Proposed Offer

Guinness Peat Group PLC 6 April 2000 GUINNESS PEAT GROUP PLC BRICKWORKS LIMITED (AUSTRALIA) Guinness Peat Group plc ('GPG') and its subsidiary companies announce that they intend to make a takeover offer for Brickworks Limited ('Brickworks') ('the proposed offer'). GPC currently holds 1,335,649 ordinary shares in Brickworks representing 10.14 % of the issued capital. Brickworks owns 42.9% of the issued share capital in Washington H Soul Pattinson & Co. Limited ('Soul Pattinson'), an Australian listed company. The consideration for the proposed offer would be on the basis of 4 Soul Pattinson shares (which will be sourced from Brickworks itself) plus A$100 cash for every 5 shares in Brickworks. The proposed offer would value Brickworks at A$632 million (£241 million). The value of the net assets attributable to Brickworks were A$446m (£170 million) in the year to 30 June 1999 and the profits were A$38.7 million (£14.8 million). Brickworks is the market leader in the brick industry in New South Wales and a substantial player in the South East Queensland market with its position recently enhanced by the acquisition of Pioneer International Ltd's Queensland brick business. Brickworks also has significant land holdings located in both Sydney and Brisbane and a sizeable investment portfolio. GPG is a strategic investment company. It is expected that a successful outcome to the proposed offer (which, when made, would be subject to various conditions including approval by GPG's shareholders) would enhance GPG's growth prospects. J R Russell Company Secretary


Coats Group (COA)
UK 100

Latest directors dealings