DEVC.L Regulatory News (DEVC)

16 Mar 2007 11:48

Elderstreet VCT PLC16 March 2007 Elderstreet VCT plcOffer Update16 March 2007 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN FOR IMMEDIATE RELEASE Recommended offer by Elderstreet VCT plc for Elderstreet Millennium Venture Capital Trust plc Compulsory Acquisition of Outstanding Millennium Shares On 1 December 2006, Elderstreet VCT plc ("Elderstreet") made an offer for theentire issued and to be issued ordinary share capital of Elderstreet MillenniumVenture Capital Trust plc ("Millennium") (the "Offer"). Elderstreet announcesthat as at 3pm on 15 March 2007, it had received valid acceptances in respect ofor had otherwise unconditionally contracted to acquire 14,676,340 MillenniumShares (representing 90.92% in nominal value of the Millennium Shares to whichthe Offer relates and 90.92% of the voting rights carried by the MillenniumShares to which the Offer relates). Accordingly, Elderstreet is today issuing compulsory acquisition notices underThe Takeovers Directive (Interim Implementation) Regulations 2006 (the "Regulations") to Millennium Shareholders who have not yet accepted the Offer.The transfer of the compulsorily acquired Millennium Shares to Elderstreet isexpected to take place on or about 27 April 2007. The Offer remains open for acceptance until further notice. Enquiries: Elderstreet VCT plcGrant Whitehouse 020 7416 7780 Smith & Williamson Corporate Finance LimitedDavid Jones 020 7131 4000 The availability of the Offer to persons outside the United Kingdom may beaffected by the laws of other jurisdictions. Such persons should informthemselves and observe any applicable requirements of those jurisdictions. TheOffer is not being made directly or indirectly in, into or from the UnitedStates, Canada, Australia or Japan and will not be capable of acceptance fromwithin the United States, Canada, Australia or Japan except pursuant to anexemption from applicable securities laws. Accordingly, copies of thisannouncement and any offer documents are not being, and must not be, mailed orotherwise forwarded, distributed or sent in, into or from, the United States,Canada, Australia or Japan. The New Elderstreet Shares to be issued to persons who validly accept the Offerhave not been, and will not be, registered under the United States SecuritiesAct 1933 (as amended) or under the securities legislation of any state of theUnited States or the relevant securities laws of Canada, Australia or Japan.Accordingly, unless an exemption under relevant securities laws is applicable,the New Elderstreet Shares may not, directly or indirectly, be offered, sold,renounced, taken up or delivered in or into the United States, Canada, Australiaor Japan or to, or for the account or benefit of, any US Persons or a residentof Canada, Australia or Japan. Smith & Williamson Corporate Finance Limited, which is authorised and regulatedin the United Kingdom by The Financial Services Authority, is acting forElderstreet in connection with the Offer and the procedures under Schedule 2 tothe Regulations and no one else and will not be responsible to anyone other thanElderstreet for providing the protections afforded to customers of Smith &Williamson Corporate Finance Limited nor for providing advice in relation to theOffer or the procedures under Schedule 2 to the Regulations. This information is provided by RNS The company news service from the London Stock Exchange