Offer Update

30 May 2007 17:41

Stornoway Limited30 May 2007 Stornoway has received irrevocable undertakings to vote in favour of theAcquisition, the Scheme and the resolutions to be proposed at the EGM (includingthe Rule 16 Resolution) in respect of the entire beneficial holdings of LordGrabiner, amounting in aggregate to 350,515 Calyx Shares, and Lord Wolfson,amounting in aggregate to 350,515 Calyx Shares, representing, in aggregate, 1.00per cent. of the existing issued share capital of Calyx. Both irrevocable undertakings will cease to be binding if Stornoway announcesthat it will not proceed to make the Acquisition, or the Scheme Document has notbeen posted by the twenty-eighth day after the announcement of a firm intentionto make the Acquisition made by Stornoway on 25 May 2007 (or such later date asStornoway and Calyx may agree, with the consent of the Panel), or the Schemedoes not become effective by 30 September 2007 (or such later date as Stornowayand Calyx may, with the consent of the Panel, agree and the High Court mayallow), or the Scheme fails to become effective or is withdrawn, or if a highercompeting offer for Calyx is announced which is at least 10 per cent. higherthan 101 pence per Calyx Share. As a consequence of receiving this irrevocable undertaking: • Stornoway has received irrevocable undertakings to vote, or procure a vote, in favour of the Scheme in respect of a total of 23,086,596 Calyx Shares representing, in aggregate, 100.00 per cent. of the existing issued share capital of Calyx entitled to vote at the Court Meeting for Stornoway Class Shareholders. • Stornoway has received irrevocable undertakings or letters of intent to vote, or procure a vote, in favour of the Scheme in respect of a total of 18,118,093 Calyx Shares representing, in aggregate, 39.01 per cent. of the existing issued share capital of Calyx entitled to vote at the Court Meeting for Calyx Shareholders other than Stornoway Class Shareholders. • Stornoway has received irrevocable undertakings or letters of intent to vote, or procure a vote, in favour of the resolutions to be proposed at the EGM (other than the Rule 16 Resolution) in respect of a total of 41,204,689 Calyx Shares representing, in aggregate, 59.26 per cent. of the existing issued share capital of Calyx entitled to vote on those resolutions. • Stornoway has received irrevocable undertakings or letters of intent to vote, or procure a vote, in favour of the Rule 16 Resolution at the EGM in respect of a total of 21,032,951 Calyx Shares representing, in aggregate, 42.62 per cent. of the existing issued share capital of Calyx held by the Independent Shareholders, who are the only Calyx Shareholders entitled to vote on the Rule 16 Resolution. For the purpose of this announcement, the existing issued share capital of Calyxis based upon the 69,526,914 Calyx Shares in issue as at 30 May 2007. Unless otherwise defined terms used in this announcement have the same meaningas in the announcement of a firm intention to make the Acquisition made byStornoway on 25 May 2007. This information is provided by RNS The company news service from the London Stock Exchange