Tandem Group PLC
22 September 2000
Tandem Group plc
Results of EGM and Open Offer
Cancellation of the Company's listing on the Official List
and
admission of the enlarged issued share capital to trading on AIM
At the EGM of Tandem Group plc ('the Company') held today, shareholders voted
in favour of the resolution set out in the prospectus of the Company dated 29
August 2000 ('the Prospectus').
As a consequence, the directors of the Company have the necessary shareholder
authorities to complete the acquisitions of Pot Black (UK) Limited ('Pot
Black') and Two Wheel Trading Company Limited ('Two Wheel Trading'), and
placing and open offer as described in the Prospectus, which were announced
first on 29 August 2000.
The resolution passed at the EGM also facilitated the Placing of 80,000,000
new ordinary shares at 5p each of which 20,425,062 were available under the
Open Offer. Under the Open Offer, which closed on 21 September 2000,
14,942,664 new ordinary shares were applied for by eligible shareholders.
It is expected that these shares together with 10,482,180 new ordinary shares
to be allotted to the vendors of Two Wheel Trading, 2,748,963 new ordinary
shares to be allotted to the vendors of Pot Black and 5,265,628 new ordinary
shares to be allotted to DG Bank Deutsche Genossenschaftsbank AG on the terms
summarised in the Prospectus will be provisionally allotted on 25 September
2000.
The Company's listing on the Official List is expected to be cancelled with
effect from the commencement of trading on 26 September 2000 and it is
expected that dealings will commence in respect of 187,390,937 ordinary shares
on AIM on 27 September 2000 and in respect of 13,231,143 ordinary shares
(being the aggregate of the new ordinary shares to be issued as consideration
for the acquisitions of Pot Black and Two Wheel Trading) on AIM on 28
September 2000. There will be no trading in the Company's shares on any
recognised investment exchange on 26 September 2000.
Enquiries:
Mervyn Keene, Finance Director, Tandem Group 01733 211 399
Adam Hart, Peel Hunt plc 020 7418 8900
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