October 2007 Cape PLC ('Cape' or the 'Company') CAPE PLC RECOMMENDED ALL-CASH OFFER FOR CONCEPT HIRE LIMITED - OFFER UPDATE 25 October 2007 Following the announcement on 16 October 2007 that Cape's recommended offer forConcept Hire Limited ('Concept Hire') (the 'Offer') had become unconditional inall respects, Cape is pleased to announce that its subsidiary, Cape AustraliaInvestments Pty Limited, has a relevant interest in 90.18% of the shares inConcept Hire. Cape has also acquired more than 75% (by number) of the securities that itoffered to acquire under its off-market takeover bid for Concept Hire. The Offer Period under the Offer will not be extended and will end at 7pmMelbourne time today. Cape will proceed with the compulsory acquisition of those shares in ConceptHire, that have not been accepted into the Offer before the end of the OfferPeriod, as soon as possible following the end of the Offer Period. PricewaterhouseCoopers Corporate Finance and DLA Phillips Fox are advising Capeon this transaction. For further information, please contact: Cape PLCMartin May, Chief Executive +44 (0)1924 876 276 PricewaterhouseCoopers Corporate FinanceMark Thexton +61 (3) 8603 4272 /+61 (0) 407 627 500 Bell Pottinger Corporate FinancialNick Lambert / Victoria Geoghegan +44 (0)20 7861 3232 /+44 (0)7811 358 764 Third PersonAdrian Bradley +61 (0) 2 8298 6100 / +61 (0) 400 499 782 Collins Stewart Europe LimitedChris Wells/ Mark Connelly/Stewart Wallace +44 (0) 207 523 8350 Notes to editors Cape PLC • Cape PLC is the parent company of a number of service providing organizations operating primarily in the oil and gas, petrochemical and power generation industries • In the year to 31 December 2006, Cape reported turnover of £295.5 million • Cape currently employs c. 10,000 people in 23 countries worldwide • Cape specialises in the provision of scaffolding, insulation, fire protection, specialist cleaning and other essential services to major industrial clients in the energy sector • Cape's ability to provide specialist cleaning services was enhanced by the acquisition of DBI Group Limited in October 2006 • On 23 April 2007, Cape's shareholders approved the placing of 26,923,077 ordinary shares at £2.60 per share to raise £70 million (before expenses) • On 6 June 2007, Cape acquired Total Rope Access International Limited • On 22 June 2007, Cape acquired Endecon Limited • On 31 August 2007 Cape acquired the Total Corrosion Control group of companies based in Australia • On 12 September 2007, Cape announced a recommended offer for Concept Hire Limited, a company listed on the Australian Stock Exchange which was declared unconditional on 16 October 2007 • On 16 October 2007, Cape announced a revised recommended offer for PCH Group Limited Concept Hire Concept Hire, which is listed on the Australian Securities Exchange, commencedoperations in 1985 and is a leading supplier of scaffold equipment andassociated services to the residential and commercial construction, civilengineering, mining and petrochemical industries. It is headquartered inVictoria, and has state offices in Queensland and Western Australia. Concept Hire generated profit before income tax of approximately A$8.3 million(£3.4 million) in the financial year ended 30 June 2007 on revenues of A$76.9million (£31.2 million), and had gross assets of A$90.3 million (£36.6 million)as at 30 June 2007. This information is provided by RNS The company news service from the London Stock Exchange