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Euromoney Ins.InvPLC (ERM)

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Friday 22 September, 2006

Euromoney Ins.InvPLC

Offer update and extension

Euromoney Institutional Investor PLC
21 September 2006


     NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA,
                     CANADA, JAPAN OR THE UNITED STATES

22 September 2006

For immediate release

                       Recommended cash offer
        by Euromoney Institutional Investor PLC ('Euromoney')
               on behalf of its wholly owned subsidiary,
          Euromoney Institutional Investor (Ventures) Limited,
     for Metal Bulletin Public Limited Company ('Metal Bulletin')

Offer update and extension

On 4 August 2006, Euromoney announced the terms of a recommended cash offer to 
acquire the entire issued and to be issued ordinary share capital of Metal 
Bulletin ('the Offer'). The Offer Document setting out the full terms of the 
Offer was posted to Metal Bulletin Shareholders on 31 August 2006. Terms defined
in the Offer Document have the same meaning in this announcement.

Level of acceptances and ownership

The Board of Euromoney announces that as at 1.00 p.m. on 21 September 2006,
being the first closing date of the Offer, Euromoney had received valid 
acceptances of the Offer in respect of a total of 40,344,916 Metal Bulletin 
Shares, representing approximately 72.92 per cent. of the existing issued 
ordinary share capital of Metal Bulletin.

As disclosed in the Offer Document and the announcements on 4 and 7 August 2006,
Euromoney is also the beneficial owner of 4,931,595 Metal Bulletin Shares, 
representing approximately 8.91 per cent. of the existing issued ordinary share
capital of Metal Bulletin.

Accordingly, Euromoney is the beneficial owner or has received valid acceptances 
in respect of 45,276,511 Metal Bulletin Shares, representing approximately 81.84
per cent. of the existing issued ordinary share capital of Metal Bulletin.

Save as disclosed in either this announcement or in the Offer Document, neither 
Euromoney nor any person acting in concert with Euromoney, is interested in or 
has any rights to subscribe for, any Metal Bulletin Shares nor does any such 
person have any short position or any arrangement in relation to Metal Bulletin 
Shares.  For these purposes, 'arrangement' includes any agreement to sell or any
delivery obligation or right to require another person to purchase or take 
delivery of Metal Bulletin Shares and any borrowing or lending of Metal Bulletin
Shares that have not been on-lent or sold.

As set out in the Offer Document, the Euromoney Board received irrevocable 
undertakings and non-binding letters of intent to accept or procure acceptance 
of the Offer in respect of a total of 17,151,099 Metal Bulletin Shares, 
representing approximately 31.00 per cent. of the existing issued ordinary share
capital of Metal Bulletin. Valid acceptances have been received in respect of 
10,644,923 Metal Bulletin Shares, representing approximately 19.24 per cent. of 
the issued ordinary share capital of Metal Bulletin, that were subject to these
irrevocable undertakings and non-binding letters of intent. Acceptances in 
respect of 451,695 Metal Bulletin Shares representing 0.82 per cent. of the 
existing issued ordinary share capital of Metal Bulletin that were subject to 
irrevocable undertakings or non-binding letters of intent have not been 
identified from the total acceptances. There is an outstanding letter of intent 
from M&G Investment Management Limited in respect of 3,240,631 Metal Bulletin 
Shares, representing 5.86 per cent. of the existing issued ordinary share 
capital of Metal Bulletin. In addition, as per their disclosure on 19 September 
2006, AEGON Asset Management UK has sold all 2,813,850 Metal Bulletin Shares 
representing approximately 5.09 per cent. of the existing issued ordinary share
capital of Metal Bulletin which were previously subject to a non-binding letter
of intent.

Extension of the Offer

The Euromoney Board announces that the Offer, which remains subject to the
terms and conditions set out in the Offer Document (including acceptances being
received in respect of not less than 90 per cent., or such lower percentage, 
carrying in aggregate more than 50 per cent. of the voting rights in Metal 
Bulletin, as Euromoney may decide, in nominal value of the Metal Bulletin Shares
to which the Offer relates) has been extended and will remain open for 
acceptance until 1.00 p.m. on the next closing date, which will be on 5
October 2006. The loan note and partial share alternative have also been 
extended and will remain open for acceptance until 1.00 p.m. on the next closing 
date, which will be on 5 October 2006.

To accept the Offer

To accept the Offer in respect of Metal Bulletin Shares held in certificated 
form, the Form of Acceptance should be completed, signed and returned in 
accordance with the instructions set out in the Offer Document and on the Form 
of Acceptance as soon as possible, and in any event so as to be received by 
Capita Registrars, Corporate Actions, The Registry, 34 Beckenham Road, Beckenham,
Kent BR3 4TU by no later than 1.00p.m. (London Time) on 5 October 2006. 
Additional Forms of Acceptance are available from Capita Registrars on 
0870 162 3121 or, if calling from outside the United Kingdom,
on +44 20 8639 2157.

To accept the Offer in respect of Metal Bulletin Shares held in uncertificated 
form (that is, in CREST), Metal Bulletin Shareholders should follow the
procedure set out in paragraph 15(b)of the letter from Euromoney contained in 
Part II of the Offer Document so that their electronic acceptance settles 
through CREST no later than 1.00 p.m. (London Time) on 5 October 2006.

Enquiries:

Euromoney

Padraic Fallon (Chairman)
Richard Ensor (Managing Director)
Colin Jones (Finance Director)
Christopher Fordham (Executive Director)

Tel:       +44 (0)20 7779 8888

Dresdner Kleinwort (financial adviser and broker to Euromoney)

Chris Treneman
Claude Herskovits
Joe Thompson

Tel:       +44 (0)20 7623 8000

Tulchan Communications (PR adviser to Euromoney)

Andrew Honnor
Peter Hewer

Tel:       +44 (0)20 7353 4200

Dresdner Kleinwort Limited, which is regulated and authorised in the United 
Kingdom by the Financial Services Authority, is acting exclusively for Euromoney
in connection with the Offer and no-one else and will not be responsible to 
anyone other than Euromoney for providing the protections afforded to clients of
Dresdner Kleinwort Limited or for providing advice in relation to the Offer.

This announcement does not constitute an offer to sell or an invitation to 
purchase any securities, nor shall there be any sale, issue or transfer of the 
securities referred to in this announcement in any jurisdiction in contravention
of applicable law.  Any acceptance or other response to the Offer Document 
should be made only on the basis of the information contained in the Offer 
Document.






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