Restore Regulatory News (RST)

30 Aug 2006 14:13

Eurotech S.p.A30 August 2006 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO ORFROM AUSTRALIA, CANADA OR JAPAN PRESS ANNOUNCEMENT FOR IMMEDIATE RELEASE 30 August 2006 360 PENCE CASH OFFER (THE "CASH OFFER") FOR RADSTONE TECHNOLOGY PLC ("RADSTONE") BY E-TECH UK LIMITED ("E-TECH") (A WHOLLY OWNED SUBSIDIARY OF EUROTECH S.p.A.("EUROTECH")) SHARE PURCHASES AND FURTHER INDICATION OF SUPPORT Earlier today, the Board of Eurotech announced the terms of a cash offer toacquire the entire issued and to be issued share capital of Radstone. Under theterms of the Cash Offer, Radstone Shareholders will receive, for each RadstoneShare held, 360 pence in cash. Eurotech is pleased to announce that it has today purchased, from a number ofRadstone Shareholders, in aggregate 4,820,000 Radstone Shares, representingapproximately 15.9 per cent. of Radstone's entire issued share capital. In addition, Eurotech has received earlier today a letter of intent to acceptthe Cash Offer from INVESCO Asset Management Limited ("INVESCO") in respect of atotal of 849,578 Radstone Shares representing, in aggregate, approximately 2.8per cent. of Radstone's entire issued share capital. INVESCO, in its capacity asa discretionary fund manager, has confirmed that it is its current intention toaccept, or procure acceptance of, the Cash Offer in respect of these shares. As a result of today's purchases of Radstone Shares and the further indicationof support received (as detailed above), Eurotech (and persons acting in concertwith it) owns, has received irrevocable undertakings or a letter of intent inrespect of, in aggregate, 9,644,508 Radstone Shares representing approximately31.8 per cent. of Radstone's entire issued share capital. Roberto Siagri, President of Eurotech, said:"We are very pleased with the strong level of support from Radstone Shareholdersfor our cash offer of 360 pence. This reinforces our view that Eurotech's cashoffer represents a very fair and attractive proposal for Radstone Shareholders." Terms used in this announcement shall have the meaning given to them in theoffer announcement dated 30 August 2006. Enquiries: Eurotech/E-tech Tel: +44 (0)20 7861 3232Roberto SiagriMassimo Mauri Hawkpoint Tel: +44 (0)20 7665 4500(financial adviser to Eurotech and E-tech)Paul BainesGraham PatonEdward Arkus Panmure Gordon Tel: +44 (0)20 7459 3600(broker to Eurotech and E-tech)Dominic Morley Bell Pottinger Tel: +44 (0)20 7861 3232(PR adviser to Eurotech and E-tech)Stephen BenzikieOlly Scott Hawkpoint, which is authorised and regulated in the United Kingdom by theFinancial Services Authority, is acting exclusively for Eurotech and E-tech andno one else in connection with the Cash Offer and will not be responsible toanyone other than Eurotech or E-tech for providing the protections afforded toits customers or for providing advice in relation to the Cash Offer or inrelation to the contents of this announcement or any transaction or arrangementreferred to herein. Panmure Gordon, which is authorised and regulated in the United Kingdom by theFinancial Services Authority, is acting exclusively for Eurotech and E-tech andno one else in connection with the Cash Offer and will not be responsible toanyone other than Eurotech or E-tech for providing the protections afforded toits customers or for providing advice in relation to the Cash Offer or inrelation to the contents of this announcement or any transaction or arrangementreferred to herein. This announcement is not intended to and does not constitute, or form any partof, a Cash Offer or an invitation to purchase any securities or the solicitationof any vote or approval in any jurisdiction pursuant to the Cash Offer orotherwise. The Cash Offer will be made solely through the Offer Document and theForm of Acceptance, which will together contain the full terms and conditions ofthe Cash Offer, including details of how to accept the Cash Offer. Anyacceptance or other response to the Cash Offer should be made only on the basisof the information contained in the Offer Document and the Form of Acceptance.The laws of relevant jurisdictions may affect the availability of the Cash Offerto persons not resident in the United Kingdom. Persons who are not resident inthe United Kingdom, or who are subject to the laws of any jurisdiction otherthan the United Kingdom, should inform themselves about and observe anyapplicable legal and regulatory requirements. The Offer Document will beavailable for public inspection and will also be posted on Eurotech's website. This information is provided by RNS The company news service from the London Stock Exchange