Open Offer Result

2 Nov 2006 18:03

Stanelco PLC02 November 2006 NOT FOR DISTRIBUTION OR TRANSMISSION, DIRECTLY OR INDIRECTLY, IN OR INTO THEUNITED STATES OF AMERICA, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA ORJAPAN. OPEN OFFER RESULT 2 November 2006 Stanelco plc ("Stanelco" or the "Company") On 9 October 2006, Stanelco announced details of a proposed Firm Placing of1,375,000,000 New Ordinary Shares and Open Offer of 600,992,559 New OrdinaryShares at 0.8 pence per New Ordinary Share, of which 148,278,000 New OrdinaryShares were being placed subject to clawback to satisfy valid acceptances underthe Open Offer. The Open Offer has now closed in accordance with its terms. The Board ofStanelco announces that valid acceptances under the Open Offer have beenreceived from Qualifying Shareholders in respect of 461,869,833 Open OfferShares. This represents approximately 76.85 per cent. of the Open Offer Sharesoffered pursuant to the Open Offer. As a result of the acceptances received under the Open Offer, the balance of139,121,895 Open Offer Shares, representing 93.83 per cent. of the 148,278,000New Ordinary Shares placed subject to clawback, have been allocated to theinstitutional investors with whom they had been conditionally placed. The Firm Placing, Placing and Open Offer remain conditional upon the passing ofthe Resolutions at the Extraordinary General Meeting to be held at 11.00am on 6November 2006 and upon Admission. The final time and date for receipt of Forms of Proxy in relation to theExtraordinary General Meeting is 11.00 a.m. on 4 November 2006. Completion andreturn of a Form of Proxy will not preclude Shareholders from attending andvoting in person at the Extraordinary General Meeting. It is expected that Admission will occur no later than 8.00 a.m. on 7 November2006 or such later date as Teather & Greenwood Limited and Stanelco may agree. For further information please contact: Stanelco plcMartin Wagner, Chief ExecutiveSylvia Leavey, Investor RelationsTel: 44 (0) 2380 867 100 Press: Financial DynamicsJonathon Brill/Billy CleggTel: 44 (0) 20 7831 3113 This announcement is for information only and does not constitute an offer orinvitation to acquire or dispose of any securities or investment advice in anyjurisdiction. Past performance is no guide to future performance and persons needing adviceshould consult an independent financial advisor. The information contained in this announcement is not for release, publicationor distribution, directly or indirectly, to persons in the United States,Canada, Australia, Japan or the Republic of South Africa. This announcement isnot an offer of securities for sale into the United States. The New OrdinaryShares have not and will not be registered under the US Securities Act of 1933,as amended and may not be offered or sold directly or indirectly, in the UnitedStates absent registration or an exemption from registration. There will be nopublic offering of securities in the United States. The New Ordinary Shares havenot and will not be registered with any regulatory authority of any state withinthe United States. Teather & Greenwood Limited, which is authorised and regulated in the UnitedKingdom by the Financial Services Authority, is acting exclusively for theCompany as sponsor, financial adviser and stockbroker in relation to the Issueand no-one else in connection with the arrangements described in thisannouncement and will not be responsible to anyone other than the Company forproviding the protections afforded to customers of Teather & Greenwood or for advising any other person in connection with the arrangements described in thisannouncement. This announcement has been issued by Stanelco and is the sole responsibility ofStanelco. Defined terms used in this announcement are as used in the prospectus ofStanelco dated 12 October 2006, which may be inspected at the UKLA's documentviewing facility situated at the Financial Services Authority, 25 The NorthColonnade, Canary Wharf, London E14 5HS. This information is provided by RNS The company news service from the London Stock Exchange