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Wednesday 17 August, 2005

Elm Grove (Caymans)

Offer Update

Elm Grove (Caymans) Limited
17 August 2005



Not for release, publication or distribution, in whole or in part, in or into
the United States, Canada, Japan or Australia or any other jurisdiction where to
do so would constitute a violation of the relevant laws of such jurisdiction.

         EMBARGOED FOR RELEASE UNTIL 7.30 AM ON 17 AUGUST 2005

                           17 August 2005                                       
             
                            CASH OFFER

                                 by 

              ODL Securities Limited ('ODL Securities')

                            on behalf of 

               Elm Grove (Caymans), Ltd ('Elm Grove')

                              for 

                    UK Select Trust Limited ('UK Select')

         EXTENSION OF OFFER AND ANNOUNCEMENT OF LEVEL OF ACCEPTANCES

ODL Securities, on behalf of Elm Grove, announces that, as at 3.00 pm on
Tuesday, 16 August 2005, being the first closing date of the Offer, valid
acceptances of the Offer had been received in respect of 4,353,127 UK Select
Shares (representing approximately 16.6 percent, of the UK Select Shares to
which the Offer relates and approximately 11.4 per cent, of the issued share
capital of UK Select).

In total, therefore, Elm Grove and/or Millennium Partners now either own or
control, or Elm Grove has received valid acceptances in respect of, in
aggregate, 16,306,075 UK Select Shares (representing approximately 42.8 percent,
of the issued share capital of UK Select).

The Offer has been extended and will remain open for acceptance until 3pm on
Tuesday, 23 August 2005.

UK Select Shareholders who hold UK Select Shares in certificated form who have
not yet accepted the Offer are reminded to complete and return their Form of
Acceptance as soon as possible in accordance with the instructions set out in
the Offer Document and in the Form of Acceptance. UK Select Shareholders who
hold UK Select Shares in uncertificated form and who have not yet accepted the
Offer are reminded to take the necessary steps through CREST as soon as
possible.

If the Offer becomes, or is declared, unconditional in all respects and subject
to any applicable requirements of the UKLA, Elm Grove intends to procure an
application by UK Select to the UKLA for the cancellation of the listing of UK
Select Shares on the Official List and to the London Stock Exchange for the
cancellation of admission to trading of UK Select Shares on its main market for
listed securities.

No acceptances of the Offer have been received from persons acting in concert
with Elm Grove and neither Elm Grove nor any person acting in concert with Elm
Grove held any UK Select Shares or rights over; such shares prior to
commencement of the Offer Period (other than the 11,952,948 UK Select Shares
owned by Millennium Partners, representing approximately 31.4 per cent, of the
issued share capital of UK Select, as specified in the Offer Document) and nor
have they acquired or agreed to acquire any UK Select Shares, or rights over
such shares, during the Offer Period.

The Offer remains subject to the terms and conditions set out in the Offer
Document.

The definitions of certain capitalised expressions used in this announcement are
contained in the Offer Document posted to UK Select Shareholders on 26 July
2005.



Enquiries:

Elm Grove (Caymans), Ltd.     Robert Knapp     +1 212 841 4200

ODL Securities, which is regulated and authorised in the United Kingdom by the
Financial Services Authority, is acting only for Elm Grove and no one else in
connection with the Offer and will not regard any other person as its client or
be responsible to any person other than Elm Grove for providing the protections
afforded to clients of ODL Securities, or for providing advice in relation to
the Offer or the contents of this announcement.

The law of certain jurisdictions may affect the availability of the Offer to
persons not resident in the United Kingdom. Persons who are not resident in the
United Kingdom, or who are subject to the laws of any jurisdictions other than
the United Kingdom, should inform themselves about, and observe, any applicable
requirements. Further details in relation to overseas UK Select Shareholders are
contained in the Offer Document.

This announcement does not constitute, or form part of, any offer, or
solicitation of any offer, for securities. Any acceptance or other response to
the Offer should only be made on the basis of the information contained in the
Offer Document which Elm Grove despatched to UK Select Shareholders on 26 July
2005.

The Offer will not be made, directly or indirectly, in or into, or by the use of
the mails of, or by any means of instrumentality (including, but not limited to,
facsimile, email, telex or other electronic transmission or telephone) of
interstate or foreign commerce of, or of any facility of a national, state or
other securities exchange of, the United States, Canada, Australia or Japan and
the Offer is not capable of acceptance by any such use, means, instrumentality,
facility or otherwise from within the United States, Canada, Australia or
otherwise sent, forwarded or distributed into, in or from the United States,
Canada, Australia or Japan, including to UK Select Shareholders with registered
addresses in the United States, Canada, Australia or Japan or to persons whom
Elm Grove or ODL Securities know to be custodians, nominees or trustees holding
UK Select Shares for persons with registered addresses in the United States,
Canada, Australia or Japan. Persons receiving or accessing a copy of this
announcement (including, without limitation, custodians, nominees and trustees)
should not send, forward or distribute it into, in or from the United States, or
facility for any purpose, directly or indirectly, in connection with the Offer
and so doing may invalidate any acceptance of the Offer.

The directors of Elm Grove accept responsibility for the information contained
in this announcement, save that the only responsibility they accept in respect
of the information relating to or involving the issued share capital of UK
Select, which is based on the issued share capital of UK Select as at 7 July
2005 (being 38,123,640 ordinary shares of 10p each, such number being derived
from a confirmation received from UK Select), is to ensure that such information
has been correctly and fairly reproduced and presented. Save as aforesaid, to
the best of the knowledge and belief of the directors of Elm Grove (who have
taken all reasonable care to ensure that such is the case), the information
contained in this announcement is in accordance with the facts and does not omit
anything likely to effect the import of such information.

The Panel wishes to draw attention to certain UK dealing disclosure requirements
following the announcement of the Offer. The offer period is deemed to commence
at the time when an announcement is made of a proposed offer, with or without
terms.

Under the provisions of Rule 8.3 of the City Code any person who, alone or
acting together with any other person(s) pursuant to an agreement or
understanding (whether formal or informal) to acquire or control relevant
securities of UK Select owns or controls, or becomes the owner or controller,
directly or indirectly, of one per cent, or more of any class of securities of
UK Select is required to disclose, by not later than 12.00 noon (London time) on
the London business day following the date of the relevant transaction, dealings
in such securities of UK Select (or in any option in respect of, or derivative
referenced to, any such securities) during the period to the date on which the
Offer becomes or is declared unconditional as to acceptances or lapses or is
otherwise withdrawn.

Under the provisions of Rule 8.1 of the City Code, all dealings in relevant
securities of UK Select by Elm Grove or by any of their respective 'associates'
(within the meaning of the City Code) must also be disclosed.

If you are in any doubt as to the application of Rule 8 to you, please contact
an independent financial adviser authorised under the Financial Services and
Markets Act 2000, consult the Panel's website at www.thetakeoverpanel.org.uk or
contact the Panel on telephone number +44 20 7638 0129; fax +44 20 7236 7013.




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