Argent Group PLC - Offer Acceptances
07 August 1997 - 5:31PM
UK Regulatory
RNS No 4104b
ARGENT GROUP PLC
7th August 1997
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION IN OR INTO THE
UNITED STATES, CANADA, AUSTRALIA OR JAPAN
BriTel Property
Offer for Argent
BriTel Property (a company wholly owned by the BT Pension
Scheme) announces that as at 3.00 p.m. on 6th August, 1997, it
either holds or has received valid acceptances in respect of a
total of 52,369,773 Argent Shares, representing approximately
86.6 per cent. of the issued share capital of Argent. The offer
was declared wholly unconditional on 4th August, 1997.
BriTel Property intended that, if acceptances were received in
respect of such number of Argent Shares as would result in the
London Stock Exchange requirements for maintenance of listing
ceasing to be met, then it would intend to place in the market
excess Argent Shares provided that such a placing could be
achieved on terms satisfactory to BriTel Property. However,
BriTel Property has been advised that a placing of Argent Shares
could not be achieved on terms satisfactory to it. The proposed
placing will, therefore, not proceed.
The London Stock Exchange has not confirmed that Argent's
listing will be maintained.
The Offer, including the Loan Note Alternative will remain open
for acceptance until further notice. Once sufficient
acceptances are received, BriTel Property intends to apply the
statutory procedures to acquire compulsorily the remaining
Argent Shares.
END
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