Fih Group Regulatory News (FIH)

7 Jan 2005 07:01

Falkland Islands Holdings PLC07 January 2005 Falkland Islands Holdings plc Recommended Offer for The Portsmouth Harbour Ferry Company PLC Full Cash and Part Cash Alternatives closed For immediate release 7 January 2005 The Offer by Dawnay, Day Corporate Finance Limited on behalf of Falkland IslandsHoldings plc ("FIH") for the whole of the issued share capital of The PortsmouthHarbour Ferry Company PLC ("PHFC") provided three alternative forms ofconsideration: •The Share Offer, which comprises 7 New FIH Shares for every PHFC Share, remains open for acceptance until further notice; •The Part Cash Alternative, which closed at 1pm yesterday; and •The Full Cash Alternative, which also closed at 1pm yesterday. Prior to the announcement of the Offer, FIH held 61,149 PHFC Shares (26.59% ofits issued share capital). Since the announcement of the Offer, FIH haspurchased 74,345 PHFC Shares (32.32% of its issued share capital). As at 1.00pm on 6 January 2005 valid acceptances of the Offer had been received(and not withdrawn) in respect of 76,905 PHFC Shares (33.43% of PHFC's issuedshare capital) as follows: Share Offer 29,717 (12.92%) Part Cash Alternative 8,748 (3.80%) Full Cash Alternative 38,440 (16.71%) FIH now holds 212,399 PHFC Shares representing 92.34% of its issued sharecapital. In addition to the above, valid acceptances and elections in respect of 2,293PHFC Shares were received prior to 1pm yesterday, which lacked certainsupporting documents (e.g. a power of attorney, grant of probate or sharecertificate). No New FIH Shares will be issued nor will any other considerationbe paid to such accepting PHFC Shareholders until the relevant supportingdocuments have been received. Application has been made to The London Stock Exchange for the admission of56,917 New FIH Shares, which are being issued to PHFC Shareholders who acceptedthe Share Offer, to trading on AIM and dealings are expected to commence in NewFIH Shares on 12 January 2005. Following the issue of the aforementioned sharesFIH has 8,333,861 shares in issue. As stated in the Offer Document, FIH intends to apply the provisions of Sections428-430F (inclusive) of the Companies Act 1985 ("the Act") to acquirecompulsorily any remaining PHFC Shares if FIH acquires 90 per cent. or more ofthe PHFC Shares to which the Offer relates. In those circumstances any remainingPHFC Shareholders will be offered the choice of consideration equivalent to theShare Offer, the Part Cash Alternative and the Full Cash Alternative as requiredby Section 430 of the Act. Enquiries Falkland Islands Holdings plc David Hudd, Chairman Tel: 07771 893 267 Dawnay, Day Corporate Finance Ltd David Floyd, Director Tel: 020 7509 4570 College Hill Associates Ltd Ben Brewerton Tel: 020 7457 2020 The issue of this announcement has been approved by the board of FIH. TheDirectors of FIH are the persons responsible for the information contained inthis announcement. To the best of their knowledge and belief (having taken allreasonable care to ensure that such is the case) the information for which theyare responsible contained in this announcement is in accordance with the factsand does not omit anything likely to affect the import of such information. Eachof the directors of FIH accepts responsibility accordingly. This announcement has been approved for the purposes of section 21 of theFinancial Services and Markets Act 2000 by Dawnay, Day Corporate Finance Limited("Dawnay Day"). Dawnay Day, which is regulated by the Financial ServicesAuthority, is acting for FIH and no one else and will not be responsible toanyone other than FIH for providing the protections afforded to customers ofDawnay Day or for providing advice in relation to the Offer. This announcement is not for distribution in the United States. This information is provided by RNS The company news service from the London Stock Exchange