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STN Setstone

0.00
0.00 (0.00%)
Last Updated: -
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Setstone LSE:STN London Ordinary Share GB0008528928 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Offer Update

17/07/2000 8:00am

UK Regulatory


RNS Number:9339N
Stentor PLC
17 July 2000


  NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE
              UNITED STATES OF AMERICA AND CANADA

   ENERGIS PLC, VIRIDIAN GROUP PLC, NEVADA TELE.COM LIMITED
                               
                    RECOMMENDED CASH OFFERS
                               
   BY DRESDNER KLEINWORT BENSON ON BEHALF OF NEVADA TELE.COM
                            LIMITED
                               
                        FOR STENTOR PLC


ORDINARY OFFER UNCONDITIONAL AS TO ACCEPTANCES

OFFERS EXTENDED UNTIL FURTHER NOTICE


The Board of nevada tele.com is pleased to announce that, as
at 3.00 p.m. on Friday 14 July 2000, the second closing date
of the Offers, valid acceptances of the Offers had been
received in respect of a total of 64,954,974 Stentor Ordinary
Shares representing, as regards the Ordinary Offer,
approximately 92.4 per cent. of the current issued ordinary
share capital of Stentor, and in respect of a total of
3,482,543 Stentor Preferred Ordinary Shares representing, as
regards the Preferred Offer, approximately 99.5 per cent. of
the current issued convertible preferred ordinary share
capital of Stentor.

In accordance with the conditions of the Ordinary Offer, the
Board of nevada tele.com declares the Ordinary Offer
unconditional as to acceptances. The Offers have been extended
and will remain open for acceptance until further notice.
Stentor Shareholders who wish to accept the Offers but have
not already done so should do so as soon as possible.

nevada tele.com now has valid acceptances representing in
excess of 80 per cent. of the Stentor Ordinary Shares and of
the Stentor Preferred Ordinary Shares to which the Offers
relate. Following the Offers becoming wholly unconditional,
these percentage acceptances are expected to enable nevada
tele.com to apply the provisions of section 204 of the Act to
acquire compulsorily any outstanding Stentor Shares not
acquired or agreed to be acquired pursuant to the Offers or
otherwise.

The Offers remain conditional upon the satisfaction of certain
other conditions, in particular relating to the receipt of
clearance from the US Federal Communications Commission
("FCC"). Clearance from the Minister for Enterprise, Trade and
Employment in Ireland was received on 14 July 2000 and the
Board of nevada tele.com believes that the FCC clearance
should be obtained in due course. The Board of nevada tele.com
intends to declare the Offers wholly unconditional on satisfaction 
of the condition of the Offers relating to approvals from the FCC, 
assuming that, at such time, the other conditions to the Offers are 
satisfied in all material respects. Stentor has agreed with 
nevada tele.com, in accordance with the conditions of the Offers, 
that the Offers will only lapse if the remaining conditions have not 
been satisfied or (if capable of waiver) waived or, where
appropriate, been determined by nevada tele.com in its
reasonable opinion to be satisfied in each case by midnight on
22 August 2000. If necessary, this period may be extended
further should nevada tele.com so decide and Stentor agree.

Neither nevada tele.com nor, so far as nevada tele.com is
aware, any person acting in concert with nevada tele.com for
the purpose of the Offers, owned or controlled any Stentor
Ordinary Shares or Stentor Preferred Ordinary Shares (or
rights over such shares) immediately before the commencement
of the Offer Period or has, during the Offer Period, acquired
or agreed to acquire Stentor Ordinary Shares or Stentor
Preferred Ordinary Shares (or rights over such shares). None
of the acceptances referred to above was received from any
person acting in concert with nevada tele.com for the purpose
of the Offers.

Enquiries:

nevada tele.com Limited                       +44 28 9072 0500
Nigel Wilson               Chairman
Irene Cackett              Managing Director
David Beck                 Finance Director

Dresdner Kleinwort Benson                     +44 20 7623 8000
Nicholas Lee

Stentor plc                                    +353 1 248 7300
Gerard O'Keeffe            Chief Executive

John East & Partners Limited                  +44 20 7628 2200
Jeffrey M Coburn

Terms defined in the Offer Document dated 2 June 2000 have,
unless the context otherwise requires, the same meaning in
this announcement.

Kleinwort Benson Limited, which is regulated in the conduct of
investment business in the United Kingdom by The Securities
and Futures Authority Limited, is acting exclusively for
nevada tele.com and no one else in connection with the Offers
and will not be responsible to anyone other than nevada
tele.com for providing the protections afforded to customers
of Kleinwort Benson Limited or for providing advice in
relation to the Offers.

The Offers are not being made, directly or indirectly, in or
into the USA or Canada or by use of the mails of, or by any
means or instrumentality of interstate or foreign commerce of,
or any facility of a national securities exchange of, either
of those jurisdictions and the Offers should not be accepted
by any such use, means, instrumentality or facility or from
within the USA or Canada. Nor are the Offers capable of
acceptance by any such use, means, instrumentality or facility
or from within the USA or Canada and doing so may render
invalid any purported acceptance. Accordingly, copies of this
announcement, the Offer Document, the Forms of Acceptance and
any related documents are not being, and must not be, mailed
or otherwise distributed or sent in, into or from the USA or
Canada. Notwithstanding the foregoing restrictions, nevada
tele.com retains the right to permit the Offers to be accepted
if, in its sole discretion, it is satisfied that the
transaction in question is exempt from or not subject to the
legislation or regulation giving rise to the restrictions in
question. All Stentor Shareholders, Warrantholders or
Optionholders (including, without limitation, nominees,
trustees or custodians) who would or otherwise intend to
forward this announcement, the Offer Document, the Forms of
Acceptance or any related documentation to any jurisdictions
outside the UK or the Republic of Ireland should read the
Offer Document before taking any action.

The nevada tele.com Directors, the Energis Directors and the
Viridian Directors accept responsibility for the information
contained in this announcement. To the best of the knowledge
and belief of the nevada tele.com Directors, the Energis
Directors and the Viridian Directors (who have 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.



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