Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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Wednesday 31 August, 2005

ODL Securities

Offer Lapsed

ODL Securities
31 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.


                                 31 August 2005

                                   CASH OFFER


                   ODL Securities Limited ('ODL Securities')

                                  on behalf of

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


                     UK Select Trust Limited ('UK Select')


ODL Securities, on behalf of Elm Grove, announces that, as at 3.00pm on Tuesday,
30 August 2005, being the extended closing date of the Offer, valid acceptances
of the Offer had been received in respect of 5,178,530 UK Select Shares
(representing approximately 19.7 per cent. of the UK Select Shares to which the
Offer relates and approximately 13.6 per cent. of the issued share capital of UK

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, 17,131,478 UK Select Shares (representing approximately 45 per cent.
of the issued share capital of UK Select and 19.7 per cent. of the UK Select
Shares to which the Offer relates).  As the acceptance condition to which the
Offer is subject has not been satisfied, and for the reasons set out below, Elm
Grove has decided to let the Offer lapse.

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 ordinary 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.

In response to the Offer from Elm Grove, UK Select published a circular to UK
Select Shareholders dated 4 August 2004 (the 'Circular').  In the Circular, the
Board of UK Select (the 'Board') acknowledged that the Offer provided a fair
value to UK Select Shareholders wishing to exit UK Select for cash.  However the
Board urged UK Select Shareholders not to accept the Offer in the light of
proposals it was putting forward.  These proposals consist of:

•           continuing their investment in UK Select; and/or

•           tendering some or all of their UK Select Shares at 99 per cent. of
'Tender FAV' in a tender offer to be made by UK Select for up to 50 per cent. of
the UK Select Shares in issue (the 'Tender Proposal').

The Board explicitly states in the Circular that in the light of indications
received from SWIP (who will not tender 6,300,000 UK Select Shares which it
manages) and recent continuation votes, it is reasonable to assume that, in the
absence of a change in circumstances, the holders of less than half of the UK
Select Shares would wish to exit for cash.  Accordingly, elections for the
Tender Proposal should be satisfied in full or substantially so.

Elm Grove welcomes the proposals being forward by the Board and, in the light of
these proposals, has decided to let the Offer lapse by virtue of the fact that
the acceptance condition to which the Offer is subject has not been satisfied.

Millennium Partners looks forward to working with the Board in terms of
formulating the Tender Proposal and particularly framing the definition of
'Tender FAV' to ensure that this is fair to UK Select Shareholders who wish to
exit as well as those that wish to continue their investment.

Robert Knapp of Elm Grove and Millennium said:

'I believe that our decision to make the Offer has proven beneficial to all
Shareholders.  The Board has now agreed to implement proposals that we hope will
allow those investors who wish to exit an opportunity to do so at a value closer
to NAV that the shares have traded for some considerable time and without
dealing costs. For ongoing Shareholders, a more stable and supportive register
will result.  I look forward to what I hope will be a constructive dialogue with
the Board in terms of framing these proposals.'

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


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

As set out in the Offer Document (i) in the case of UK Select Shares held in
Uncertificated Form, the Escrow Agent will give TFE Instructions to CRESTCo to
transfer all UK Select held in escrow balances and in relation to which it is
the Escrow Agent for the purposes of the Offer to the original available
balances of the UK Select Shareholders concerned and (ii) in the case of UK
Select Shares in Certificated Form, the relevant Form of Acceptance, share
certificate(s) and/or other document(s) of title will be returned by post within
14 days to the person or agent whose name and address is set out in Box 3, or if
appropriate, Box 6 of the Form of Acceptance or, if none is set out, to the
first named holder at his registered address.

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 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.

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                      

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