Prpsd Offer for Joe White Mlt

GUINESS PEAT GROUP PLC 10 September 1999 JOE WHITE MALTINGS LTD (AUSTRALIA) Guiness Peat Group plc ('GPG') and its subsidiary companies intend to make a cash takeover offer at A$3.25 per share for 50% of each member's fully paid ordinary shares in Joe White Maltings Ltd ('Joe White'), an Australia company ('the proposed offer'). This offer would value Joe White at A$67.2 million. GPG currently holds 3.1 million shares (15% of Joe White's issued capital) and proposes to make market purchases to increase this percentage to 19.9%. Assuming completion of the market purchases, a full acceptance of the proposed offer would result in GPG holding a total of approximately 60% of Joe White's issued capital. The value of the net assets attributable to Joe White were A$75.1 million in the year to 30 June 1999, and the profits were A$66,000. Joe White produces malt through company operated plants throughout Australia, selling it mainly to brewing companies, distillers and the food/beverage industry throughout the world. If successful, GPG intends to sell Joe White's business and distribute the proceeds to its shareholders.


Coats Group (COA)
UK 100

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