Second Advance Value Realisation Co
24 June 2004
RESULT OF TENDER OFFER
The result of the Tender Offer made by Marshall Securities Limited, on behalf of
Company, which was announced on 2 June 2004 and approved by Shareholders on 23
June 2004, was as follows:
Valid tenders were received from Shareholders who held 9,949,447 Ordinary Shares
at the record date for the Tender Offer representing 99.63 per cent. of the
9,985,997 Ordinary Shares in issue.
The Tender Price is 203.66 p per Ordinary Share being equal to the Net Asset
Value (after expenses of the Tender Offer) at the close of business on 23 June
2004.
The Repurchase Monies available to finance purchases of Ordinary Shares pursuant
to the Tender Offer are £10 million, the maximum of the range announced on 2
June 2004.
The total number of Ordinary Shares to be bought back under the Tender Offer is
4,910,122, with a Basic Entitlement of approximately 49.17 per cent.
The small excess of 28,480 Ordinary Shares not tendered for under Basic
Entitlements will be allocated pro rata to those Shareholders who submitted
valid applications for excess tenders.
Following settlement of the Tender Offer, which is expected to be made on 29
June 2004, 5,075,875 Ordinary Shares will remain in issue.
The Company expects to announce its preliminary results for the period ended 31
March 2004 on 25 June 2004.
Chairman, Robert Norbury, said: 'We are pleased to have taken a further step in
returning cash generated from the successful realisation process to Shareholders
by purchasing Ordinary Shares at more than double the initial net asset value.'
24 June 2004
Enquiries:
Progressive Value Management Limited 020 7336 0865
Simon Toynbee / Robert Legget
Marshall Securities Limited 020 7490 3788
John Webb
This information is provided by RNS
The company news service from the London Stock Exchange