Offer Update

21 Oct 2005 17:14

Quadnetics Group PLC21 October 2005 Quadnetics Group PLC 21 October 2005 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THEUNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND, SOUTH AFRICA OR JAPAN RECOMMENDED OFFER FOR PROTEC PLC Offer Unconditional as to Acceptances On 19 October 2005, the Quadnetics Board announced it had lowered the validacceptance condition from 75 per cent. to 50 per cent. of the Protec Shares towhich the Offer relates. As at 1.00pm on 21 October 2005, valid acceptances had been received in respectof 89,122,159 Protec Shares (representing approximately 55.52 per cent. ofProtec's issued share capital). Accordingly, the Board of Quadnetics announcesthat the Offer made by Brewin Dolphin Securities Ltd. on behalf of QuadneticsGroup Plc has been declared unconditional as to acceptances. Prior to the posting of the Offer Document, Quadnetics had received irrevocableundertakings from the Protec Directors and certain other Protec Shareholders toaccept the Offer in respect of, in aggregate, 99,758,979 Protec Sharesrepresenting 62.15 per cent. of the existing issued Protec Shares. Of theseirrevocable undertakings the Board has received valid acceptances from, inaggregate, 55,765,275 Protec Shares, representing 34.74 per cent. of the existing issued Protec Shares. Quadnetics announces that it is extending the Offer and that the next closingdate of the Offer will be 1.00pm on 4 November 2005. Terms defined in the Offer Document dated 30 September 2005 shall, unless thecontext requires otherwise, have the same meanings in this announcement. Enquiries Quadnetics 01527 850080Russ Singleton, Chief ExecutiveNigel Poultney, Finance Director Brewin Dolphin Securities Ltd 0113 241 0130(Financial Adviser and Corporate Broker to Quadnetics)Neil BaldwinKeith Williams Protec 01923 211550Bill Moir, Chief Executive Teather & Greenwood 0207 246 9000(Financial Adviser and Corporate Broker to Protec)Jeff KeatingRob Naylor Media Enquiries Abchurch Communications 0207 398 7700Chris MundenAriane Comstive This information is provided by RNS The company news service from the London Stock Exchange