CALA PLC - Miller Stmnt Re Offer
01 Giugno 1999 - 3:49PM
UK Regulatory
RNS No 1162w
CALA PLC
1 June 1999
CASH OFFER
on behalf of Miller 1999 plc
for CALA plc
Miller 1999 plc ("Miller") notes the announcement earlier today of a
200p matching cash offer for CALA plc ("CALA") on behalf of Dotterel
Limited ("Dotterel"), the MBO vehicle of the CALA executive directors.
Dotterel states in its announcement that its "conditions are fewer and
less onerous than those contained in the announcement of the Miller
final offer". Following Miller's announcement earlier today, this
statement is now incorrect.
In its announcement earlier today, Miller made it clear that its offer
will be conditional only upon receipt of acceptances which, together
with shares already owned by Miller, represent over 50% of CALA's
ordinary share capital (ie all other conditions of the offer will be
waived).
It is clear that the Miller offer conditions are fewer and less onerous
than those contained in the announcement of the Dotterel final offer.
Miller is in discussions with the independent directors of CALA through
their advisers with a view to seeking a recommendation to its offer.
Miller strongly encourages CALA shareholders to accept its offer, which
will be posted shortly.
Given the very high gearing level which Dotterel would have as a result
of a successful 200p offer, Miller remains convinced that its own
proposals will produce the best outcome for key stakeholders in CALA -
employees, customers and suppliers.
Enquiries
Steve Jacobs/Nicola Marsden, Tel: 0171 831 3113
Financial Dynamics
(PR advisers to Miller)
Deloitte & Touche Corporate Finance is a division of Deloitte & Touche.
Deloitte & Touche of Stonecutter Court, 1 Stonecutter Street, London,
EC4A 4TR is authorised by the Institute of Chartered Accountants in
England and Wales to carry on investment business. Charterhouse
Securities is regulated in the UK by The Securities and Futures
Authority Limited. Deloitte & Touche Corporate Finance and
Charterhouse Securities are acting for Miller and its parent company,
The Miller Group Limited, and no one else in connection with the Offer,
and will not be responsible to anyone other than Miller and The Miller
Group Limited for providing the protections afforded to customers of
Deloitte & Touche Corporate Finance and Charterhouse Securities or for
providing advice in relation to the Offer.
The directors of The Miller Group Limited (James Miller, Keith Miller,
John Richards, Robert Clarke, Philip Miller, Geoffrey Potton, Hew
Balfour, Malcolm Gourlay and John Mather) accept responsibility for the
information contained in this announcement. To the best of the
knowledge and belief of the directors of The Miller Group Limited (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.
Deloitte & Touche Corporate Finance and Charterhouse Securities have
approved this announcement as an investment advertisement solely for
the purpose of Section 57 of the Financial Services Act 1986.
END
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