CIU.L Regulatory News (CIU)

16 Oct 2007 16:42

Cape PLC16 October 2007 Cape PLC ('Cape' or the 'Company') CAPE PLC RECOMMENDED ALL-CASH OFFER FOR CONCEPT HIRE LIMITED - OFFERUNCONDITIONAL 16 October 2007 Following the announcement on 11 September 2007 of Cape's recommended offer forConcept Hire Limited ('Concept Hire') (the "Offer"), Cape is pleased to announcethat the Offer is now unconditional in all respects. An announcement to theAustralian Stock Exchange ("ASX") was made today, stating that all theoutstanding conditions to the Offer have either been satisfied or waived,including the minimum acceptance condition. The Offer was made by Cape through its wholly-owned Australian subsidiary CapeAustralia Investments Pty Limited ('Cape Australia') at a price of A$2.78 pershare. The Offer values Concept Hire at approximately A$128.7 million (£52.4million), including debt of A$24.8 million, and is being funded from Cape'sbanking facilities. As announced to ASX today, the voting powers that Cape Australia has overConcept Hire shares as at the date of the announcement, amounted to 55.46 percent. As set out in the Company's Bidders Statement for Concept Hire, the Offer isexpected to close, unless extended, on 25 October 2007. Cape urges shareholdersin Concept Hire to accept the Offer prior to this date. Cape will provide a further update on the Offer in due course. 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 500Bell Pottinger Corporate FinancialNick Lambert / Victoria Geoghegan +44 (0)20 7861 3232 / +44 (0)7811 358 764Third PersonAdrian Bradley +61 (0) 2 8298 6100 / +61 (0) 400 499 782Collins Stewart Europe LimitedChris Wells/ Mark Connelly/Stewart Wallace +44 (0)20 7523 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 11 September 2007, Cape announced a recommended offer for Concept Hire• On 13 September 2007, Cape announced an 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