Business
Further re Offer for Investment in Heritage
Further re Offer for Investment in Heritage.
About this update from Artisanal Spirits Company Plc
[{"type":"text","content":"\n Artisan (UK) PLC\n25 November 1999\n\n\n\n Artisan (UK) plc\n \n Further Announcement re Recommended Offer\n for the Entire Issued Share Capital of\n Investment in Heritage Plc\n\nThe Boards of Artisan (UK) plc ('Artisan') and Investment in\nHeritage Plc ('IIH') announced on 24 November that they have\nagreed the terms of a recommended Offer for IIH to be made by\nArtisan.\n\nThe consideration for IIH will be satisfied by the issue of\n9,000,000 ordinary shares in Artisan. Pursuant to the\nconversion terms of the A Ordinary Shares in IIH as set out\nin the articles, the exact terms of the Offer cannot be\ndetermined until the day on which the Offer becomes\nunconditional and will be determinable based on the mid\nmarket price of Artisan shares at that time.\n\nThe A Ordinary Shares are the founder shares in IIH and as\nsuch the conversion terms attaching to such shares are that\non a realisation, the A Shareholders will receive 35% of any\namount by which the realisation value of IIH exceeds £1.54\nper share.\n\nAt a mid market price for Artisan Shares of 15p, the\n9,000,000 consideration shares would, after conversion of\nthe A Ordinary Shares, equate to a value per IIH Ordinary\nShares of £1.75.\n\nBelow is a table of different market values of Artisan Shares\nand the estimated corresponding value per share to IIH\nOrdinary Shareholders.\n\n\nMarket Value of Artisan Value per IIH Ordinary Share\n Ordinary Shares after\n conversion of the A Ordinary\n Shares\n 11p £1.54\n 12p £1.60\n 13p £1.65\n 14p £1.70\n 15p £1.75\n 16p £1.80\n\n\nThe Directors of Artisan accept responsibility for the\ninformation contained in this announcement and to the best of\ntheir knowledge and belief (having taken all reasonable care\nto ensure that such is the case), the information contained\nin this announcement is in accordance with the facts and does\nnot omit anything likely to affect the import of such\ninformation.\n\nEnquiries:\n\nArtisan (UK) plc 01480 436666\nStephen Dean, Chairman Mobile 0385 938 782\n\nBoswell City Financial PR Ltd. 0171 583 2001\nGlenda Boswell Mobile 0468 235 735\n\nSeymour Pierce Ltd. 0171 648 8700\nSarah Wharry\n\n\n\n \n ","length":2750,"tagName":"div"}]