Result of Tender Offer

RNS Number : 6846T

Origin Enterprises Plc

22 November 2013

 



 Origin Enterprise plc

Result of Tender Offer

22 November 2013

The Board of Origin Enterprises plc ("Origin" or "the Company") is pleased to announce the result of the Tender Offer described in the circular issued by the Company to its Shareholders on 17 October 2013 (the "Circular").  The Tender Offer closed on 21 November 2013 in accordance with the published timetable following Shareholder approval at the Extraordinary General Meeting of the Company held on 18 November 2013.

A total of 118,237,521 Ordinary Shares were validly tendered at the Tender Price pursuant to the Tender Offer which equates to approximately 85.4 per cent. of the 138,499,155 Ordinary Shares currently in issue, excluding treasury shares.

The total number of Ordinary Shares to be purchased by the Company pursuant to the Tender Offer is 13,333,249 for a total consideration, before expenses, of approximately €100.0 million.

In accordance with the terms of the Tender Offer, Shareholders who validly tendered to sell less than or equal to 9.627 per cent. of their shareholdings (their 'Guaranteed Entitlement') will have their tender satisfied in full. Shareholders who validly tendered more than their Guaranteed Entitlement will have their Guaranteed Entitlement satisfied in full and any Ordinary Shares tendered above their Guaranteed Entitlement will be scaled down (to the nearest whole number of Ordinary Shares) to 0.67 per cent of their respective excess applications.

Ordinary Shares purchased under the Tender Offer will be cancelled by the Company. Following completion of the Tender Offer and cancellation of the validly tendered and accepted Ordinary Shares, the Company will have a total of 125,165,906 Ordinary Shares in issue, excluding treasury shares.

It is anticipated that the crediting of CREST accounts (in the case of accepted tenders relating to Ordinary Shares in uncertificated form) and the despatch of consideration (in the case of accepted tenders relating to Ordinary Shares in certificated form) will occur by 4 December 2013. In addition, it is anticipated that CREST accounts will be credited for unsuccessfully tendered uncertificated Ordinary Shares by 29 November 2013, that balance certificates will be issued and that share certificates for unsuccessfully tendered certificated Ordinary Shares will be returned to Shareholders by 4 December 2013.

Terms used but not defined in this announcement have the same meaning given to them in the Circular.

ENDS

Enquiries:

Origin Enterprises plc:

Brendan Fitzgerald                                                       

Chief Financial Officer                                                    Tel: [phone]

Goodbody Corporate Finance (ESM Adviser)

Kevin Keating                                                               Tel: [phone]

Davy (Nominated Adviser)

Ivan Murphy                                                                  Tel: [phone]

Murray Consultants

Joe Heron                                                                    Tel: [phone]

About Origin Enterprises plc

Origin Enterprises plc is a focused Agri-Services group providing on-farm advice and the supply of agri-inputs.  The Group also has an investment in consumer foods.  The Agri-Services business through its manufacturing and distribution operations in Ireland, the United Kingdom and Poland has leading market positions in the supply of specialist agronomy services, crop nutrition and feed ingredients.  The Group is listed on the ESM of the Irish Stock Exchange and the AIM of the London Stock Exchange. 

ESM ticker symbol:       OIZ

AIM ticker symbol:        OGN

Website: www.originenterprises.com

 

END

 

 

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