Artisan (UK) PLC
25 November 1999
Artisan (UK) plc
Further Announcement re Recommended Offer
for the Entire Issued Share Capital of
Investment in Heritage Plc
The Boards of Artisan (UK) plc ('Artisan') and Investment in
Heritage Plc ('IIH') announced on 24 November that they have
agreed the terms of a recommended Offer for IIH to be made by
Artisan.
The consideration for IIH will be satisfied by the issue of
9,000,000 ordinary shares in Artisan. Pursuant to the
conversion terms of the A Ordinary Shares in IIH as set out
in the articles, the exact terms of the Offer cannot be
determined until the day on which the Offer becomes
unconditional and will be determinable based on the mid
market price of Artisan shares at that time.
The A Ordinary Shares are the founder shares in IIH and as
such the conversion terms attaching to such shares are that
on a realisation, the A Shareholders will receive 35% of any
amount by which the realisation value of IIH exceeds £1.54
per share.
At a mid market price for Artisan Shares of 15p, the
9,000,000 consideration shares would, after conversion of
the A Ordinary Shares, equate to a value per IIH Ordinary
Shares of £1.75.
Below is a table of different market values of Artisan Shares
and the estimated corresponding value per share to IIH
Ordinary Shareholders.
Market Value of Artisan Value per IIH Ordinary Share
Ordinary Shares after
conversion of the A Ordinary
Shares
11p £1.54
12p £1.60
13p £1.65
14p £1.70
15p £1.75
16p £1.80
The Directors of Artisan accept responsibility for the
information contained in this announcement and to the best of
their knowledge and belief (having 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.
Enquiries:
Artisan (UK) plc 01480 436666
Stephen Dean, Chairman Mobile 0385 938 782
Boswell City Financial PR Ltd. 0171 583 2001
Glenda Boswell Mobile 0468 235 735
Seymour Pierce Ltd. 0171 648 8700
Sarah Wharry