AGM, EGM and Offer Results
Sondex PLC
23 June 2004
Sondex Plc
"Sondex" or the "Company"
Results of AGM, EGM and of Placing and Open Offer
On 26 May 2004, Sondex announced the proposed acquisition of Geolink
International Limited and a Placing and Open Offer by Collins Stewart of
13,118,029 Open Offer Shares at 160 pence per share to raise approximately £18.2
million (net of expenses). The Placing and Open Offer has been underwritten by
Collins Stewart (save in respect of the Committed Shares).
At Sondex's Annual General Meeting held today all the resolutions put to
Shareholders were duly passed. At the Extraordinary General Meeting of Sondex,
which took place immediately following the Annual General Meeting, the
Resolutions put to Shareholders relating to, inter alia, the Acquisition and the
Placing and Open Offer were duly passed.
Of the 13,118,029 Open Offer Shares, entitlements to 2,064,718 Open Offer Shares
that certain of the Directors irrevocably undertook not to take up were
conditionally placed firm with institutional and other investors by Collins
Stewart. Of the remaining 11,053,311 Open Offer Shares available for take up
under the Open Offer, valid applications have been received for 10,326,377 Open
Offer Shares (including applications from certain of the Directors for, in
aggregate, 25,624 Open Offer Shares in respect of their entitlements which they
irrevocably undertook to take up), representing approximately 78.7 per cent. of
the Open Offer Shares offered under the Open Offer and 93.4 per cent. of the
11,053,311 Open Offer Shares available for take up under the Open Offer. Those
Open Offer Shares available for take up under the Open Offer which have not been
taken up, being 726,934 Open Offer Shares (including fractional entitlements to
Open Offer Shares), will be subscribed for by institutional and other investors
pursuant to the Placing.
The Placing and Open Offer remains conditional upon admission of the New
Ordinary Shares to the Official List and to trading on the London Stock
Exchange's market for listed securities becoming effective, which is expected to
occur on 28 June 2004.
Commenting on the result of the Open Offer, Martin Perry, Chief Executive of
Sondex said:
"The acquisition of Geolink represents a major step forward for Sondex and
further enhances our position as a leading supplier of downhole technology for
the oil and gas industry. We are delighted with the level of support that we
have received from both our existing shareholders and our new investors and feel
that this is an endorsement of our continuing strategy to bring together a
platform of technology for the oil and gas industry."
The prospectus despatched to Shareholders on 26 May 2004 has been submitted to
the UK Listing Authority and is available for inspection at the UK Listing
Authority's Document Viewing Facility.
Certain terms used in this announcement are defined in the prospectus despatched
to Shareholders on 26 May 2004.
23 June 2004
Enquiries:
Sondex plc
Martin Perry, Chief Executive +44 (0) 118 932 6755
Chris Wilks, Finance Director +44 (0) 118 932 6755
Collins Stewart Limited
Nick Ellis +44 (0) 7523 8350
Mark Connelly +44 (0) 7523 8350
College Hill
James Henderson 020 7457 2020
Nick Elwes 020 7457 2020
The directors of Sondex accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the directors of
Sondex (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 affect the import of such information.
Collins Stewart Limited, which is authorised and regulated in the United Kingdom
by the Financial Services Authority, is acting exclusively for Sondex and no one
else in connection with the Acquisition and the Placing and Open Offer and will
not be responsible to anyone other than Sondex for providing the protections
afforded to its customers or for providing advice in relation to the contents of
this announcement or any transaction or arrangement referred to herein.
The New Ordinary Shares to be issued in connection with the Placing and Open
Offer and the Acquisition have not been nor will they be registered under the
United States Securities Act of 1933 (as amended) or under the securities laws
of any state of the United States, any possession or territory of Canada, Japan,
Australia, the Republic of Ireland or South Africa.
The information contained in this announcement is not for publication or
distribution to persons in the United States, Canada, Japan, Australia, the
Republic of Ireland or South Africa.
This information is provided by RNS
The company news service from the London Stock Exchange
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