Tender Offer
May 22 2003 - 9:26AM
UK Regulatory
RNS Number:4490L
Westside Acquisitions PLC
22 May 2003
Westside Acquisitions plc
("Westside" or "the Company")
On 21 May 2003 the High Court approved the cancellation of the Company's share
premium account, being the sum of #4,443,200, and a certificate was issued by
the Registrar of Companies on 22 May 2003 enabling the Tender Offers announced
on 18 March 2003 to be completed.
A total of 13,085,898 Westside Shares, representing approximately 11.84 per
cent. of the Company's current issued share capital, are today being purchased
on-market by Seymour Pierce Limited at 3p each and these shares will then be
purchased today on-market by the Company at the same price for cancellation. The
Company will also today purchase 1,731,000 Westside Warrants exercisable at 2.5p
per share until 7 December 2004 ("Westside Warrants") at 0.5p (being 3p less the
warrant exercise price of 2.5p) and these warrants will then be purchased today
on-market by the Company at the same price for cancellation. As indicated in the
announcement on 9 April 2003, all valid tenders were accepted in full.
Payment for shares and warrants tendered will be made by 29 May 2003 and new
share and warrant certificates, where required, will be dispatched by 29 May
2003.
The aggregate consideration payable to shareholders and warrantholders validly
accepting the Tender Offers is #401,231.94. After taking into account the
consideration payable and the costs incurred in relation to the Tender Offers
and the Offers for RTI announced on 18 March 2003, the Company had cash balances
of approximately #2,235,529 (based on the unaudited cash balances as at 22 May
2003).
As a result of the Tender Offers, the number of Westside Shares in issue will
reduce from 110,535,145 to 97,449,247 and the number of Westside Warrants in
issue will reduce from 8,762,128 to 7,031,128.
The Company also has authority to make further on-market purchases of up to
5,838,379 Westside Shares, equivalent to approximately 6 per cent. of the issued
ordinary share capital of the Company, as reduced by the Tender Offers. The
tables below summarise the effect of the Tender Offers, implemented today, on
the holdings of Directors and those shareholders having a disclosable interest.
Westside Shareholdings - Directors
Director Prior to the Tender Offers Following the Tender Offers
Number of % of the Number of % of the
Westside Shares issued share Westside Shares issued share
interested in capital interested in capital
Richard 11,230,681 10.16 11,230,682 11.52
Owen
Geoffrey 11,230,681 10.16 11,230,682 11.52
Simmonds
David 600,000 0.54 600,000 0.62
Meddings
John 3,427,272 3.10 3,427,272 3.52
Zucker
David 690,909 0.63 690,909 0.71
Coldbeck
Westside Warrantholdings (exercisable at 2.5p until 7 December 2004) - Directors
Director Prior to the Tender Offers Following the Tender Offers
Number of % of the Number of % of the
Westside issued Westside issued
Warrants Westside Warrants Westside
interested in Warrants interested in Warrants
Richard - - - -
Owen
Geoffrey - - - -
Simmonds
David 400,000 4.57 400,000 5.69
Meddings
John 2,000,000 22.83 2,000,000 28.44
Zucker
David 400,000 4.57 400,000 5.69
Coldbeck
Westside Warrantholdings (exercisable at 2.75p until 21 December 2005) -
Directors
Director Prior to the Tender Offers Following the Tender Offers
Number of New % of the Number of New % of the
Westside issued New Westside issued New
Warrants Westside Warrants Westside
interested in Warrants interested in Warrants
Richard 2,636,363 20.73 2,636,363 20.73
Owen
Geoffrey 2,636,363 20.73 2,636,363 20.73
Simmonds
David 47,272 0.37 47,272 0.37
Meddings
John 229,090 1.80 229,090 1.80
Zucker
David 70,000 0.55 70,000 0.55
Coldbeck
Westside Shareholdings - Shareholders with a disclosable interest
Name Prior to the Tender Following the Tender
Offers Offers
Number of % of the Number of % of the
Westside issued Westside issued
Shares share Shares share
interested capital interested capital
in in
HSBC Global 3,718,181 3.36 3,718,181 3.82
Custody
Nominee (UK)
Ltd
Lafferty 3,654,545 3.31 3,654,545 3.75
Limited
Warren 3,409,090 3.08 3,409,090 3.50
Roiter
William 8,977,272 8.12 8,977,272 9.21
Weston
Westside Warrantholdings (exercisable at 2.5p until 7 December 2004) -
Warrantholders with a disclosable interest
Name Prior to the Tender Offers Following the Tender Offers
Number of % of the Number of % of the
Westside issued Westside issued
Warrants Westside Warrants Westside
interested in Warrants interested in Warrants
Seymour 1,000,000 11.41 - -
Pierce
Limited
Puma 248,364 2.83 248,364 3.53
Nominees
Sky 1,000,000 11.41 1,000,000 14.22
Capital UK
Nominees
Warren 2,000,000 22.83 2,000,000 28.44
Roiter
Westside Warrantholdings (exercisable at 2.75p until 21 December 2005) -
Warrantholders with a disclosable interest
Name Prior to the Tender Offers Following the Tender Offers
Number of New % of the Number of New % of the
Westside issued New Westside issued New
Warrants Westside Warrants Westside
interested in Warrants interested in Warrants
William 909,090 7.15 909,090 7.15
Weston
Seymour 436,363 3.43 436,363 3.43
Pierce
Limited
Lafferty 910,909 7.16 910,909 7.16
Limited
Warren 2,409,090 18.94 2,409,090 18.94
Roiter
Seymour Pierce is acting exclusively for Westside and no one else in connection
with the Tender Offers and will not be responsible to anyone other than Westside
for providing the protections afforded to customers of Seymour Pierce, nor for
providing advice in relation to the Tender Offers.
This announcement does not constitute an offer or an invitation to purchase any
securities.
The Board of Westside accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the Board of
Westside (who have taken all reasonable care to ensure that such is the case),
the information contained in this announcement is in accordance with the facts
and does not omit anything likely to affect the import of such information.
Expressions used in this announcement shall, unless the context otherwise
requires, bear the same meanings as in the circular issued by Westside on 18
March 2003.
This information is provided by RNS
The company news service from the London Stock Exchange
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