DEVC.L Regulatory News (DEVC)

22 Jan 2007 11:45

Elderstreet VCT PLC22 January 2007 Not for release, distribution or publication, in whole or in part, in or intothe United States, Canada, Australia or Japan 22 January 2007 Merger by way of recommended offer by Elderstreet VCT plc ("Elderstreet" or the "Company") for Elderstreet Millennium Venture Capital Trust plc ("Millennium") OFFER DECLARED UNCONDITIONAL IN ALL RESPECTS Elderstreet announces that, following Admission becoming effective earliertoday, the Offer is unconditional in all respects. Consideration payable under the Offer will be paid (in the manner set out in theOffer Document) by 5 February 2007 to those Millennium Shareholders in respectof whom valid acceptances have been received by today. Consideration in respectof valid acceptances of the Offer received after today will be paid to acceptingMillennium Shareholders within 14 days of such receipt. The Offer remains openuntil further notice. The Special Dividend described in the Offer Document will be paid on 5 February2007 to Millennium Shareholders on the Millennium register of members at theclose of business today (the record date). As a result of the Offer being declared unconditional in all respects,applications will be made to the UKLA for the cancellation of the listing ofMillennium Shares on the Official List and to the London Stock Exchange for thecancellation of trading of Millennium Shares on its market for listedsecurities. It is expected that such cancellations will take effect from 30April 2007. Enquiries: Smith & WilliamsonTel: 020 7131 4000Dr A BasirovDavid Jones Terms used in this announcement shall have the same meaning as those in theoffer document and prospectus equivalent published by Elderstreet VCT plc on 1December 2006. This announcement does not constitute an offer or an invitation to purchase orsubscribe for any securities. The Offer is being made solely by the OfferDocument and the Form of Acceptance, which contain the full terms and conditionsof the Offer, including details of how the Offer may be accepted. Smith & Williamson Corporate Finance Limited, which is authorised and regulatedin the United Kingdom by the Financial Services Authority, is acting exclusivelyfor Elderstreet VCT plc and no one else in connection with the Offer and willnot be responsible to anyone other than Elderstreet VCT plc for providing theprotections afforded to customers of Smith & Williamson Corporate FinanceLimited nor for providing advice in relation to the Offer or any other matterreferred to herein. The Offer is not being made, directly or indirectly, in or into the UnitedStates, Canada, Australia or Japan and the Offer Document and the Form ofAcceptance are not being, and should not be, mailed or otherwise distributed orsent in or into the United States, Canada, Australia or Japan or any otherjurisdiction if, in the latter case, to do so would constitute a violation ofthe relevant laws in such jurisdiction. The New Elderstreet Shares have not been, and will not be, registered under theUnited States Securities Act of 1933 (as amended) or under any relevantsecurities laws of any state or jurisdiction of the United States, Canada,Australia or Japan and no regulatory clearances in respect of the NewElderstreet Shares have been, or will be, applied for in any jurisdiction.Accordingly, unless an exemption under the United States Securities Act of 1933(as amended) or other relevant securities laws is applicable, the NewElderstreet Shares will not be, and may not be, offered, sold, resold, deliveredor distributed, directly or indirectly, in or into the United States, Canada,Australia or Japan or to, or for the account or benefit of, any United Statesperson or person resident in Canada, Australia or Japan. This information is provided by RNS The company news service from the London Stock Exchange