17 Aug 2007 17:33
Date: 17 August 2007
On behalf of: Western Selection P.L.C. ("the Company")
Immediate ReleaseWESTERN SELECTION PLCOFFER OF WARRANT UNITS
The Directors of Western Selection PLC , an investment finance company, are pleased to announce that following receipt of applications from shareholders in excess of the number of Warrant Units comprised in the Offer dated 16th July 2007, they have decided to close the Offer of Warrant Units with effect from the close of business 17th August. The offer was for 2,565,044 Warrant Units and applications for approximately 2.9 million Warrant Units have been received from shareholders.
In accordance with the terms of the Offer, it is expected that entitlement applications received from shareholders by 10.00 a.m. on the 17th August will be allocated in full. Excess applications from shareholders will be subject to scaling back in accordance with the terms of the Offer, and the Directors inclination stated in the Offer to treat excess applications from small shareholders more favourably.
In addition to the oversubscription from shareholders for their entitlement and excess allocation, the Company also received applications from non-shareholders for 492,000 Warrant Units. In these circumstances there will be no allocation of Warrant Units to non-shareholders. The Directors would like to thank those non-shareholders for their interest and confirm that refund cheques will be sent to them without delay. Any applications received after the closing of this Offer will be returned.
Warrant Certificates are expected to be despatched on or before 31st August 2007 together with refund cheques where appropriate.
Application for trading on PLUS for the 2007 Warrants and the 2010 Warrants has been lodged, and the application is expected to receive a response from PLUS shortly. As a result of the early closure of the Offer, the admission of the warrants to trading on PLUS Market may take place earlier than envisaged in the Offer circular. A further announcement will be made in due course.
- Ends -ENQUIRIES TO:Western Selection P.L.C. David Marshall/Edward Beale 020 7448 8950 Redleaf Communications Emma Kane/Sanna Lehtinen 020 7822 0200 Ruegg & Co Limited Roxanne Marffy 0207584 3663 Loeb Aron & Co. Ltd. 0207628 1128 Peter Freeman
WESTERN SELECTION PLC