Druid Group PLC
21 February 2000
Not for release, distribution or publication in the USA, Canada, Australia or
Recommended Offer for Druid Group PLC ('Druid') by F.I.GROUP PLC ('FI')
Offer declared unconditional as to acceptances
The Board of F.I.GROUP ('FI') announces that by 3.00 p.m. on Friday 18
February 2000, being the First Closing Date of the Offer, valid acceptances
of the Offer had been received in respect of 20,363,433 Druid Shares,
representing approximately 86.24 per cent. of the issued ordinary share
capital of Druid. The Offer has therefore been declared unconditional as to
acceptances. The Offer will remain open until further notice. Druid
Shareholders who have not yet accepted the Offer are urged to do so without
Prior to the Offer period, FI held no shares in Druid. FI received
irrevocable undertakings undertakings from the directors of Druid who own
Druid shares and a member of Druid's senior management to accept the Offer in
respect of 2,459,400 Druid Shares, representing approximately 10.5 per cent.
of Druid's issued ordinary share capital. With the exception of 10,659 Druid
Shares, valid acceptances in respect of all these shares have been received
and are included in the acceptances referred to above.
Save as disclosed above, neither FI nor any person acting, or deemed to be
acting, in concert with FI held any Druid Shares or rights over Druid Shares
prior to the Offer period and neither FI nor any person acting, or deemed to
be acting, in concert with FI has acquired or agreed to acquire any Druid
Shares or rights over Druid Shares since the Offer period commenced (other
than pursuant to acceptances of the Offer).
Application for listing of new FI Shares has been made to the London Stock
Exchange Listing Applications department.
Terms defined in the Offer Document dated 28 January 2000 have the same
meaning in this announcement save where the context requires otherwise.
Hilary Cropper, Chairman 01442 233 339
Jo Connell, Group Managing Director
Geoffrey Dunn, Group Finance Director
Robert Swannell 0207 658 6000
Warburg Dillon Read
Simon Hardy 0207 567 8000
Schroders is regulated by The Securities and Futures Authority Limited in the
UK, is acting for FI and no one else in connection with the Offer and will
not be responsible to anyone other than FI for providing the protections
afforded to the customers of Schroders or for providing advice in relation to
Warburg Dillon Read, the investment banking division of UBS AG, is regulated
in the UK by The Securities and Futures Authority Limited, is acting for FI
and Druid but no one else in connection with the Offer and will not be
responsible to anyone other than FI and Druid for providing the protections
afforded to the customers of Warburg Dillon Read or for providing advice in
relation to the Offer.