Offer Closing
03 11월 2009 - 6:44PM
UK Regulatory
TIDMBMC
RNS Number : 8449B
Grandtop International Holdings Ltd
03 November 2009
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE
UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
For Immediate Release3 November 2009
Grandtop International Holdings Limited ("Grandtop")
All cash offer for Birmingham City PLC ("Birmingham City")
Offer closing
Further to the announcement made by Grandtop on 6 October 2009 declaring the
Offer was unconditional in all respects, Grandtop now announces that the Offer
will close at 1.00 p.m. (London Time) on 18 November 2009.
Level of acceptances
As at 1:00 pm (London time) on 2 November 2009, Grandtop had received valid
acceptances of the Offer in respect of 53,278,322 Birmingham City Shares,
representing approximately 65.4 per cent. of Birmingham City's existing issued
share capital and approximately 93.3 per cent. of the Birmingham City Shares to
which the Offer relates.
Grandtop is, and was before the start of the Offer Period, already the
registered and beneficial owner of 24,375,975 Birmingham City Shares,
representing approximately 29.9 per cent. of Birmingham City's issued share
capital. Accordingly, as at 1.00 p.m. on 2 November 2009, Grandtop owned or had
received valid acceptances of the Offer in respect of a total of 77,654,297
Birmingham City Shares representing in aggregate approximately 95.3 per cent. of
the current issued share capital of Birmingham City.
Prior to the announcement of the Offer on 21 August 2009, Grandtop received
irrevocable undertakings to accept the Offer from certain Birmingham City
Shareholders in respect of their entire beneficial shareholdings totalling
40,757,026 Birmingham City Shares representing 50.0 per cent. of the entire
issued share capital of Birmingham City. Valid acceptances have been received in
respect of all of these Birmingham City Shares and they are included in the
acceptances figure above.
Full details of the irrevocable undertakings are set out in the Offer Document
dated 15 September 2009.
Save as described above none of Grandtop, any of the Grandtop Directors, their
immediate families or related trusts or, so far as Grandtop is aware, any party
acting in concert with Grandtop, has accepted the Offer or has acquired or
agreed to acquire, or has any interest in or right to subscribe in respect of
any Birmingham City Shares or any other relevant securities, or has any short
positions in respect of any Birmingham City Shares, or any other relevant
securities, or has borrowed or lent any Birmingham City Shares, or any other
relevant securities.
Further acceptances of the Offer
Birmingham City Shareholders who hold their Birmingham City Shares in
certificated form and who wish to accept the Offer should complete and sign the
Form of Acceptance in accordance with the instructions set out in the Offer
Document and in the Form of Acceptance and send that form (together with their
share certificates) to Capita Registrars so as to be received as soon as
possible and no later than 1.00 p.m. on 18 November 2009.
Birmingham City Shareholders who hold their Birmingham City Shares in
uncertificated form (i.e. in CREST) and who wish to accept the Offer should
follow the procedures for electronic acceptance through CREST set out in the
Offer Document so that the TTE instruction settles as soon as possible and no
later than 1.00 p.m. on 18 November 2009.
Additional copies of the Offer Document and Form of Acceptance can be obtained
from Capita Registrars on 0871 664 0321 (or +44 20 8639 3399 if telephoning from
outside the UK).
Cancellation of trading on AIM and re-registration as a private company
On 14 October 2009 it was announced that an application had been made by
Birmingham City to the London Stock Exchange to cancel the admission to trading
on AIM of its ordinary shares with effect from 7.00 a.m. on 11 November 2009.
Birmingham City Shareholders should note that the cancellation of the admission
to trading of Birmingham City Shares on AIM will significantly reduce the
liquidity and marketability of Birmingham City Shares which are not acquired
under the Offer and their value may be materially and adversely affected as a
consequence.
It is also intended that Birmingham City will be re-registered as a private
company under the relevant provisions of the Companies Act.
Compulsory Acquisition
Birmingham City Shareholders are reminded that because the level of Offer
acceptances has passed 90 per cent. of the Birmingham City Shares to which the
Offer relates, as set out in the Offer Document, Grandtop may exercise its
rights pursuant to sections 979 to 982 (inclusive) of the Companies Act 2006 to
acquire compulsorily the remaining Birmingham City Shares in respect of which
the Offer has not been accepted.
A copy of this announcement will shortly be available on Grandtop's investor
relations website www.irasia.com/listco/hk/grandtop/index.htm.
Terms defined in the Offer Document dated 15 September 2009 have the same
meanings when used in this announcement.
Enquiries:
BDO Corporate Finance (Financial Adviser to Grandtop)
Alex WhiteTel: +44 (0) 20 7486 5888
BDO Corporate Finance, a division of BDO LLP, Chartered Accountants, which is
authorised and regulated in the UK by the Financial Services Authority, is
acting for Grandtop and no one else in connection with the Offer and will not be
responsible to anyone other than Grandtop for providing the protections afforded
to clients of BDO Corporate Finance or for providing any financial advice in
relation to the Offer or any matter referred to in this announcement.
This announcement is not intended to and does not constitute, or form any part
of, an offer to sell or the solicitation of an offer to subscribe for or buy any
securities, nor shall there be any sale, issue or transfer of the securities
referred to in this announcement in any jurisdiction in contravention of any
applicable law. The Offer is made solely by means of the Offer Document and, in
the case of Birmingham City Shares held in certificated form, the Form of
Acceptance accompanying the Offer Document.
The Offer is not being made, directly or indirectly, in or into, or by the use
of mails or any means or instrumentality (including without limitation,
telephonically or electronically) of interstate or foreign commerce of, or any
facility of a national securities exchange of, the Restricted Jurisdictions and
the Offer will not be capable of acceptance by any such use, means,
instrumentality or facilities from or within the Restricted Jurisdictions .
Copies of this document and any related documents are not being, and must not
be, in whole or in part, directly or indirectly, mailed or otherwise forwarded,
distributed or sent in or into or from a Restricted Jurisdiction and persons
receiving this document and any related documents (including, without
limitation, custodians, nominees and trustees) must not mail or otherwise
forward, distribute or send them, in whole or in part, in or into or from a
Restricted Jurisdiction or other such jurisdiction where to do so would
constitute a violation of the relevant laws of such jurisdiction. The
availability of the Offer to persons who are not resident in the United Kingdom
may be affected by the laws of relevant jurisdictions. Persons who are not
resident in the United Kingdom should inform themselves about and observe any
applicable requirements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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