Result of Tender Offer


 

TIDMCSD 
 
RNS Number : 6153S 
ClearSpeed Technology plc 
21 May 2009 
 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR FROM THE UNITED 
STATES, CANADA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, OR JAPAN 
ClearSpeed Technology plc ("ClearSpeed" or the "Company") 
 
Result of Tender Offer 
 
Further to the announcement made by ClearSpeed on Wednesday 29 April 2009 of the 
proposed return of cash to Shareholders by Tender Offer, the Board of the 
Company is pleased to announce the result of the Tender Offer. The Tender Offer 
closed in accordance with its published timetable at 5.00 p.m. on Wednesday 20 
May 2009. 
 
A total of 59,551,112 Ordinary Shares were validly tendered pursuant to the 
Tender Offer which equates to 95.07 per cent. of the 62,634,497 Ordinary 
Shares in issue. Shareholders should note that the Company has not been required 
to issue additional Ordinary Shares to satisfy the exercise of Options as set 
out in the section entitled "Treatment of Optionholders" in Part 1 of the 
circular to Shareholders dated 28 April 2009 (the "Circular"). 
 
Based on the Tender Offer price of 15.25 pence per Ordinary Share, the total 
number of the Ordinary Shares to be purchased pursuant to the Tender Offer is 
45,245,901 for a total cost payable by the Company, before expenses, of 
approximately GBP6.9 million. 
 
The aggregate number of Ordinary Shares tendered by Shareholders exceeded 
45,245,901, therefore all tenders made by Shareholders will be scaled back pro 
rata to the number of Ordinary Shares they chose to tender. Shareholders 
will have their CREST accounts credited for approximately 75.98 per cent. of 
those Ordinary Shares successfully tendered. 
 
All Ordinary Shares repurchased pursuant to the Tender Offer will be cancelled. 
Following such cancellation, the number of ClearSpeed shares in issue is 
expected to be 17,388,596. 
 
Completion of the Tender Offer is subject to the approval of the Resolutions at 
the General Meeting of the Company convened for 10.00 a.m. today, and 
confirmation by the Court of the proposed Reduction of Share Capital and 
Cancellation of Reserves. 
 
Subject to satisfaction of these conditions, the timetable for the Tender Offer 
and De-Listing is expected to be as follows: 
 
+--------------------------------------+--------------------------------------+ 
| Court hearing to confirm Reductions  |               Wednesday 24 June 2009 | 
+--------------------------------------+--------------------------------------+ 
| Cheques issue/CREST accounts         |                  Friday 26 June 2009 | 
| credited for Tender Offer proceeds   |                                      | 
| in respect of Ordinary Shares sold   |                                      | 
+--------------------------------------+--------------------------------------+ 
| CREST accounts credited/share        |                  Friday 26 June 2009 | 
| certificates issued for revised      |                                      | 
| holdings of Ordinary Shares          |                                      | 
| following the sale of Ordinary       |                                      | 
| Shares under the Tender Offer        |                                      | 
+--------------------------------------+--------------------------------------+ 
| De-Listing                           |                  Monday 29 June 2009 | 
+--------------------------------------+--------------------------------------+ 
| Despatch of certificates in respect  |                  Monday 29 June 2009 | 
| of New Ordinary Shares               |                                      | 
+--------------------------------------+--------------------------------------+ 
| Re-registration of ClearSpeed as a   |                  Monday 29 June 2009 | 
| private limited company              |                                      | 
+--------------------------------------+--------------------------------------+ 
 
Terms used in this announcement have the same meaning as those in the Circular 
to Shareholders. 
 
For further information please contact: 
 
Richard Farleigh, Non-Executive Chairman 
ClearSpeed Technology plc 01454 629 623 
 
Richard Kauffer/Joanne Breeze 
KBC Peel Hunt, Nominated Adviser and Broker    020 7418 8900 
 
Adrian Duffield/Jon Davies 
College Hill, Financial PR  020 7457 2020 
The Tender Offer not being made, directly or indirectly, in the United States, 
Canada, Australia, New Zealand, South Africa, or Japan and none of this 
announcement, the Circular or the Tender Form may be distributed or sent in or 
into or from the United States, Canada, Australia, New Zealand, South Africa, or 
Japan and doing so may render invalid any purported tender. 
KBC Peel Hunt Ltd, which is regulated in the United Kingdom by the Financial 
Services Authority, is acting exclusively for the Company and no one else in 
connection with the Tender Offer and will not be responsible to anyone other 
than the Company for providing the protections afforded to customers of KBC Peel 
Hunt or for giving advice in relation to the Tender Offer. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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