Cornish Metals Regulatory News (TIN)

22 Dec 2005 08:47

Tinopolis PLC22 December 2005 Tinopolis PLC22 December 2005 Not for release, publication or distribution in whole or in part in or into theUnited States, Canada, Australia, or Japan. Offer by Winghaven Partners Ltd on behalf of Tinopolis Plc ('Tinopolis') for The Television Corporation Plc ('TV Corp') Update on Acceptances As at 1.00pm on 21 December 2005, valid acceptances had been received in respectof 16,384,659 TV Corp Shares representing approximately 39.32 per cent. of TVCorp's issued share capital. Prior to the posting of the Offer Document, Tinopolis had received irrevocableundertakings from certain TV Corp Shareholders to accept the Offer in respectof, in aggregate, 12,457,869 TV Corp Shares representing 29.90 per cent. of theexisting issued TV Corp Shares. Of these irrevocable undertakings the Board hasreceived valid acceptances in respect of, in aggregate, 7,455,691 TV CorpShares, representing 17.89 per cent of the issued share capital of TV Corp. Tinopolis has also received signed forms of acceptance from the remaining TVCorp Shareholders who gave irrevocable undertakings totalling 5,002,178 TV CorpShares representing 12.01 per cent. of the issued share capital of TV Corp, andexpects to receive the documents of title related to these shares shortly. Prior to the posting of the Offer Document, Tinopolis had received letters ofintent to accept or procure acceptance of the offer from certain TV CorpShareholders in respect of, in aggregate, 8,757,230 TV Corp Shares representing21.02 per cent. of the issued share capital of TV Corp. Of these letters ofintent the Board has received valid acceptances in respect of, in aggregate,8,734,117 TV Corp Shares, representing 20.96 per cent of the existing issued TVCorp Shares. The Tinopolis Board announces that it is lowering its valid acceptance conditionfrom 90 per cent. to 50 per cent. of the TV Corp Shares to which the Offerrelates. Accordingly, upon receipt of the documents of title referred to above,Tinopolis expects to be able to declare the Offer unconditional as toacceptances. A further announcement will be made on or before 29 December 2005, being thefirst closing date of the Offer. Terms defined in the Offer Document dated 8 December 2005 shall, unless thecontext requires otherwise, have the same meanings in this announcement. Enquiries: Tinopolis 01554 880 880Ron Jones, Executive ChairmanArwel Rees, Managing Director Winghaven Partners Ltd 020 7201 8899(Financial Adviser to Tinopolis)Will IselinRob Edgell Panmure Gordon (Broking) Ltd 020 7459 3600(Nominated Adviser and Broker to Tinopolis)Grant HarrisonAubrey Powell Media Enquiries: Mantra PR 020 7907 7800Nick BishopLawrence Dore This information is provided by RNS The company news service from the London Stock Exchange