ITE Group PLC
6 November 2000
For Immediate Release
6 November 2000
ITE Group Plc ('ITE' or 'the Company')
Result of EGM and Open Offer
On 11 October 2000, ITE announced a proposed subscription by VS & A
Communications, a private affiliate of Veronis Suhler, ('the Subscription')
and a placing and open offer of 13,834,922 new Ordinary Shares of 1p each
('new Ordinary Shares') at an issue price of 70p each ('Issue Price') on the
basis of 1 new Ordinary Share for every 14 existing Ordinary Shares held at
the close of business on 9 October 2000 ('Placing and Open Offer').
At the Extraordinary General Meeting of the Company held earlier today, the
resolutions put to shareholders in relation to the Subscription, the Placing
and Open Offer and the amendments to the articles of association were duly
passed. It is expected that admission to the Official List of the new
Ordinary Shares in ITE will take place on 10 November 2000.
The Company announces that the Open Offer closed at 3.00pm on 3 November 2000
and that valid applications had been received at that time for 7,092,717 new
Ordinary Shares (including those received pursuant to irrevocable undertakings
given by Lawrie Lewis and Ceyda Erem to take up, in aggregate 3,462,811 new
Ordinary Shares), representing 51.27 per cent. of the new Ordinary Shares
available under the Open Offer.
Of the remaining 6,742,205 new Ordinary Shares not taken up by qualifying
shareholders under the Open Offer, all save 1,682,604 were conditionally
placed by Investec Henderson Crosthwaite with existing shareholders.
Therefore, existing shareholders of the Company have taken up 87.84 per cent.
of the new Ordinary Shares available under the Placing and Open Offer.
Lawrie Lewis, Chief Executive of ITE, commented:
'We are delighted with the level of support the Company has received from both
existing and new investors.'
For further information, please contact:
ITE Group plc 020 7596 5000
Lawrie Lewis, Chairman
Ian Tomkins, Finance Director
Veronis, Suhler International Limited 020 7484 1400
Nigel Stapleton, Chairman
Christopher Russell, Director
Buchanan Communications 020 7466 5000
Richard Oldworth / Isabel Petre
Investec Henderson Crosthwaite 020 7597 5970
Jagjit Mundi, Co-head of Corporate Finance