Offer Update

21 Sep 2007 17:19

Irish Continental Group PLC21 September 2007 ANNOUNCEMENT 21 September 2007 Irish Continental Group plc ("ICG" or the "Company") Offer Update Announcement The Independent Directors of ICG have noted the announcements today byMoonduster Limited ("Moonduster") that, on 20 and 21 September 2007, One51Capital acquired, through contracts for difference, the voting rights over427,392 ICG Units, representing approximately 1.8 per cent. of the issued sharecapital of ICG, at prices between €25.00 and €25.20 per ICG Unit and thataccordingly the cash consideration payable pursuant to the Moonduster Scheme toacquire the Company has increased to €25.20 per ICG Unit. On 10 September the Company announced that the document in relation to therecommended revised acquisition for cash of the entire issued and to be issuedshare capital of ICG by Aella plc ("Aella") for cash consideration of €24.00 perICG Unit (the "Revised Scheme Document" and the "Revised Aella Scheme") wasposted to ICG shareholders. The Revised Scheme Document included notices toreconvene two court meetings and an extraordinary general meeting to approve theRevised Aella Scheme. The reconvened meetings will take place at The ClarionHotel Dublin IFSC, International Financial Services Centre, Dublin 1 on 26September 2007 with the first reconvened meeting commencing at 2.30pm.Notwithstanding today's announcements by Moonduster, the meetings to considerthe Revised Aella Scheme will still take place as set out in the notices in theRevised Scheme Document and as summarised above. The Independent Directorscontinue to recommend the Revised Aella Scheme. Enquiries Irish Continental Group plc Telephone +353 1 855 2222Independent DirectorsJohn B McGuckian NCB Corporate Finance Telephone +353 1 611 5611Liam BoothJonathan SimmonsShane Lawlor Drury Communications Telephone +353 1 260 5000Billy MurphyPaddy Hughes The Independent Directors of Irish Continental Group plc accept responsibilityfor the information contained in this announcement. To the best of theirknowledge and belief (having taken all reasonable care to ensure that such isthe case), the information contained in this announcement for which they takeresponsibility is in accordance with the facts and does not omit anything likelyto affect the import of such information. NCB Corporate Finance Limited, which is authorised in Ireland by the FinancialRegulator under the Investment Intermediaries Act 1995, is acting exclusivelyfor Irish Continental Group plc and no one else in connection with theacquisition and will not be responsible to anyone other than Irish ContinentalGroup plc for providing the protections afforded to clients of NCB CorporateFinance Limited nor for providing advice in relation to the acquisition. This information is provided by RNS The company news service from the London Stock Exchange