Last checked at 19 Dec 2008 14:53
For immediate release
Not for release, publication or distribution, in whole or in part, in or into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction
19 December 2008
Recommended Cash Offer
by
Black Sea Global Properties Limited ("BSGP")
for
Fabian Romania Limited ("Fabian Romania")
Purchase of Fabian Romania Shares and Rule 9 offer
Further to the announcement (the "Offer Announcement") made earlier today of the recommended cash Offer by BSGP for Fabian Romania, BSGP announces that it has today agreed to acquire 5,081,482 Fabian Romania Shares, representing approximately 10.0 per cent. of the existing issued ordinary share capital of Fabian Romania at 1.00 Euro per share.
As a result, BSGP is now interested in 17,877,536 Fabian Romania Shares, representing approximately 35.2 per cent. of the existing issued share capital of Fabian Romania.
As BSGP is now interested in Fabian Romania Shares carrying in excess of 30 per cent of the voting rights exercisable at general meetings of Fabian Romania, BSGP announces that the Offer is now being made as a mandatory cash offer in compliance with Rule 9 of the Code.
As stated in the Offer Announcement, the Offer will be conditional only on valid acceptances being received in respect of Fabian Romania Shares which, together with the Fabian Romania Shares acquired or agreed to be acquired by BSGP or any party acting in concert (as defined in the Code) with BSGP before or during the Offer, will result in BSGP and any party acting in concert with it holding Fabian Romania Shares carrying in aggregate more than 50 per cent. of the voting rights exercisable at general meetings of Fabian Romania. Full details of the condition and the principal terms to which the Offer will be subject are set out in Appendix I to the Offer Announcement.
Certain terms used in this announcement are defined in the Offer Announcement.
For further information contact:
BSGP
Obie Moore Telephone: +41 787 390 238
PricewaterhouseCoopers LLP - Financial adviser to BSGP
Simon Boadle Telephone: +44 (0) 20 7583 5000
Jon Raggett
BGR Gabara - Public relations adviser to BSGP
Ivo Ilic Gabara Telephone: +44 (0) 20 3178 8055
Financial Dynamics - Public relations adviser to BSGP in the UK
Jonathon Brill Telephone: +44 (0) 20 7831 3113
Richard Sunderland
Ed Westropp
Fabian Romania
Fabian Capital Limited - Investment Manager to Fabian Romania
Mark Holdsworth Telephone: +44 (0) 20 7499 9988
Lazard & Co., Limited - Financial Adviser to Fabian Romania
Patrick Long Telephone: +44 (0) 20 7187 2000
Deloitte Corporate Finance - Nominated Adviser to Fabian Romania
Jonathan Hinton Telephone: +44 (0) 20 7936 3000
Shore Capital Stockbrokers Limited - Joint Broker to Fabian Romania
Dru Danford Telephone: +44 (0) 20 7408 4090
Monument PR - Public relations adviser to Fabian Romania
Toby Moore Telephone: +44 (0) 20 7953 3800
This announcement is not intended to and does not constitute, or form part of, any offer to sell or invitation to purchase or subscribe for any securities or the solicitation of an offer to purchase or subscribe for any securities pursuant to the Offer or otherwise. The Offer will be made solely on the basis of the Offer Document and, in the case of Fabian Romania Shares held in certificated form, the Form of Acceptance, which will together contain the full details, terms and conditions of the Offer. Any response to the Offer should be made only on the basis of the information in the Offer Document and, in the case of Fabian Romania Shares held in certificated form, the Form of Acceptance. Those Fabian Romania Shareholders receiving the Offer Document are strongly advised to read it in full, as it will contain important information.
PricewaterhouseCoopers LLP, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively as financial adviser to BSGP and no one else in connection with the Offer and will not be responsible to anyone other than BSGP for providing the protections afforded to clients of PricewaterhouseCoopers LLP or for providing advice in relation to the Offer or any other matters referred to in this announcement.
Lazard & Co., Limited is acting for Fabian Romania in connection with the Offer and no-one else and will not be responsible to anyone other than Fabian Romania for providing the protections afforded to clients of Lazard & Co., Limited or for providing advice in relation to the Offer.
Deloitte Corporate Finance is acting as Nominated Adviser and Co-Promoter to Fabian Romania and no one else in connection with the Offer and will not regard any other person as its client or be responsible to anyone other than Fabian Romania for providing the protections afforded to clients of Deloitte Corporate Finance. Deloitte Corporate Finance's responsibilities as Fabian Romania's Nominated Adviser under the AIM Rules are owed solely to London Stock Exchange plc and are not owed to Fabian Romania or to any Director or to any other person. Deloitte Corporate Finance is a division of Deloitte LLP, which is authorised and regulated by the Financial Services Authority in respect of regulated activities.
Shore Capital Stockbrokers Limited is acting for Fabian Romania in connection with the Offer and no-one else and will not be responsible to anyone other than Fabian Romania for providing the protections afforded to clients of Shore Capital Stockbrokers Limited or for providing advice in relation to the Offer.
Unless otherwise determined by BSGP and permitted by applicable law and regulation, the Offer will not be made, directly or indirectly, in, into or from, or by use of the mails of, or by any means or instrumentally (including, without limitation, facsimile transmission, telex, telephone or email) of interstate or foreign commerce of, or by any facility of a national securities exchange of, any jurisdiction if to do so would constitute a violation of the relevant laws of such jurisdiction. Accordingly, copies of this announcement and any documents relating to the Offer are not being and must not be, directly or indirectly, mailed, transmitted or otherwise forwarded, distributed or sent, in whole or in part, in, into or from any jurisdiction if to do so would constitute a violation of the relevant laws of such jurisdiction and persons receiving such documents (including, without limitation, custodians, nominees and trustees) must not directly or indirectly mail, transmit or otherwise forward, distribute or send them in, into or from any such jurisdiction. Doing so may render invalid any purported acceptance of the Offer.