Response to recommendation of offer by Atlas Board
19 May 2010 - 4:01PM
UK Regulatory
TIDMATLS
RNS Number : 1724M
Fragiolig Holdings Ltd
19 May 2010
FOR IMMEDIATE RELEASE
Fragiolig Holdings Limited
19 May 2010
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR
FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION
19 May 2010
Response to recommendation of offer by Atlas Board
Update regarding acceptances received
Acceleration of settlement of consideration
Response to recommendation of Offer by Atlas Board
Fragiolig Holdings Limited ("Fragiolig") welcomes yesterday's announcement by
the Board of Directors of Atlas Estates Limited ("Atlas") of its unanimous
recommendation of Fragiolig's cash offer for the whole of the issued and to be
issued ordinary share capital of Atlas not already owned by Fragiolig or by
persons acting in concert with it ("the Offer").
Update regarding acceptances received
The Offer was declared wholly unconditional on 12 May 2010.
The Offer remains open for acceptance until 3.00 p.m. (London time) on 21 June
2010.
As at 4.30 p.m. (London time) on 18 May 2010, valid acceptances had been
received in respect of a total of 14,063,281 Atlas Shares, representing
approximately 30.0 per cent. of the issued share capital of Atlas. None of these
acceptances were received from persons acting in concert with Fragiolig.
As at 4.30 p.m. on 18 May 2010 Fragiolig, together with persons acting in
concert with it, owned 15,413,078 Atlas Shares, representing approximately 32.9
per cent. of the issued share capital of Atlas.
Fragiolig, together with parties acting in concert with it, therefore now owns,
or has received acceptances in respect of, in aggregate, 29,476,359 Atlas
Shares, representing approximately 62.9 per cent. of the issued share capital of
Atlas.
Acceleration of settlement of consideration
Fragiolig is also pleased to announce that it has accelerated the timetable for
settlement of the consideration payable to accepting Atlas shareholders under
the Offer. Any shareholder who accepts the Offer prior to the first closing date
(i.e., 7 June 2010) will now be sent the consideration for their Atlas Shares
within 14 days of a valid acceptance being received, rather than within 14 days
of the first closing date of the Offer, if later.
Commenting on the announcement, Guy Indig, a representative of Fragiolig, said:
"We welcome the unanimous recommendation from the Board of Atlas to accept the
Offer. In addition, I am pleased that we have also been able to provide
accepting Atlas shareholders with an accelerated mechanism for settlement of the
consideration due to them under the Offer. The Offer, which is already wholly
unconditional, represents a one-off opportunity for Atlas shareholders to
receive certain value for their shares in cash and we encourage all Atlas
shareholders to accept the Offer".
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 certain restricted jurisdictions, for inspection on the following
website by no later than 12.00 noon (London time) on 20 May: www.fragiolig.com.
Enquiries:
Fragiolig Holdings Limited
Guy Indig
Telephone: +357 (2) 245 8700
Excellion Advisors LLP, Financial Adviser to Fragiolig
Robert Stafler Telephone: +44 (0) 20 3008 6870
Raffael Johnen
Aura Financial
Michael Oke
Telephone: +44 (0) 20 7321 0000
Andy
Mills
This information is provided by RNS
The company news service from the London Stock Exchange
END
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