News
28/03/2007
2e2 offer for Compel Group plc declared wholly unconditional
Acquisition of Compel creates £250m organisation
2e2 Limited (“2e2” or “The Company”)
2e2’s offer for Compel declared wholly unconditional
On 6 March 2007, 2e2, a leading provider of mission critical IT services and solutions announced the terms of a recommended cash offer to acquire the entire issued share capital of Compel. 2e2 is pleased to announce that all the conditions of the Offer have now been satisfied or waived and the Offer is today declared unconditional in all respects.
2e2 announces that, as at 1.00 p.m. on 27 March 2007, valid acceptances of the Offer had been received in respect of a total of 30,600,461 Compel Shares, representing approximately 90.1 per cent. of Compel’s issued share capital. None of these acceptances were received from persons acting in concert with 2e2. Each of these acceptances may be counted by 2e2 towards the satisfaction of the acceptance condition of the Offer.
Terry Burt, CEO of 2e2 commented: “We are delighted to announce that the acquisition of Compel has been made wholly unconditional. Our combined expertise and knowledge creates an enlarged group which enables us to provide an enhanced product offering to our customers as well as broadening our reach. The acquisition will allow further growth for 2e2 and we are looking forward to working with the Compel team to achieve this.”
The Offer will remain open for acceptance until 1.00pm on 10 April 2007. Any further extensions of the Offer will be publicly announced by 8.00am on the business day following that day, or at such later time or date as the Panel may agree.
As 2e2 has attained in excess of 90 percent of the voting rights attaching to Compel Shares, 2e2 is taking steps to procure the application by Compel for the cancellation of the listing of Compel Shares on AIM and the cancellation of trading in Compel Shares on AIM. It is anticipated that cancellation of listing and trading will take effect on 30 April 2007. Such de-listing would significantly reduce the liquidity and marketability of any Compel Shares that are not acquired by 2e2. It is 2e2’s intention that, after such cancellation, Compel will be re-registered as a private company under the relevant provisions of the Companies Act.
Enquiries:
2e2 +44 (0) 1635 568000
Terry Burt
Nick Grossman
Altium (financial adviser to 2e2) +44 (0) 20 7484 4040
Stephen Georgiadis
Nick Tulloch
ICIS (PR advisers to 2e2) +44 (0) 20 7628 1114
Tom Moriarty
Laura Cocker
This announcement is not intended to, and does not constitute or form any part of, an offer or an invitation to purchase any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Offer or otherwise. The Offer has been made solely through the Offer Document and the Form of Acceptance, which together contain the full terms and conditions of the Offer, including details of how to accept the Offer. Any acceptance or other response to the Offer should be made only on the basis of the information contained in the Offer Document and the Form of Acceptance. The laws of relevant jurisdictions may affect the availability of the Offer to persons not resident in the United Kingdom Persons who are not resident in the United Kingdom should inform themselves of, and observe, any applicable requirements.
Altium is acting for 2e2 and for no one else in connection with the Offer and will not be responsible to anyone other than 2e2 for providing the protections afforded to clients of Altium nor for providing advice in relation to the Offer or any matter referred to in this announcement. Altium is authorised and regulated in the by the FSA.
