Energis PLC - ReOffer for Stentor by nevada
20 Avril 2000 - 9:37AM
UK Regulatory
RNS Number:4118J
Energis PLC
20 April 2000
Energis plc, Viridian PLC, nevada tele.com Limited ("nevada
tele.com")
Co-operation Retirement Benefit Fund (L) Limited ("CRBF")
enters into an irrevocable undertaking with nevada tele.com
in respect of its entire holding in Stentor plc ("Stentor")
The directors of nevada tele.com note the announcement by
Stentor on 28th March 2000 regarding a possible offer for
the entire issued share capital of Stentor at a price
significantly below the market price of Stentor's ordinary
shares on the day before the announcement, which was 70
pence (sterling) per ordinary share. The market price of
Stentor's shares on 19 April 2000 was 29 pence (sterling)
per ordinary share.
nevada tele.com confirms that it is in discussions with
Stentor which may or may not lead to an offer being made
for the entire issued and to be issued share capital of
Stentor for a total value of #45.8 million (sterling)
(which, on the basis of information provided by Stentor,
implies a price of approximately 37 pence (sterling) per
ordinary share and 481 pence (sterling) per convertible
preferred ordinary share and ignores warrants and options
with exercise prices in excess of 37 pence (sterling) per
share).
CRBF, the majority shareholder of Stentor, has today
entered into an irrevocable undertaking with nevada
tele.com to accept an offer at this level, if such an offer
is made. The undertaking relates to all of those shares
and warrants currently beneficially owned by CRBF, namely
1,697,500 ordinary shares and 7,260,121 warrants (which, on
the exercise of all the warrants which nevada tele.com
expects to be exercised if an offer is made, represent
approximately 39 per cent. of the issued ordinary share
capital), and 7,320,365 convertible preferred ordinary
shares (which represent approximately 94 per cent. of the
issued convertible preferred ordinary share capital). The
undertaking cannot be withdrawn in the event of a higher
offer being made for Stentor by a third party.
If all of the convertible preferred ordinary shares in
Stentor were converted and all of the warrants which nevada
tele.com expects to be exercised if an offer is made, were
so exercised, CRBF would be the beneficial owner of
approximately 84 per cent. of the total issued ordinary
share capital of Stentor.
A further announcement will be made in due course.
nevada tele.com is a joint venture, incorporated in
Northern Ireland in March 1999, between wholly owned
subsidiaries of Energis plc and Viridian PLC. Since then
it has developed a new telecommunications network and
launched integrated voice, data, e-commerce and Internet
services focused on the business sector.
Enquiries:
Citigate Dewe Rogerson +44 20 7638 9571
Tony Carlisle (Mobile) 0973 611 888
Duncan Murray (Mobile)0976 952 626
nevada tele.com +44 28 9072 0500
Irene Cackett Managing Director
Stephen Forsythe Marketing Director
Energis plc
Annie Jupp Investor Relations +44 20 7206 5700
Viridian PLC
Jim McDonnell Investor Relations +44 289 068 9116
Peter Gavan Corporate Communications +44 289 068 9135
Notes to Editors
Energis plc, founded in 1993, is a FTSE 100 business
telecommunications and Internet company. Its network is
built primarily along the National Grid's electricity pylon
infrastructure. The company has over 6,800 kilometres of
fibre optic cable and offers a full portfolio of voice,
data, IP and Internet services.
In August 1999, Energis plc expanded into continental
Europe with the acquisition of Unisource Carrier Services,
a pan-European carriers' carrier. Since then Energis plc
has continued to expand in continental Europe through the
acquisition of Business Online, a German ISP, in October
1999, Enertel N.V., a Dutch alternative telecoms operator,
in November 1999 and carrier24, a German fibre optic
network, in January 2000.
Viridian PLC is Northern Ireland's largest company by
turnover and is listed on both the London and Irish Stock
Exchanges. The Group includes Northern Ireland Electricity
(NIE); regulated electricity transmission, distribution and
supply; Sx3, technology based business outsourcing
solutions; Open+Direct, financial services; Energia energy
supply; Powerteam, electrical contractor, and Viridian
Power Resources, power generation.
Stentor, headquartered in Dublin and quoted on AIM in
London, is an international telecoms company specialising
in voice, data, Internet and e-commerce services. Stentor
targets mainly business customers, and the fast growing
Call Centre market in Ireland. Stentor's network connects
key business districts in the Republic of Ireland,
including Dublin and Cork, and has points of presence in
London and New York. Like Energis plc, it is a member of
the GTE Internetworking Partnership.
END
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