English Nat. Inv. - Acquisition of Interest
01 July 1997 - 6:50PM
UK Regulatory
RNS No 7473b
ENGLISH NATIONAL INVESTMENT COMPANY PLC
1st July 1997
English National Investment Company plc ("ENIC")
Acquisition of interest in Vicenza Calcio S.p.A. ("Vicenza")
ENIC announces that it has reached agreement in principle to
acquire an interest in the Italian football club, Vicenza,
from Stellican Limited. Completion, which is conditional on
finalising documentation and on regulatory approvals, is
expected to take place before the end of July 1997.
Vicenza is an Italian football club based in northern Italy
which this year won the Coppa Italia, the most important
Italian cup competition, and finished eighth in Serie A, the
Italian equivalent of the UK's Premiership. Vicenza has a
strong management team and is forecast by its management to
achieve sales in excess of ITL 34 billion (#12.0 million) and
be profitable for the year to 30th June 1997 and to have net
assets (incorporating a net cash position) as at that date of
approximately ITL 8 billion (#2.8 million).
Under the terms of the agreement, ENIC will acquire 29.9 per
cent. of Otto S.r.l., which owns 99.9 per cent. of Vicenza,
for a cash consideration of #2.4 million. In addition, ENIC
will become party to certain option arrangements between the
shareholders in Otto whereby, on full exercise of these
options, it would acquire a further 32.1 per cent. of Otto at
the same initial investment cost per share, increasing its
stake in Otto to 62.0 per cent. and taking its total net
investment to approximately #5.0 million. These option
arrangements will be exercisable at any time. Otto's only
material asset is its shares of Vicenza. It has no material
liabilities.
ENIC's co-investors in Otto include Estimator Limited, an
affiliate of Stellican, CSI Limited and Pangolin International
Limited. Stellican is a private investment firm which
specialises in taking stakes in special situations across
Europe and in particular Italy where it has completed several
transactions. It was founded by its current managing
director, Mr Stephen Julius, who owns Estimator. CSI's
activities comprise the negotiation, packaging, production and
marketing of a range of international sport for television
with particular emphasis on soccer. It is the exclusive
distributor of television rights for the English FA Premier
League and the Football Association outside the UK. Pangolin
International is a private investment company representing the
interests of Mr Robert Hersov. Mr Hersov is managing director
of Telepiu, Italy's leading pay television company, and a main
board director of Mediaset, Italy's largest non-state
television broadcaster. He has extensive relationships in the
international media community. It is intended that Mr Hersov
should join the board of ENIC as a non-executive director.
As part of the arrangements relating to its investment, on
27th June 1997 ENIC placed a total of 497,000 new shares in
ENIC with certain of the co-investors at a price of 233 pence
per share raising approximately #1.15 million.
Enquiries
ENIC Howard Stanton 0171 935 5497
Deutsche Morgan Grenfell Mark Preston 0171 545 8000
David Clasen
Financial Dynamics John Bick 0171 831 7961
END
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