Pebble Beach Regulatory News (PEB)

9 Feb 2005 08:32

Vislink PLC09 February 2005 9 February 2005 Vislink Plc ("Vislink" or the "Company") Result of Placing and Open Offer On 14 January 2005, Vislink announced the proposed acquisition of Link ResearchLimited and a proposed Placing and Open Offer of 20,414,569 New Ordinary Sharesat 22.75 pence per share on the basis of 1 Open Offer Share for every 5 ExistingOrdinary Shares. The Company announces that valid acceptances have been received in respect of45,244,635 Open Offer Shares representing a total of approximately 222 per cent.of those available under the Open Offer. Of the 45,244,635 Open Offer Shares,15,080,996 were applied for by Qualifying Shareholders under their Open OfferEntitlement. Those Qualifying Shareholders who applied for in excess of theirOpen Offer Entitlement will be scaled back and allocations will be made pro-ratato the number excess Open Offer Shares applied for. 19,496,569 of the Open OfferShares were placed with institutional and other investors, subject to recall tosatisfy valid applications under the Open Offer. Following the number of validacceptances received from Qualifying Shareholders under the Open Offer, no OpenOffer Shares will be subscribed for by placees procured by Investec. Aggregate acceptances in respect of 918,000 Open Offer Shares have been receivedfrom Robert Morton, Ian Scott-Gall, James Trumper, Timothy Trotter and AnthonyFinizio, all directors of the Company, in accordance with their irrevocableundertakings to take up their entitlement. The Placing and Open Offer remains conditional, inter alia, upon the resolutionsto be put to the extraordinary general meeting due to be held at 11.00 am todaybeing passed and admission of the New Ordinary Shares to listing on the OfficialList of the UK Listing Authority and to trading on the London Stock Exchange'sand the Irish Stock Exchange's respective market for listed securities. It isexpected that Admission will become effective and that dealings in the NewOrdinary Shares will commence at 8.00 am on 11 February 2005. Vislink expects to announce later today the result of the extraordinary generalmeeting due to be held at 11.00 am today. Terms defined in the prospectus dated 14 January 2005 have the same meaning inthis announcement, save where the context otherwise requires. EnquiriesVislink plc Tel: 01488 685500Ian Scott-Gall, Chief ExecutiveJames Trumper, Finance Director Investec Investment Banking Tel: 020 7597 5970Patrick Robb, Director of Corporate BrokingMichael Ansell Investec Investment Banking, a division of Investec Bank (UK) Limited, which isauthorised and regulated by the Financial Services Authority and is a member ofthe London Stock Exchange, is acting exclusively for Vislink in connection withthe Proposals and is not acting for any person other than Vislink and will notbe responsible to any person other than Vislink for providing the protectionsafforded to its customers or for providing advice on the transactions andarrangements proposed in this announcement. Davy, which is regulated in Ireland by the Irish Financial Services RegulatoryAuthority is acting exclusively for Vislink in connection with the Proposals andis not acting for any person other than Vislink and will not be responsible toany person other than Vislink for providing the protections afforded to itscustomers or for providing advice on the transactions and arrangements proposedin this announcement. END This information is provided by RNS The company news service from the London Stock Exchange