Internet Technology - Re Red Wave Shares
1999年11月6日 - 12:42AM
RNSを含む英国規制内ニュース (英語)
RNS Number:3832A
Internet Technology Group PLC
5 November 1999
Internet Technology Group ("ITG")
In paragraph 6 (entitled "The Red Wave Offer") of the explanatory
statement from ING Barings in the circular sent to ITG Shareholders and
Warrantholders dated 13th October 1999 ("Scheme Document"), ING Barings set
out its estimate of the value of a Red Wave Share, had Red Wave Shares been
in issue on 12th October 1999. The following is an updated estimate of the
value of a Red Wave Share provided pursuant to the requirements of the
Panel. Words and expressions which are defined in the Scheme Document shall
have the same meaning in this announcement.
ING Barings, in its capacity as advisor to ITG and based on the
assumptions set out below, has estimated a value of not less than 38.5p per
Red Wave Share had Red Wave Shares been in issue on 4th November 1999.
In providing this estimate of value, ING Barings:
a) has taken into account information provided by and the
commercial assessment of the Independent Directors of ITG in determining
a valuation for Global Wave;
b) is acting solely for ITG to fulfil its obligation under the
City Code; and
c) expresses no opinion on the Red Wave Shares as consideration
under the Scheme nor makes any recommendation as to whether ITG
Shareholders or Warrantholders should elect to invest their Additional
Cash Payment in Red Wave Shares.
The Red Wave Offer is being made solely by Red Wave and not by ITG or
Concentric. ITG Shareholders and Warrantholders are advised to seek their
own personal financial advice in relation to the Red Wave Offer from their
stockbroker, bank manager, solicitor, accountant or other independent
financial adviser duly authorised under the Financial Services Act 1986.
Assumptions:
The value of the Red Wave Shares is based upon the pro forma net
asset value of Red Wave and a share capital of Red Wave of 57,630,470
ordinary shares of 1p each. In determining the pro forma net asset value of
Red Wave the following assumptions, inter alia, have been made:
i) An exchange rate of US$1.6222 : GBP1, the rate prevailing at the
close of business on 4th November 1999, the last practicable date prior
to this announcement being made;
ii) A value of US$13.8125 per Wave Share, the closing market price
as derived from the Nasdaq National Market on 4th November 1999, the
last practicable date prior to this announcement being made;
iii) A value of GBP2.49 per Redstone Share, the closing market price
as derived from the Daily Official List of the London Stock Exchange
on 4th November 1999, the last practicable date prior to this
announcement being made (See note below);
iv) An amount of GBP3,687,179 in respect of the amount outstanding
owed to ITG by Global Wave, as advised by the Finance Director of
ITG; and
v) No provision for potential tax on the unrealised gain of the short
term investments, Redstone Shares and Wave Shares.
Note:
The value of GBP2.49 per Redstone Share is based on a nominal value
per Redstone Share of 5p. The value of GBP1.50 per Redstone Share referred
to in the Scheme Document is based on a nominal value of 10p per Redstone
Share.
Contact:
Graham Edgerton ING Barings 0171 767 1000
Dominic Wallis
END
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