Offer Update

RNS Number:3394J
Kondar Limited
28 March 2003





KONDAR LIMITED AND ENIC PLC, 28 MARCH 2003



THIS ANNOUNCEMENT IS Not for release, publication or distribution in or into the
          United States, Canada, Australia or Japan



               Recommended cash offer to acquire ENIC plc ('ENIC')
                  made by Shore Capital and Corporate Limited
                     on behalf of Kondar Limited ('Kondar')



                     Offer declared wholly unconditional
           and application made for cancellation of trading on AIM





On 10 March 2003, the board of Kondar and the Independent Directors of ENIC
announced a recommended cash offer (the 'Offer') made by Shore Capital and
Corporate Limited ('Shore Capital'), on behalf of Kondar, to acquire the entire
issued share capital of ENIC.



As at 10.15 a.m. on 28 March 2003, valid acceptances of the Offer had been
received by Kondar in respect of 70,277,161 ENIC Shares representing 69.77 per
cent. of the issued share capital of ENIC.  In addition, since the Offer was
made on 10 March 2003, Kondar has purchased 5,852,460 ENIC Shares representing
5.81 per cent. of the issued share capital of which, for the purposes of Rule 10
of the City Code, 5,651,635 ENIC Shares (representing 5.61 per cent. of the
issued share capital) are currently counted towards the acceptance condition.
Accordingly, for the purposes of the Offer, Kondar owns or has received
acceptances to accept the Offer in respect of a total of 75,928,796 ENIC Shares
representing 75.38 per cent. of the issued share capital.



The total figure for acceptances includes acceptances in relation to 52,306,658
ENIC Shares (representing approximately 51.93 per cent. of the issued share
capital) which had been the subject of irrevocable undertakings to accept the
Offer.  This number includes acceptances from the Concert Party (whose members
are treated as acting in concert under the City Code), comprising the members of
the Charles Lewis sub-concert party (in respect of 40,378,169 ENIC Shares
representing 40.09 per cent. of the issued share capital) and the members of the
Daniel Levy sub-concert party (in respect of 11,651,745 ENIC Shares representing
11.57 per cent. of the issued share capital), and from the Independent Directors
(in respect of 276,744 ENIC Shares representing 0.27 per cent. of the issued
share capital of a total of 282,744 ENIC Shares representing 0.28 per cent. of
the issued share capital subject to irrevocable undertakings to accept the Offer
given by the Independent Directors).



In the light of the above, all conditions to which the Offer is subject have now
been satisfied and Kondar has declared the Offer wholly unconditional.  Shore
Capital is satisfied that Kondar has available to it sufficient resources to
enable it to satisfy full acceptance of the Offer.



Save as disclosed in this announcement, neither Kondar nor any person acting or
deemed to be acting in concert with Kondar for the purposes of the Offer held
any ENIC Shares or rights over such shares prior to the commencement of the
Offer Period on 24 February 2003 and none of these have acquired or agreed to
acquire any such shares (or rights over such shares) during the Offer Period and
no acceptances have been received from any persons acting or deemed to be acting
in concert with Kondar for the purposes of the Offer.



The first closing date for the Offer is 3.00 p.m. on 31 March 2003.  ENIC
Shareholders who wish to accept the Offer and have not yet done so are strongly
encouraged to return their completed Forms of Acceptance in accordance with the
instructions printed thereon as soon as possible.  Additional Forms of
Acceptance are available from Computershare Investor Services PLC (telephone
0870 702 0100).  Holders of ENIC Shares in uncertificated form are strongly
encouraged to send (and CREST sponsored members procure that their CREST sponsor
sends) to CRESTCo a TTE instruction in relation to such shares.  The
consideration due to accepting ENIC Shareholders will be despatched, in respect
of valid acceptances received not later than the close of business on 31 March
2003, on or before 14 April 2003 and, in respect of acceptances received
thereafter, within 14 days of such receipt.



ENIC has today made application for the cancellation of the trading of ENIC
Shares on the Alternative Investment Market of the London Stock Exchange and on
the Bourse de Luxembourg.  Such cancellation is expected to take place not later
than 29 April 2003.



A further announcement of acceptances will be made following the first closing
date of 31 March 2003.



Unless the context otherwise requires, the definitions contained in this
announcement are the same as those used in the document containing the Offer
dated 10 March 2003.



28 March 2003



Press enquiries:





Shore Capital (Financial Adviser to Kondar)

Graham Shore
       020 7408 4090

Alex Borrelli




Holborn (Public Relations Adviser)

John Bick
           020 7929 5599





Daniel Levy is the sole director of Kondar and accepts responsibility for the
information contained in this Announcement.  To the best of the knowledge and
belief of Daniel Levy (who has 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.



This Announcement does not constitute an offer or an invitation to purchase any
securities.  The laws of the relevant jurisdiction may affect the availability
of the Offer to persons not resident in the United Kingdom.  Persons who are not
resident in the United Kingdom, or who are subject to the laws of any
jurisdiction other than the United Kingdom, should inform themselves about, and
observe, any applicable requirements.  Further details in relation to overseas
ENIC Shareholders are contained in the Offer Document.



The Offer is not being made, directly or indirectly, in or into, or by use of
the mails of, or by any means of instrumentality (including, without limitation,
telephonically or electronically) of interstate or foreign commerce of, or any
facilities of a national securities exchange of, the United States, Canada,
Australia or Japan and is not capable of acceptance by any such use, means,
instrumentality or facility or from within any of those countries.  Accordingly,
neither this Announcement nor the Offer Document nor the Form of Acceptance is
being, and must not be, mailed or otherwise forwarded, transmitted, distributed
or sent in, into or from the United States, Canada, Australia or Japan.  Doing
so may render invalid any purported acceptance of the Offer.  All ENIC
Shareholders or other persons (including, without limitation, nominees, trustees
or custodians) who would or otherwise intend to, or may have a contractual or
legal obligation to, forward this Announcement or the Offer Document or the Form
of Acceptance to any jurisdiction outside the United Kingdom, should refrain
from doing so and seek appropriate professional advice before taking any action.



Shore Capital and Corporate Limited, which is regulated by the Financial
Services Authority in the conduct of its investment business in the United
Kingdom, is acting exclusively for Kondar and no one else in connection with the
Offer and will not regard any other person as its client or be responsible to
anyone other than Kondar for providing the protections afforded to clients of
Shore Capital and Corporate Limited nor for giving advice to any such person in
relation to the Offer.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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