Offer Update

RNS Number : 6815H

Whitbread PLC

25 February 2010

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE IT WOULD BE UNLAWFUL TO DO SO

Recommended cash offer

for

coffeeheaven international plc ("coffeeheaven")

by

Costa Limited ("Costa"),

a wholly-owned subsidiary of Whitbread PLC ("Whitbread")

COMPULSORY ACQUISITION OF OUTSTANDING COFFEEHEAVEN SHARES

Introduction

On 18 February 2010 Costa declared its recommended cash offer wholly unconditional.  The Offer will remain open until further notice.  Prior to Costa closing the Offer, at least 14 days notice will be given to the shareholders who have not yet accepted the Offer by then.

Level of Acceptances and Compulsory Acquisition

As at 1:00pm (London time) on 24 February 2010, Costa had received valid acceptances from coffeeheaven Shareholders in respect of 120,437,221 coffeeheaven Shares representing approximately 90.23 per cent. of the existing issued share capital of coffeeheaven.  These acceptances include acceptances received in respect of 26,220,997 coffeeheaven Shares (representing approximately 19.65 per cent. of the existing issued share capital of coffeeheaven) which were subject to irrevocable commitments procured by Costa from all of the coffeeheaven Directors and certain other shareholders including Diggle Investments Limited.

Consequently, as set out on page 14 of the Offer Document and following the receipt of sufficient acceptances, Costa will exercise its rights pursuant to the provisions of Part 28 of the 2006 Act to acquire compulsorily all of the outstanding coffeeheaven Shares which it does not already hold or has not already acquired, contracted to acquire or in respect of which it has not already received valid acceptances.

Cancellation of admission to trading on AIM

As announced by coffeeheaven on 19 February 2010, coffeeheaven has made an application to the London Stock Exchange to cancel the admission to, and trading of the coffeeheaven Shares on, AIM.  It is anticipated that such cancellation will take effect at 7.00 am on 19 March 2010. Accordingly the last day of dealings in coffeeheaven Shares will be 18 March 2010.

The cancellation of the admission to trading of the coffeeheaven Shares on AIM will significantly reduce the liquidity and marketability of any coffeeheaven Shares held by persons who have not accepted the Offer at that time and coffeeheaven Shareholders should be aware that there may be no future market for coffeeheaven Shareholders to realise their investment in coffeeheaven.

Following the cancellation of the admission to, and trading of the coffeeheaven Shares on, AIM, Costa intends to procure that coffeeheaven re-registers as a private company under the provisions of the 2006 Act in due course.

Further acceptances

Coffeeheaven shareholders who have not yet accepted the Offer are encouraged to do so without delay.

coffeeheaven Shareholders holding coffeeheaven Shares in certificated form (that is, not in CREST) who have not yet accepted the Offer but wish to do so are urged to complete, sign and return the Form of Acceptance (together with your share certificate(s) and any other documents of title) as soon as possible to Capita Registrars at Corporate Actions, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU. Additional Forms of Acceptance are available from Capita Registrars by telephoning 0871 664 0321 from within the UK or on + 44 20 8639 3399 if calling from outside the UK.

coffeeheaven Shareholders holding coffeeheaven Shares in uncertificated form (that is, in CREST), who have not yet accepted the Offer but wish to do so are urged to follow the procedure for Electronic Acceptance through CREST so that the TTE instruction settles as soon as possible. If you are a CREST sponsored member, you should refer to your CREST sponsor before taking any action as only your CREST sponsor will be able to send the necessary TTE instructions to Euroclear UK in relation to your coffeeheaven Shares.

Copies of the Offer Document and the Form of Acceptance are available for inspection during normal business hours on any weekday (Saturdays, Sundays and public holidays excepted) at the offices of Macfarlanes LLP at 20 Cursitor Street, London, EC4A 1LT, while the Offer remains open for acceptance.

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 Restricted Jurisdictions (as defined herein), for inspection on the following website by no later than 12 noon on 19 February 2010:

www.whitbread.co.uk

Capitalised terms used but not defined in this announcement have the same meaning as given to them in the Offer Document.

Enquiries

Whitbread and Costa - 01582 844854

Laura Pearson, Corporate Communications Manager, Whitbread

John Derkach, Managing Director, Costa

Deutsche Bank (financial adviser to Whitbread and Costa and corporate broker to Whitbread) - 020 7545 8000

James Arculus

James Cass
Martin Pengelley (corporate broking)

Tulchan (public relations adviser to Whitbread) - 020 7353 4200

David Allchurch

Deutsche Bank AG is authorised under German Banking Law (competent authority: BaFin - Federal Financial Supervisory Authority) and authorised and subject to limited regulation by the FSA. Details about the extent of Deutsche Bank AG's authorisation and regulation by the FSA are available on request. Deutsche Bank AG, London Branch is acting as financial adviser to Whitbread and Costa and no one else in connection with the contents of this announcement and will not be responsible to anyone other than Whitbread and Costa for providing the protections afforded to the clients of Deutsche Bank AG, London Branch nor for providing advice in relation to any matter referred to herein.

This announcement is not intended to and does not constitute or form any part of an offer to sell or an invitation to purchase or the solicitation of an offer to subscribe for any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Offer or otherwise. The Offer is made solely through the Offer Document and, in the case of certificated coffeeheaven Shares, the Form of Acceptance, which will together contain the full terms and conditions of the Offer, including details of how to accept the Offer. Any acceptance or other response to the Offer should be made only on the basis of the information contained in the Offer Document and, in the case of certificated coffeeheaven Shares, the Form of Acceptance.

Overseas Shareholders

The distribution of this announcement in jurisdictions other than the United Kingdom or the United States may be restricted by the laws of those jurisdictions and therefore persons into whose possession this announcement comes should inform themselves about, and observe any such restrictions. Failure to comply with any such restrictions may constitute a violation of the securities laws of any such jurisdiction.

Unless otherwise determined by Costa, the Offer is not being, and will not be, made, directly or indirectly, in or into or by the use of the mails of, or by any other means or instrumentality (including, without limitation, electronic mail, facsimile transmission, telex, telephone, internet or other forms of electronic communication) of interstate or foreign commerce of, or any facility of a national securities exchange of Canada, Australia or Japan or any jurisdiction in relation to which the extension or acceptance of the Offer to such jurisdiction would violate the laws of such jurisdiction, or where local laws or regulation may result in a significant risk of civil, regulatory or criminal exposure if information on the Offer is sent or made available to coffeeheaven Shareholders in that jurisdiction (each a "Restricted Jurisdiction") and is not and will not be capable of acceptance by any such use, means or facility or from within any such Restricted Jurisdiction. Accordingly, unless otherwise determined by Costa, copies of this announcement and any other documentation relating to the Offer are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from any Restricted Jurisdiction and persons receiving such documents (including custodians, nominees and trustees) must not mail or otherwise forward, distribute or send any such documents in or into or from any such Restricted Jurisdiction, as doing so may invalidate any purported acceptance of the Offer. Any person (including, without limitation, custodians, nominees and trustees) who would, or otherwise intends to, or who may have a contractual or legal obligation to, forward this announcement and/or any other related document to any jurisdiction outside the United Kingdom or the United States should inform themselves of, and observe, any applicable legal or regulatory requirements of any relevant jurisdiction. Neither the SEC nor any US state securities commission has approved or disapproved the Offer or passed upon the adequacy or completeness of this announcement or any other documentation relating to the Offer (including, without limitation, the Offer Document or the Form of Acceptance). Any representation to the contrary is a criminal offence.

It is the responsibility of each coffeeheaven Shareholder (or nominee of, or custodian or trustee for coffeeheaven Shareholder) who is resident in or is a national or citizen of jurisdictions outside of the United Kingdom and the United States (each an "Overseas Shareholder") to inform himself, herself or itself about and observe any applicable legal requirements. No Overseas Shareholder receiving a copy of this announcement and/or any other documentation relating to the Offer in a Restricted Jurisdiction may treat the same as constituting an invitation or offer to him and in such circumstances, this announcement and/or any other documentation relating to the Offer are sent for information only. It is the responsibility of any Overseas Shareholder receiving a copy of this announcement and/or any other documentation relating to the Offer in any jurisdiction outside the United Kingdom and the United States who wishes to accept the Offer to satisfy himself as to the full observance of the laws and regulatory requirements of that jurisdiction in connection with the Offer, including obtaining any governmental, exchange control or other consents which may be required, and compliance with any other necessary formalities which need to be observed and the payment of any transfer or other taxes or duties that may be or become due under the laws of such jurisdiction. Any such Overseas Shareholder will be responsible for any such transfer or other taxes or duties by whomsoever payable and Costa and Whitbread (and any person acting on behalf of Costa or Whitbread) shall be fully indemnified and held harmless by such Overseas Shareholder for any such transfer or other taxes or duties or other requisite payments as Costa or Whitbread (and any person acting on behalf of Costa or Whitbread) may be required to pay.

This announcement has been prepared for the purpose of complying with English law and the City Code and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside England, including those of the United States.

 

END

 

 

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