Offer Update

RNS Number:4791J
Kondar Limited
01 April 2003


KONDAR LIMITED AND ENIC PLC, 1 APRIL 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')

             Acceptances at first closing date and extension of the Offer


Kondar announces that, as at 3.00 p.m. on 31 March 2003, the first closing date
of the Offer, valid acceptances of the Offer had been received in respect of
76,421,677 ENIC Shares representing 75.87 per cent. of the issued share capital
of ENIC.  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, 5,752,460 ENIC Shares
(representing 5.71 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 82,174,137 ENIC Shares representing 81.58 per cent. of the issued share
capital.



Prior to the commencement of the Offer Period on 24 February 2003 Kondar owned
no ENIC Shares.   Persons deemed to be acting in concert with Kondar for the
purposes of the Offer held 52,029,914 ENIC Shares representing 51.66 per cent.
of the issued share capital of ENIC.  Valid acceptances of the Offer have been
received in respect of all of these ENIC Shares.



Save as referred to above, 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 Offer, which was declared wholly unconditional on 28 March 2003, has been
extended and will remain open for acceptances received no later than 3.00 p.m.
on 14 April 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 [phone]).  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.



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.



1 April 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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