Close of offer (6161H)

TIDMIBBA

RNS Number : 6161H

Islamic Bank of Britain Plc

01 June 2011

FOR IMMEDIATE RELEASE

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

1 June 2011

CLOSING OF RECOMMENDED UNCONDITIONAL CASH OFFER

FOR ISLAMIC BANK OF BRITAIN PLC

Close of Offer

On 25 March 2011, QIIB made an unconditional cash offer for the entire issued share capital of IBB not already owned by QIIB. As the Offer was unconditional it is not subject to a minimum level of acceptances being received by QIIB.

On 15 April 2011 it was announced that the Offer was to be extended until 1.00 p.m. on 31 May 2011 (the "Closing Time"). The Offer is now closed for acceptances and the board of directors of QIIB announces that, as at the Closing Time, valid acceptances had been received in respect of a total of 74,109,492 IBB Shares, representing approximately 2.91 per cent. of the existing issued IBB Shares and 15.27 per cent. of the IBB Shares to which the Offer related.

Prior to the announcement of the Offer, QIIB already owned 2,061,299,155 IBB Shares, representing 80.95 per cent. of the existing issued IBB Shares, and persons acting in concert with it (namely HE Sheikh Thani bin Abdulla Bin Thani Jasim Al Thani and Qatar Islamic Insurance Company) held a further 184,527,591 IBB Shares representing approximately 7.25 per cent. of the existing issued IBB Shares. The combined holdings of QIIB and persons acting in concert with it accordingly amounted, in aggregate, to 2,245,826,746 IBB Shares or 88.2 per cent. of IBB's current issued ordinary share capital.

In addition, QIIB had irrevocable undertakings from Gerry Deegan and Sultan Choudhury, who are Directors of IBB, to accept the Offer, in respect of a total of 54,000 IBB Shares, representing approximately 0.002 per cent. of IBB existing issued ordinary share capital. Valid acceptances have been received in respect of all the IBB Shares which were the subject of the irrevocable undertakings.

The total number of IBB Shares now held by QIIB and persons acting in concert with it, together with those in respect of which valid acceptances of the Offer have been received, is therefore 2,319,936,238 IBB Shares, representing approximately 91.11 per cent. of IBB's entire issued share capital.

Payment of consideration to the IBB Shareholders who have accepted the Offer will be made within 14 days of receipt of a valid acceptance.

Save as disclosed herein, no IBB Shares have been acquired or agreed to be acquired by or on behalf of QIIB or any person acting in concert with QIIB during the Offer Period and neither QIIB nor any person acting in concert with QIIB has the benefit of any irrevocable commitment or letter of intent in respect of any IBB Shares or has any interest in any IBB Shares, or any short position (whether conditional or absolute and whether in the money or otherwise and including any short position under a derivative), any agreement to sell, any delivery obligation, any right to require another person to purchase or take delivery in respect of any IBB Shares, any right to subscribe for any IBB Shares or any stock borrowing or lending arrangement in respect of any IBB Shares.

QIIB has not received acceptances under the Offer in respect of, or otherwise acquired, 90 per cent. or more of the IBB Shares to which the Offer relates, QIIB will therefore not be able to exercise its rights pursuant to sections 974 to 991 of the Companies Act 2006 to acquire compulsorily the remaining IBB Shares in respect of which the Offer has not been accepted.

On 15 April it was announced that QIIB has requested the IBB Directors to take the necessary steps to apply for the Cancellation and, in due course, to re-register IBB as a private limited company. On the basis that the Offer was unconditional and that Shareholders had received the Offer Document with details of the Offer including the Cancellation there was no requirement to hold an IBB general meeting to approve the Cancellation. The Cancellation became effective on 7.00 a.m. on 27 April 2011.

Unless the context otherwise requires, defined terms used in this announcement shall have the same meanings given to them in the Offer Document dated 25 March 2011.

In accordance with Rule 19.11 of the City Code, a copy of this announcement, will be available free of charge, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, for inspection on the following website: www.islamic-bank.com/investor-relations/regulatory-information

Enquiries:

 
 QIIB 
 Aasim Qureshi, QNB Capital LLC 
 Telephone: +974 4496 8118 
 
 Westhouse Securities Limited (financial adviser to QIIB) 
 Tim Feather / Dermot McKechnie / Matthew Johnson 
 Telephone: +44 20 7601 6100 
 www.westhousesecurities.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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