Scottish Highland - Offer Wholly Unconditionl,etc
09 Septiembre 1999 - 2:30AM
UK Regulatory
RNS No 1795e
SCOTTISH HIGHLANDS HOTEL PLC
9 September 1999
PARAMOUNT HOTELS INVESTMENTS LIMITED ("PARAMOUNT HOTELS
INVESTMENTS") OFFER (THE "OFFER") FOR THE ENTIRE ISSUED AND
TO BE ISSUED SHARE CAPITAL OF SCOTTISH HIGHLAND HOTELS PLC
("SCOTTISH HIGHLAND") DECLARED WHOLLY UNCONDITIONAL
The Board of Paramount Hotels Investments, a company
controlled by Alchemy Partners, announces that the
Recommended Offer made by Apax Partners & Co. Capital
Limited on behalf of Paramount Hotels Investments for the
entire issued and to be issued ordinary share capital of
Scottish Highland has been declared wholly unconditional.
By 3.00pm London time on 8 September 1999, being the first
closing date of the Offer, Paramount Hotels Investments had
received valid acceptances from the holders of 17,732,876
Scottish Highland Shares (representing approximately 60.67
per cent. of the existing issued share capital of Scottish
Highland).
In addition, on 18 August 1999, Paramount Hotels Investments
acquired 8,738,663 Scottish Highland Shares representing
29.90 per cent. of the issued share capital of Scottish
Highland at 130p per share.
Accordingly, Paramount Hotels Investments now owns, or has
received acceptances in respect of in aggregate 26,471,539
Scottish Highland Shares representing 90.57 per cent. of the
issued share capital of Scottish Highland.
The total number of acceptances received included
acceptances in respect of 5,557,880 Scottish Highland Shares
(representing 19.02 per cent. of the issued share capital of
Scottish Highland) which were the subject of irrevocable
undertakings to accept the Offer.
The Offer will remain open for acceptance until further
notice. Terms defined in the original offer document dated
18 August 1999 have the same meaning in this announcement
unless the context requires otherwise.
Apax Partners, which is regulated by The Securities and
Futures Authority Limited, is acting for Paramount Hotels
and Paramount Hotels Investments and no one else in
connection with the Offer for Scottish Highland and will not
be responsible to anyone other than Paramount Hotels and
Paramount Hotels Investments for providing the protections
afforded to their customers or for providing advice in
relation to the Offer.
END
OFFBIGBCRBGCCCI
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