INS.L Regulatory News (INS)

9 Jul 2007 12:10

Babcock International Group PLC09 July 2007 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO ORFROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THERELEVANT LAWS OF SUCH JURISDICTION FOR IMMEDIATE RELEASEPRESS ANNOUNCEMENT 9 July 2007 BABCOCK INTERNATIONAL GROUP PLC ("BABCOCK") FINAL CASH OFFER FOR INTERNATIONALNUCLEAR SOLUTIONS PLC ("INS") FINAL CASH OFFER UNCONDITIONAL IN ALL RESPECTS On 19 June 2007, Babcock announced that it had acquired or had an option toacquire 43.3 per cent. of the existing issued share capital of INS and launcheda final recommended mandatory cash offer for INS of 63 pence per share (the"Final Cash Offer"). In addition, at that time Babcock indicated that it hadreceived irrevocable commitments to accept the Final Cash Offer from thedirectors of INS in respect of a further 0.4 per cent. of the existing issuedshare capital of INS. Level of acceptances and ownership As at 11.00 a.m. (London time) on 9 July 2007 Babcock has acquired or hasreceived valid acceptances in respect of a total of 31,745,759 INS Shares,representing approximately 50.9 per cent. of the existing issued share capitalof INS. As a result, the Final Cash Offer has become unconditional in all respects. Of this total: - Babcock owns 27,954,131 INS Shares, representing approximately 44.8 per cent.of the existing issued share capital of INS; and - Babcock has received valid acceptances for 3,791,628 INS Shares representingapproximately 6.1 per cent. of the existing issued share capital of INS(including acceptances pursuant to irrevocable undertakings to accept the FinalCash Offer in respect of a total of 253,904 INS Shares, representingapproximately 0.4 per cent. of the existing issued share capital of INS). Extension of the Final Cash Offer The Board of Babcock announces that the Final Cash Offer has been extended andwill remain open for acceptance for a further 15 days, until 3.00 p.m. on 24July 2007. Procedure for acceptance INS Shareholders who have not yet accepted the Final Cash Offer are urged to doso as soon as possible and in any event no later than 3.00 p.m. on 24 July 2007.The procedure for acceptance is set out in paragraph 18 of Part 2 of the OfferDocument. Forms of Acceptance not yet returned should be completed and returned inaccordance with the instructions set out in the Offer Document and in the Formof Acceptance so as to be received as soon as possible and in any event no laterthan 3.00 p.m. on 24 July 2007. If INS Shares are held in CREST acceptance should be made electronically so thatthe TTE instruction settles as soon as possible and in any event no later than3.00 p.m. on 24 July 2007. Terms defined in the Offer Document dated 19 June 2007 shall have the samemeaning in this announcement. Enquiries: Babcock Telephone: +44 (0) 20 7291 5000Gordon CampbellPeter RogersBill Tame Hawkpoint (financial adviser to Babcock) Telephone: +44 (0) 20 7665 4500Paul Baines JPMorgan Cazenove (broker to Babcock) Telephone: +44 (0) 20 7588 2828Dermot McKechnie Financial Dynamics (Babcock PR enquiries) Telephone: +44 (0) 20 7269 7121Susanne Walker The release, publication or distribution of this announcement to persons who arenot resident in the United Kingdom may be affected by the laws of the relevantjurisdictions in which they are located. Persons who are not resident in theUnited Kingdom should inform themselves of, and observe, any applicablerequirements. Any failure to comply with such applicable requirements mayconstitute a violation of the securities laws of any such jurisdictions. Hawkpoint, which is authorised and regulated in the United Kingdom by theFinancial Services Authority, is acting exclusively for Babcock and no one elsein connection with the Final Cash Offer and will not be responsible to anyoneother than Babcock for providing the protections afforded to clients ofHawkpoint nor for providing advice in relation to the Final Cash Offer, thecontent of this announcement or any matter referred to herein. JPMorgan Cazenove, which is authorised and regulated in the United Kingdom bythe Financial Services Authority, is acting exclusively for Babcock and no oneelse in connection with the Final Cash Offer and will not be responsible toanyone other than Babcock for providing the protections afforded to clients ofJPMorgan Cazenove nor for providing advice in relation to the Final Cash Offer,the content of this announcement or any matter referred to herein. This information is provided by RNS The company news service from the London Stock Exchange