Stentor PLC - Statement re Possible Offer
20 Abril 2000 - 9:00AM
UK Regulatory
RNS Number:4424J
Stentor PLC
20 April 2000
STENTOR Plc (" Stentor" or the Company")
The directors of Stentor note the announcement made earlier
today by nevada tele.com Limited ("nevada") and confirm that
the Company remains in discussions with nevada which may, or
may not, lead to an offer being made for the entire issued and
to be issued share capital of Stentor with a total value of
#45.8 million (sterling) (which implies a price of
approximately 37 pence (sterling) per ordinary share and 481
pence (sterling) per convertible preferred ordinary share and
ignores warrants and options with exercise prices in excess of
37 pence (sterling) per share).
The Company has since been notified that Co-Operation
Retirement Benefit Fund (L) Limited ("CRBF"), the majority
shareholder of the Company, has today entered into an
irrevocable undertaking with nevada to accept an offer at this
level should one be made. The undertaking relates to all of
those shares and warrants currently beneficially owned by
CRBF, namely 1,697,500 ordinary shares and 7,260,121 warrants
(which, on the exercise of all the warrants which nevada
expects to be exercised if an offer is made, represent
approximately 39 per cent. of the issued ordinary share
capital), and 7,320,365 convertible preferred ordinary shares
(which represent approximately 94 per cent. of the issued
convertible preferred ordinary share capital).
The directors of Stentor have not yet received notification
that nevada has a firm intention to make an offer. Should
nevada notify the Company of a firm intention to make an offer
a further announcement will be made.
Enquiries:
Stentor PLC
Arthur Blake (00 353 1) 608 7300
John East & Partners Limited
Jeffrey Coburn 020 7628 2200
END
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