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.


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We store and use information you provide as follows:

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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.

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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.


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Wednesday 28 June, 2006


Statement re Press Speculation

                          AUSTRALIA, CANADA OR JAPAN                           

                                 EMI GROUP plc                                 

Following this morning's press speculation, EMI Group plc (EMI) is providing
the following update to the market:

  * Since EMI's approach, announced on 3 May 2006, to acquire Warner Music
    Group Corp. (Warner Music), EMI has been continuing actively to explore the
    potential acquisition of Warner Music, including in discussions with Warner
    Music and certain of its shareholders.
  * On 14 June 2006, EMI received an initial unsolicited alternative proposal
    from Warner Music to acquire all of the share capital of EMI for 315 pence
    per share in cash.  The Board of EMI considered this proposal from Warner
    Music to be wholly unacceptable and unanimously rejected it.
  * Thereafter, on 23 June 2006, EMI made a revised proposal to Warner Music
    for EMI to acquire all of the outstanding shares of Warner Music for $31
    per share in cash.  EMI envisages that the proposal would be funded by debt
    finance and a rights issue, both of which would be fully underwritten, and
    the disposal of certain music publishing assets. The proposal is
    pre-conditional on a number of matters, including due diligence.  The Board
    of EMI believes an offer at this level is fully supported by synergy
    benefits available from the combination and that a transaction at this
    offer level would therefore deliver compelling value and earnings accretion
    to EMI's shareholders.
  * Subsequently, on the evening of 27 June 2006, Warner Music informed EMI of
    its rejection of EMI's revised proposal, and submitted to EMI a revised
    pre-conditional alternative proposal to acquire EMI at 320 pence per share,
    in cash. The Warner Music revised alternative proposal is non-binding and
    is pre-conditional, inter alia, on due diligence and a unanimous
    recommendation of the Board of EMI.
  * The Board of EMI has unanimously rejected the revised alternative proposal
    from Warner Music at 320 pence per share, and considers it to be wholly
    unacceptable, having regard to EMI's prospects, the potential synergy
    benefits of a combination of the two companies and the range of strategic
    options available to EMI.
The Board of EMI continues to believe that an acquisition of Warner Music by
EMI at $31 per share in cash would be very attractive to both sets of
shareholders and would deliver value to EMI's shareholders which is far
superior to Warner Music's revised alternative proposal.  The Board of EMI is
committed to pursuing such a transaction only if it delivers enhanced value and
earnings accretion to EMI shareholders.

EMI will make further announcements as appropriate.

The Directors of EMI accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the Directors
(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.

Warner Music has not approved the making of this announcement. There can be no
certainty that an offer for EMI by Warner Music will be made or as to the terms
on which any offer might be made.

Further information on the Warner Music Group Corporation can be found at and on


EMI Group plc

Amanda Conroy         Corporate Communications    +44 20 7795 7529           
Susie Bell            Investor Relations          +44 20 7795 7971           
Sonia Shah            Investor Relations          +44 20 7795 7625           

Brunswick Group LLP

Patrick Handley                                   +44 20 7404 5959           

Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the
Code), if any person is, or becomes, "interested" (directly or indirectly) in 1
per cent. or more of any class of "relevant securities" of EMI, all "dealings "
in any "relevant securities" of EMI (including by means of an option in respect
of, or a derivative referenced to, any such "relevant securities") must be
publicly disclosed by no later than 3.30p.m. (London time) on the London
business day following the date of the relevant transaction. This requirement
will continue until the date on which any offer becomes, or is declared,
unconditional as to acceptances, lapses or is otherwise withdrawn or on which
the "offer period" otherwise ends. If two or more persons act together pursuant
to an agreement or understanding, whether formal or informal, to acquire an
"interest" in "relevant securities"  of EMI, they will be deemed to be a single
person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant
securities" of EMI by Warner Music or EMI, or by any of their respective
"associates ", must be disclosed by no later than 12.00 noon (London time) on
the London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose "relevant
securities" "dealings" should be disclosed, and the number of such securities
in issue, can be found on the Takeover Panel's website at

"Interests in securities" arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an "interest" by
virtue of the ownership or control of securities, or by virtue of any option in
respect of or derivative referenced to, securities.

Terms in quotation marks are defined in the Code, which can also be found on
the Takeover Panel's website. If you are in any doubt as to whether or not you
are required to disclose a "dealing" under Rule 8, you should consult the
Takeover Panel.

                                   - Ends -

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