Flextech PLC - OfferAcceptances/Extended,etc
05 Aprile 2000 - 4:14PM
UK Regulatory
RNS Number:5300I
Flextech PLC
5 April 2000
Not for release, publication or distribution in or into Canada, Japan or
Australia
Telewest Communications plc
Recommended Offer (the "Offer") for Flextech plc
Level of acceptances and extension of Offer
Telewest announces that:
1. By 3.00 p.m. on 4 April 2000, being the first closing date of the Offer,
valid acceptances had been received in respect of 105,505,191 Flextech
shares, representing 66.7 per cent. of Flextech's issued share capital.
Included in the level of acceptances are acceptances received pursuant
to an undertaking to accept the Offer from Liberty Media in respect of
41,690,950 Flextech shares, representing approximately 26.4 per cent. of
Flextech's issued share capital.
2. As set out in the Offer Document, Telewest has agreed not to declare the
Offer unconditional as to acceptances unless valid acceptances have been
received in respect of not less than 80 per cent. in nominal value of
the Flextech shares to which the Offer relates without the prior written
consent of Liberty Media and Flextech.
3. The Initial Offer Period (during which Flextech shareholders will have
the right to withdraw their acceptances of the Offer in accordance with
paragraph 3 of Part B of Appendix I to the Offer Document) is extended
and will expire at 3.00 p.m. (London time) on 18 April 2000, unless
further extended.
4. Save as disclosed herein, neither Telewest nor any person deemed to be
acting in concert with Telewest has acquired or agreed to acquire any
Flextech shares during the Offer Period (which commenced on 6 December
1999). Immediately prior to the commencement of the Offer Period, save
for Liberty Media and MediaOne (who hold 36.6 per cent. and 6.7 per
cent. of Flextech's issued share capital respectively), neither Telewest
nor any person deemed to be acting in concert with Telewest held any
Flextech shares (or rights over such shares).
5. Terms used in this announcement have the same meaning as terms defined
in the Offer Document, unless the context requires otherwise.
5 April 2000
Press enquiries
Telewest
Charles Burdick 01483 750 900
Schroders
James Steel 0171 658 6000
Schroders, which is regulated in the UK by the Securities and Futures
Authority Limited, is acting for Telewest and no one else in connection with
the Offer and will not be responsible to anyone other than Telewest for
providing the protections afforded to customers of Schroders nor for giving
advice in relation to the Offer.
A prospectus relating to the new Telewest shares offered in the Offer has
been filed by Telewest as part of a registration statement with the US
Securities and Exchange Commission. Flextech shareholders are advised to
read the prospectus regarding the business combination transaction referenced
above because it contains important information. Flextech shareholders may
obtain a free copy of the prospectus and other documents filed by Telewest by
directing such requests to Telewest Communications plc, Genesis Business
Park, Albert Drive, Woking, Surrey, GU21 5RW, United Kingdom. Attention:
Company Secretary. Telephone +44 1483 750 900.
END
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