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Icn Resources Ltd. | TSXV:ICN | TSX Venture | Common Stock |
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RNS Number:9255O Nicolas Roach 21 August 2003 Not for release, distribution or publication, in whole or in part, in or into the United States, Canada, Australia, Japan or Ireland FOR IMMEDIATE RELEASE 21 August 2003 INTERCLUBNET PLC Cash offer by Smith & Williamson Corporate Finance Limited on behalf of Nicolas Roach for InterClubNet plc Summary *Nicolas Roach and the Independent Director of InterClubNet announce the terms of a cash offer, to be made by Smith & Williamson on behalf of Nicolas Roach, for the entire issued and to be issued share capital of InterClubNet not already owned by him. *The Offer will be 12 pence in cash for each InterClubNet Share, which values the existing issued ordinary share capital of InterClubNet at approximately #3.0 million. *Nicolas Roach holds 50.7 per cent. of the InterClubNet Shares and has received irrevocable undertakings to accept the Offer in respect of a further 11,060,374 InterClubNet Shares, representing approximately 43.8 per cent. of the existing issued share capital of InterClubNet. *The Offer represents a discount of approximately 2.0 per cent. to the Closing Price of 12.25 pence per InterClubNet Share on 20 August 2003, the last business day prior to this announcement. *The Independent Director, Bob Morton, has taken responsibility for considering the Offer and providing his views on the Offer to InterClubNet Shareholders. This summary should be read in conjunction with the full text of this announcement. Enquiries: Smith & Williamson Tel: 020 7637 5377 Dr A Basirov David Jones Independent Director Tel: 07836 528617 Bob Morton KBC Peel Hunt Tel: 020 7418 8900 Adam Hart Smith & Williamson, which is regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Nicolas Roach and no one else in connection with the Offer and will not be responsible to anyone other than Nicolas Roach for providing the protections afforded to customers of Smith & Williamson nor for providing advice in relation to the Offer or any other matter referred to herein. KBC Peel Hunt, which is regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for InterClubNet and no one else in connection with the Offer and will not be responsible to anyone other than InterClubNet for providing the protections afforded to customers of KBC Peel Hunt nor for providing advice in relation to the Offer or any other matter referred to herein. The Offer will not be made, directly or indirectly, in or into the United States, Canada, Australia, Japan or Ireland and this announcement, the Offer Document and the Form of Acceptance are not being, and should not be, mailed or otherwise distributed or sent in or into the United States, Canada, Australia, Japan or Ireland or any other jurisdiction outside the United Kingdom where to do so would constitute a violation of the relevant laws of such jurisdiction. Certain terms used in this summary are defined in Appendix III. Not for release, distribution or publication, in whole or in part, in or into the United States, Canada, Australia, Japan or Ireland FOR IMMEDIATE RELEASE 21 August 2003 INTERCLUBNET PLC Cash offer by Smith & Williamson Corporate Finance Limited on behalf of Nicolas Roach for InterClubNet plc Introduction Nicolas Roach, the Company's Chief Executive, and the Independent Director of InterClubNet announce the terms of a cash offer to be made by Smith & Williamson on behalf of Nicolas Roach for the entire issued and to be issued ordinary share capital of InterClubNet not already owned by him. The Independent Director's views on the Offer Having been advised by KBC Peel Hunt, the Independent Director is unable to determine whether or not the value of the Offer is fair and reasonable, but believes that the important factors set out in the paragraph "Factors considered by the Independent Director in relation to the Offer" below should be carefully considered by Shareholders in the light of their own personal circumstances before deciding whether or not to accept the Offer. In providing such advice, KBC Peel Hunt has taken into account the commercial assessments of the Independent Director. Irrevocable undertakings to accept the Offer have been provided in respect of the holdings connected with the Independent Director of, in aggregate, 6,944,233 Ordinary Shares, representing approximately 27.5 per cent. of the existing issued capital of InterClubNet. The Offer On behalf of Nicolas Roach, Smith & Williamson will offer to acquire, on the terms and subject to the conditions set out below and in Appendix I of this announcement, and to be set out in the Offer Document and in the Form of Acceptance, all of the issued and to be issued InterClubNet Shares not already owned by Nicolas Roach on the following basis: for each InterClubNet Share 12 pence in cash The Offer values the whole of the current issued ordinary share capital of InterClubNet at approximately #3.0 million. The Offer represents a discount of 2.0 per cent. to the Closing Price of 12.25 pence on 20 August 2003, the last dealing date prior to the announcement of the Offer. The Ordinary Shares to which the Offer relates will be acquired by Nicolas Roach fully paid and free from all liens, equities, mortgages, charges, encumbrances, rights of pre-emption and other interests and together with all rights attaching thereto, including all voting rights and the right to receive and retain all dividends and other distributions declared, made or paid on or after the date of this announcement. Irrevocable undertakings to accept the Offer and interests in InterClubNet Nicolas Roach has received irrevocable undertakings to accept the Offer from InterClubNet Shareholders in respect of an aggregate of 11,060,374 Ordinary Shares representing approximately 43.8 per cent. of the issued share capital of the Company. These irrevocable undertakings remain binding in respect of 4,116,141 InterClubNet Shares in the event that a higher offer is made for the Company unless the Offer lapses or is withdrawn. The InterClubNet Shareholders who have given irrevocable undertakings to accept the Offer in respect of their entire holdings in the Company are: Sportnet Investments Limited (in respect of 1,293,916 Ordinary Shares), a trust of which Nicolas Roach may become a beneficiary; Groundlinks Limited and Southwind Limited (in respect of 3,603,429 and 3,340,804 Ordinary Shares respectively), companies owned by trusts of which the beneficiaries are the children of Bob Morton; Aedin Kavanagh (in respect of 9,803 Ordinary Shares), the wife of Ian Lakin, a director of the Company; Radcliffes Trustee Company SA (in respect of 1,517,211 Ordinary Shares); and Sterling Securities Limited (in respect of 1,295,211 Ordinary Shares). SWIM purchased 203,500 Ordinary Shares on 20 August 2003 at a price of 12 pence per share. In certain circumstances SWIM will have the right to require Nicolas Roach to purchase these shares at a price of 12 pence per share. These purchases represent SWIM's entire holding in the Company. Cancellation of AIM trading facility Because of the illiquidity in trading in the Company's Ordinary Shares and the costs of maintaining the public quotation, the Board resolved on 20 August 2003 to apply to the London Stock Exchange for the cancellation of the Company's AIM trading facility, irrespective of whether the Offer becomes, or is declared, unconditional in all respects. Accordingly, the Company's AIM trading facility is expected to be cancelled with effect from the close of business on 19 September 2003. This action will significantly reduce the liquidity and marketability of Ordinary Shares not assented under the Offer and Shareholders who do not accept the Offer may be left with minority shareholdings in an unquoted private company from which it would be difficult to exit or realise value. Background to and reasons for the Offer The interim results for the six months ended 30 November 2002 and the preliminary results for the year ended 31 May 2003 indicate declining prospects for the Group. In the light of these prospects and the Board's decision to apply for the cancellation of the Company's AIM trading facility, Nicolas Roach, who owns 12,820,887 Ordinary Shares (representing approximately 50.7 per cent. of the Ordinary Shares), believes that other InterClubNet Shareholders might prefer the certainty of an offer in cash to the uncertainty of a minority shareholding in an unquoted company. He is therefore making the Offer for all of the Ordinary Shares that he does not already own. Factors considered by the Independent Director in relation to the Offer In considering the merits of the Offer on behalf of all Shareholders, the Independent Director has taken into account the following important considerations: Possible arguments against accepting the Offer *the maintenance of the Group's current cash balance and the future cash receipts and payments of the Group depend on the future actions of the Group's management. A number of anticipated receipts and payments are not due to be received or made until some future date and circumstances may change which will affect either the sum that will be received or paid or even whether a sum will be received or paid at all. The timing and quantum of future cash flows are therefore difficult to enumerate and it has proved difficult to assign a fair present value to them. Accordingly, the Independent Director is unable to determine whether or not the value of the Offer is fair or reasonable because it is possible that 12 pence per Ordinary Share undervalues the Company; Possible arguments for accepting the Offer *the Offer represents an immediate and certain cash sum for Shareholders at a discount of 2.0 per cent. to the Closing Price on 20 August 2003 (being the last dealing day prior to the announcement of the Offer), compared to the uncertain potential future returns from remaining a Shareholder, particularly taking into account the costs of maintaining the Company until such time as all future income is realised; *Nicolas Roach holds 50.7 per cent. of the issued Ordinary Shares and has irrevocable undertakings to accept the Offer in respect of a further 43.8 per cent.; *InterClubNet Shares currently and historically have enjoyed limited liquidity whilst the Offer provides all Shareholders with the opportunity to realise their entire investment in the Company for cash; *Shareholders who accept the Offer will be able to dispose of their Ordinary Shares free of dealing costs; *as irrevocable undertakings have been received which represent 88.8 per cent. of the Ordinary Shares to which the Offer relates, if Nicolas Roach receives acceptances for a further 1.2 per cent. of such shares, he may be entitled to (and has stated that he intends to) invoke the provisions of s428 to 430F of the Act, which will allow him to acquire compulsorily all Ordinary Shares which are not assented under the Offer, whether or not the Shareholders holding such Ordinary Shares wish their Ordinary Shares to be so acquired; and *in addition, as set out above, the Board resolved on 20 August 2003 to apply to the London Stock Exchange for the cancellation of the Company's AIM trading facility with effect from the close of business on 19 September 2003 irrespective of whether the Offer becomes, or is declared, unconditional in all respects on or before that date. This will significantly reduce the ability of Shareholders to realise their shareholdings at their own discretion in the future and Shareholders who do not accept the Offer may be left with minority shareholdings in an unquoted company from which it would be difficult to exit or realise value. The Independent Director believes that these are all factors to which considerable weight should be attached by Shareholders. Accordingly, and taking into account the factors set out above, he is unable to determine whether or not the Offer is fair and reasonable. Nevertheless, having been advised by KBC Peel Hunt, he believes that Shareholders have three principal courses of action to consider in respect of the Offer: (a) they may choose to accept the Offer of 12 pence in cash per Ordinary Share; (b) they may choose not to accept the Offer of 12 pence in cash per Ordinary Share, but it is possible that (i) their InterClubNet Shares will be compulsorily purchased at a price of 12 pence per Ordinary Share at some future date should Nicolas Roach invoke the provisions of s428 to 430F of the Act (as he has stated that he intends to do), which will allow him to acquire compulsorily all Ordinary Shares which are not assented under the Offer, whether or not the Shareholders holding such Ordinary Shares wish their Ordinary Shares to be so acquired, and (ii) if Nicolas Roach does not invoke the provisions of s428 to 430F of the Act, then as a result of the cancellation of the AIM trading facility any Shareholders choosing not to accept the Offer will be left with a minority shareholding in the Company which will no longer be publicly traded, thereby significantly reducing the ability of such Shareholders to realise their shareholdings at their own discretion in the future; or (c) they may choose to sell their shares in the open market where the price that may be obtainable may vary from time to time and may not be equal to, or exceed, the 12 pence in cash per Ordinary Share available through the Offer once dealing costs are taken into account. Information on Nicolas Roach and financing of the Offer Nicolas Roach is the founder and Chief Executive of InterClubNet. The cash payable under the Offer will be provided by Nicolas Roach from his own resources. Further information on Nicolas Roach and the financing of the Offer will be set out in the Offer Document. Information on InterClubNet InterClubNet's activities consist of software design, testing, consultancy and implementation for the sports and telecommunication industries. For the year ended 31 May 2003, InterClubNet achieved consolidated Group turnover of #5.8 million (2002: #8.1 million) and consolidated Group loss before tax of #996,000 (2002: #1,423,000 profit). As at 31 May 2003, InterClubNet had consolidated Group net assets of #4.0 million (2002: #5.0 million). Management and employees Nicolas Roach has confirmed to the Independent Director of InterClubNet that following the Offer becoming or being declared unconditional in all respects, the existing employment rights, including the pension rights, of all InterClubNet employees will be fully honoured. Compulsory acquisition If Nicolas Roach receives acceptances under the Offer in respect of, and/or otherwise acquires, 90 per cent. or more of the InterClubNet Shares to which the Offer relates and assuming all the other conditions of the Offer have been satisfied or waived, Nicolas Roach intends to exercise his rights pursuant to the provisions of sections 428 to 430F of the Act to acquire compulsorily the remaining InterClubNet Shares on the same terms as the Offer. It is also proposed that InterClubNet will be re-registered as a private company in due course. General The conditions and certain further terms of the Offer are set out in Appendix I of this announcement. Sources of information and bases of calculation used in the announcement are given in Appendix II. The definitions of certain terms used in this announcement are contained in Appendix III. Smith & Williamson, on behalf of Nicolas Roach, will despatch the Offer Document, setting out full details of the Offer as soon as practicable and in any event within 28 days of the date of this announcement. This announcement does not constitute, or form part of, an offer or an invitation to purchase any securities. The Offer will be made solely by the Offer Document and the Form of Acceptance accompanying the Offer Document, which will contain the full terms and conditions of the Offer, including details of how the Offer may be accepted. The laws of the relevant jurisdictions may affect the availability of the Offer to persons not resident in the UK. Persons who are not resident in the UK, or who are subject to the laws of any jurisdiction other than the UK, should inform themselves about, and observe, any applicable requirements. Further details in relation to overseas shareholders will be contained in the Offer Document. The Offer referred to in this announcement will not be made, directly or indirectly, in or into the United States, Canada, Australia, Japan or Ireland or any other jurisdiction if to do so would constitute a violation of the relevant laws of such jurisdiction and the Offer cannot be accepted from or within the United States, Canada, Australia, Japan or Ireland or any other such jurisdiction. Accordingly, this announcement, the Offer Document and the Form of Acceptance or any accompanying document will not be, directly or indirectly, mailed or otherwise distributed or sent in or into or from the United States, Canada, Australia, Japan or Ireland or any other such jurisdiction. Any person (including nominees, trustees and custodians) who would, or otherwise intends to, forward this announcement, the Offer Document and the Form of Acceptance or any accompanying document to any jurisdiction outside the UK should refrain from doing so and seek appropriate professional advice before taking any action. Enquiries: Smith & Williamson Tel: 020 7637 5377 Dr A Basirov David Jones Independent Director Tel: 07836 528617 Bob Morton KBC Peel Hunt Tel: 020 7418 8900 Adam Hart Smith & Williamson, which is regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Nicolas Roach and no one else in connection with the Offer and will not be responsible to anyone other than Nicolas Roach for providing the protections afforded to customers of Smith & Williamson nor for providing advice in relation to the Offer or any other matter referred to herein. KBC Peel Hunt, which is regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for InterClubNet and no one else in connection with the Offer and will not be responsible to anyone other than InterClubNet for providing the protections afforded to customers of KBC Peel Hunt nor for providing advice in relation to the Offer or any other matter referred to herein. APPENDIX I CONDITIONS AND CERTAIN FURTHER TERMS OF THE OFFER The Offer, which will be made by Smith & Williamson on behalf of Nicolas Roach, will comply with the provisions of the Code. The Offer will be subject to the following conditions: (a) Valid acceptances being received (and not, where permitted, withdrawn) by not later than 3.00 p.m. on the first closing date of the Offer, (or such later time(s) and/or date(s) as Nicolas Roach may, subject to the rules of the City Code, decide) in respect of not less than 90 per cent. (or such lower percentage as Nicolas Roach may decide) in nominal value of the Ordinary Shares to which the Offer relates, including for this purpose (to the extent, if any, required by the Panel) any such voting rights attaching to any Ordinary Shares that are unconditionally allotted or issued before the Offer becomes or is declared unconditional as to acceptances, whether pursuant to the exercise of any outstanding conversion or subscription rights or otherwise and for this purpose: (i) Ordinary Shares which have been unconditionally allotted but not issued shall be deemed to carry the voting rights they will carry upon issue; and (ii) the expression "Ordinary Shares to which the Offer relates" shall be construed in accordance with sections 428 to 430F (inclusive) of the Act; (b) Nicolas Roach not having discovered or otherwise become aware prior to the date when the Offer would otherwise have become or been declared unconditional that the Secretary of State for Trade and Industry intends, or is reasonably likely, to refer the proposed acquisition of InterClubNet by Nicolas Roach, or any matters arising therefrom, to the Competition Commission; (c) no government or governmental, quasi-governmental, supranational, statutory, administrative or regulatory body, or any court, institution, investigative body, association, trade agency or professional or environmental body or any other person or body in any jurisdiction (each, a "Third Party") having decided to take, institute, implement or threaten any action, proceeding, suit, investigation, enquiry or reference or enacted, made or proposed any statute, regulation, decision or order or having taken any other step or done anything and there not continuing to be outstanding any statute, regulation, decision or order which would or might reasonably be expected to: (i) materially restrict or restrain, prohibit, materially delay, impose additional material adverse conditions or obligations with respect to, or otherwise materially interfere with the implementation of, the Offer for any InterClubNet Shares by Nicolas Roach or any matters arising therefrom; (ii) require, prevent or materially delay the divestiture (or materially alter the terms envisaged for such divestiture) by any member of the wider InterClubNet Group of all or any material portion of its business, assets or properties or impose any material limitation on its ability to conduct its business or own its assets or properties or any part thereof; (iii) impose any material limitation on, or result in a material delay in, the ability of Nicolas Roach to acquire or hold or exercise effectively, directly or indirectly, all or any rights of ownership of shares or other securities of any member of the wider InterClubNet Group or on the ability of any member of the wider InterClubNet Group to hold or exercise effectively, directly or indirectly, all or any rights of ownership of shares or other securities or to exercise management control over any other member of the wider InterClubNet Group; (iv) require Nicolas Roach or any member of the wider InterClubNet Group to offer to acquire any shares or other securities or rights thereover in any member of the wider InterClubNet Group owned by any Third Party; (v) make the Offer or its implementation or the proposed acquisition by Nicolas Roach of any shares or other securities in InterClubNet or the acquisition or control of InterClubNet or any member of the wider InterClubNet Group, illegal, void or unenforceable in or under the laws of any jurisdiction or directly or indirectly materially restrict or materially delay, prohibit or otherwise interfere with the implementation of, or impose additional conditions or obligations with respect to, or otherwise challenge, the Offer or the acquisition of any shares in InterClubNet, or control of InterClubNet, by Nicolas Roach; (vi) result in any member of the wider InterClubNet Group ceasing to be able to carry on business under any name under which it presently does so, the consequences of which would be material in the context of the InterClubNet Group taken as a whole; or (vii) otherwise materially and adversely affect the business, assets, prospects or profits of any member of the InterClubNet Group, and all applicable waiting and other time periods during which any such Third Party could decide to take, institute, implement or threaten any such action, proceeding, suit, investigation, enquiry or reference or otherwise intervene having expired, lapsed or been terminated; (d) all authorisations, orders, grants, recognitions, consents, clearances, confirmations, licences, permissions and approvals ("authorisations") necessary or appropriate in any jurisdiction for or in respect of the Offer and the proposed acquisition of any shares or securities, directly or indirectly, in, or control of, InterClubNet or any member of the wider InterClubNet Group by Nicolas Roach having been obtained in terms and/or form reasonably satisfactory to Nicolas Roach from all appropriate Third Parties or (to an extent which is material in the context of the InterClubNet Group taken as a whole) from any persons or bodies with whom Nicolas Roach or any member of the InterClubNet Group has entered into contractual arrangements and such authorisations together with all authorisations necessary (to an extent which is material in the context of the InterClubNet Group taken as a whole) for any member of the wider InterClubNet Group to carry on its business remaining in full force and effect and there being no notice or intimation of any intention to revoke, suspend, materially modify or not to renew the same and all necessary filings having been made, all appropriate waiting and other time periods (including extensions thereto) under any applicable legislation and regulations in any jurisdiction having expired, lapsed or been terminated and all necessary statutory or regulatory obligations in any jurisdiction in respect of the Offer or the proposed acquisition of InterClubNet by Nicolas Roach or of any InterClubNet Shares or any matters arising therefrom having been complied with; (e) save as publicly announced by InterClubNet prior to 21 August 2003 and in each case delivered to a Regulatory Information Service (as defined in the UKLA Listing Rules) or as fairly disclosed in writing by InterClubNet to Nicolas Roach prior to 21 August 2003 (such information being referred to as "publicly announced"), there being no provision of any agreement, permit, lease, licence or other instrument to which any member of the wider InterClubNet Group is a party or by or to which it or any of its assets may be bound or subject which, as a consequence of the making or implementation of the Offer or the acquisition by Nicolas Roach directly or indirectly of InterClubNet or because of a change in the control or management of InterClubNet or any member of the wider InterClubNet Group, could or might reasonably be expected to result in (to an extent which is material in the context of the InterClubNet Group taken as a whole): (i) any moneys borrowed by, or other indebtedness (actual or contingent) of, or grant available to, any member of the wider InterClubNet Group becoming repayable or capable of being declared repayable immediately or earlier than the stated maturity or repayment date or the ability of any member of the wider InterClubNet Group to borrow moneys or incur indebtedness being or becoming capable of being withdrawn or inhibited or any such agreement, permit, lease, licence or other instrument or any right, interest, liability or obligation of any member of the wider InterClubNet Group therein, being terminated or adversely modified or affected or any adverse action being taken or any onerous obligation or liability arising thereunder; (ii) any mortgage, charge or other security interest being created over the whole or any part of the business, property or assets of any member of the wider InterClubNet Group or any such security (whenever arising) becoming enforceable; (iii) the value of any member of the wider InterClubNet Group or its financial or trading position or prospects being prejudiced or adversely affected; (iv) any assets or interests of any member of the wider InterClubNet Group being or falling to be charged or disposed of or any right arising under which any such asset or interest could be required to be disposed of or charged otherwise than in the ordinary course of business; (v) the rights, liabilities, obligations or interests or business of any member of the wider InterClubNet Group in or with any other person, firm or company (or any arrangement relating to such interest or business) being terminated or adversely modified or affected; (vi) any member of the wider InterClubNet Group ceasing to be able to carry on business under any name under which it currently does so; or (vii) the creation of any liability, actual or contingent, by any member of the wider InterClubNet Group; (f) since 31 May 2002 (save as disclosed in the audited accounts for the year ended 31 May 2002 (the "InterClubNet Accounts") or save as publicly announced), no member of the InterClubNet Group having: (i) issued or agreed to issue or authorised or proposed the issue of additional shares of any class or securities convertible into or rights, warrants or options to subscribe for or acquire any such shares or convertible securities; (ii) recommended, declared, paid or made or proposed to recommend, declare, pay or make any dividend, bonus or other distribution (whether payable in cash or otherwise) other than dividends lawfully paid to InterClubNet or wholly-owned subsidiaries of InterClubNet; (iii) merged with or demerged or acquired any body corporate, partnership or business; (iv) acquired, or (other than in the ordinary course of business) disposed of, transferred, mortgaged or charged or created any security interest over any asset or any right, title or interest in any asset (including shares and trade investments) or authorised, proposed or announced any intention to do so which, in any such case, is material in the context of the InterClubNet Group taken as a whole; (v) issued or authorised or proposed the issue of any debentures or incurred or increased any indebtedness or contingent liability or made, authorised, proposed or announced an intention to propose any change in its share or loan capital; (vi) entered into or varied or announced its intention to enter into or vary any contract, transaction, commitment or arrangement (whether in respect of capital expenditure or otherwise) which is of a long term or unusual nature or which involves or could involve an obligation of a nature or magnitude which, in any such case, is material in the context of the InterClubNet Group taken as a whole or which is or is likely to be restrictive in any material respect on the business of any member of the wider InterClubNet Group or Nicolas Roach; (vii) entered into, implemented, authorised or proposed any reconstruction, amalgamation, scheme of arrangement or other transaction or arrangement otherwise than in the ordinary course of business or announced any intention to do so; (viii) entered into, or varied in any material respect the terms of, any contract or agreement with any of the directors or senior executives of InterClubNet or any of its subsidiaries; (ix) taken or proposed any corporate action or had any material legal proceedings started or threatened against it or had any petition presented for its winding-up (voluntary or otherwise), dissolution or reorganisation or for the appointment of a receiver, administrator, administrative receiver, trustee or similar officer of all or any of its assets and/or revenues or any analogous proceedings in any jurisdiction; (x) waived or compromised any material claim other than in the ordinary course of business; (xi) made any material amendment to its memorandum or articles of association; (xii) purchased, redeemed or repaid or proposed the purchase, redemption or repayment of any of its own shares or other securities or reduced or made any other change to any part of its share capital; (xiii) been unable or admitted that it is unable to pay its debts or having stopped or suspended (or threatened to stop or suspend) payment of its debts generally or ceased or threatened to cease carrying on all or a substantial part of its business; or (xiv) entered into, varied or modified any contract, commitment or agreement with respect to any of the transactions, matters or events referred to in this condition (f) or announced an intention to do so; (g) since 31 May 2002 (save as disclosed in the InterClubNet Accounts or save as publicly announced): (i) no litigation, arbitration, prosecution or other legal proceedings having been instituted, announced or threatened or become pending or remaining outstanding by or against any member of the wider InterClubNet Group or to which any member of the wider InterClubNet Group is or may become a party (whether as claimant, respondent or otherwise) and no enquiry or investigation by or complaint or reference to any Third Party or other investigative body having been threatened, announced, implemented or instituted or remaining outstanding against or in respect of any member of the wider InterClubNet Group which, in any such case, would or might reasonably be expected adversely to affect any member of the wider InterClubNet Group to an extent which is material in the context of the InterClubNet Group taken as a whole; (ii) no material adverse change having occurred in the business, assets, financial or trading position, profits or prospects of the wider InterClubNet Group taken as a whole; or (iii) no contingent or other liability having arisen which might reasonably be expected materially adversely to affect the InterClubNet Group taken as a whole; (h) Nicolas Roach not having discovered that (other than to the extent disclosed in writing by InterClubNet to Nicolas Roach prior to 21 August 2003): (i) any business, financial or other information concerning any member of the wider InterClubNet Group publicly disclosed or disclosed to Nicolas Roach at any time by or on behalf of any member of the InterClubNet Group is misleading, contains a misrepresentation of fact or omits to state a fact necessary to make the information contained therein not misleading which, in any such case, is material in the context of the InterClubNet Group taken as a whole; (ii) any member of the wider InterClubNet Group is subject to any liability, actual or contingent, which is not disclosed in the InterClubNet Accounts and which is material in the context of the InterClubNet Group taken as a whole; (iii) any past or present member of the wider InterClubNet Group has not complied with all applicable legislation or regulations of any jurisdiction with regard to the storage, disposal, discharge, spillage, leak or emission of any waste or hazardous substance or any substance likely to impair the environment or to harm human health or otherwise relating to environmental matters (which non-compliance might give rise to any liability (whether actual or contingent) on the part of any member of the wider InterClubNet Group which is material in the context of the InterClubNet Group taken as a whole) or that there has otherwise been any such disposal, discharge, spillage, leak or emission (whether or not the same constituted a non-compliance by any person with any such legislation or regulations and wherever the same may have taken place) which in any such case might give rise to any liability (whether actual or contingent) on the part of any member of the wider InterClubNet Group which is material in the context of the InterClubNet Group taken as a whole; (iv) there is, or is likely to be, any liability (whether actual or contingent) to make good, repair, reinstate or clean up any property now or previously owned, occupied or made use of by any past or present member of the wider InterClubNet Group or any controlled waters under any environmental legislation, regulation, notice, circular or order of any Third Party or otherwise and which is material in the context of the InterClubNet Group taken as a whole; or (v) circumstances exist (whether as a result of the making of the Offer or otherwise) which would be likely to lead to any Third Party instituting, or whereby any member of the wider InterClubNet Group or Nicolas Roach would be likely to be required to institute, an environmental audit or take any other steps which in any such case would be likely to result in any actual or contingent liability on the part of any member of the wider InterClubNet Group or Nicolas Roach to improve or install new plant or equipment or make good, repair, re-instate or clean up any land or other asset now or previously owned, occupied or made use of by any member of the wider InterClubNet Group which liability is or is likely to be material in the context of the InterClubNet Group taken as a whole. For the purpose of these conditions: (a) "wider InterClubNet Group" means InterClubNet, its subsidiaries, subsidiary undertakings and associated undertakings and any other body corporate, partnership, joint venture or person in which InterClubNet and such undertakings (aggregating their interests) have an interest in 20 per cent. or more of the voting or equity capital (or the equivalent); and (b) "subsidiary", "subsidiary undertaking", "associated undertaking" and "undertaking" shall be construed in accordance with the Act (but for this purpose ignoring paragraph 20(l)(b) of Schedule 4A of the Act). Nicolas Roach reserves the right to waive all or any of conditions (b) to (h) (inclusive) above, in whole or in part. Conditions (b) to (h) (inclusive) must be fulfilled or waived by midnight on the 21st day after the later of the first closing date of the Offer and the date on which condition (a) is fulfilled (or such later date as the Panel may agree). Nicolas Roach shall be under no obligation to waive or treat as fulfilled any of conditions (b) to (h) (inclusive) by a date earlier than the latest date specified above for the fulfilment thereof notwithstanding that the other conditions of the Offer may at such earlier date have been waived or fulfilled and that there are at such earlier date no circumstances indicating that any of such conditions may not be capable of fulfilment. Nicolas Roach may not invoke any of conditions (e) to (h) inclusive so as to cause the Offer to lapse if the circumstances giving rise to the right to invoke the condition arise as the result of events under the control of Nicolas Roach which occur after the date of the announcement of the Offer or which were known to Nicolas Roach prior to that date. If Nicolas Roach is required by the Panel to make an offer for InterClubNet Shares under the provisions of Rule 9 of the Code, Nicolas Roach may make such alterations to the conditions as are necessary to comply with the provisions of that Rule. The Offer will lapse if the Offer is referred to the Competition Commission before the later of 3.00 p.m. on the first closing date of the Offer and the date when the Offer becomes or is declared unconditional as to acceptances. If the Offer lapses, it will cease to be capable of further acceptance and accepting InterClubNet Shareholders and Nicolas Roach will cease to be bound by Forms of Acceptance submitted on or before the time when the Offer lapses. APPENDIX II BASES OF CALCULATION AND SOURCES OF INFORMATION In this announcement, unless otherwise stated, or the context otherwise requires, the following bases of calculation and sources of information have been used: (a) Unless otherwise stated, financial information concerning InterClubNet has been derived from the published annual report and accounts and the interim and preliminary results of InterClubNet for the relevant periods. (b) The value of the Offer is based on 25,275,760 Ordinary Shares in issue based on the InterClubNet share register as at 20 August 2003. The International Securities Identification Number for the Ordinary Shares is GB0009247247. APPENDIX III DEFINITIONS The following definitions apply throughout this announcement, unless the context requires otherwise: "Act" or the "Companies Act" the Companies Act 1985, as amended "AIM" the Alternative Investment Market of the London Stock Exchange "Australia" the Commonwealth of Australia, its states, territories and possessions "authorisations" authorisations, orders, grants, recognitions, confirmations, consents, clearances, certificates, permissions or approvals "Board" or "Directors" the board of directors of InterClubNet "business day" a day (other than a Saturday, Sunday or public holiday) on which banks are generally open for business in the City of London "Canada" Canada, its provinces and territories and all areas subject to its jurisdiction or any political sub-division thereof "Closing Price" the closing middle market price of an Ordinary Share as derived from the AIM Appendix to the Daily Official List of the London Stock Exchange on a particular trading day "Code" or "City Code" The City Code on Takeovers and Mergers as from time to time interpreted by the Panel "Form of Acceptance" the form of acceptance, authority and election for use by InterClubNet Shareholders in connection with the Offer to accompany the Offer Document "Independent Director" Bob Morton "InterClubNet" or the "Company" InterClubNet plc "InterClubNet Group" or the "Group" InterClubNet and its subsidiary undertakings and, where the context permits, each of them "InterClubNet Shareholders" or "Shareholders" the holders of Ordinary Shares "InterClubNet Shares" the Ordinary Shares "Ireland" the Republic of Ireland, its cities, counties and possessions "Japan" Japan, its cities, prefectures, territories and possessions "KBC Peel Hunt" KBC Peel Hunt Limited "London Stock Exchange" London Stock Exchange plc "Nicolas Roach" Nicolas James Roach of Northbrook Farm, Farnham, Surrey, GU10 5EU "Offer Document" the formal offer document to be sent to InterClubNet Shareholders "Offer Period" the period commencing on 21 August 2003 until whichever of the following dates shall be the later of (i) the first closing date of the Offer, (ii) the date on which the Offer lapses and (iii) the date on which the Offer becomes unconditional as to acceptances "Offer" the cash offer to be made by Smith & Williamson on behalf of Nicolas Roach to acquire all of the issued and to be issued Ordinary Shares on the terms and subject to the conditions to be set out in the Offer Document and the Form of Acceptance, including, any subsequent revision, variation, extension or renewal thereof "Ordinary Shares" the existing unconditionally allotted or issued and fully paid ordinary shares of 5 pence each in the capital of InterClubNet and any further such shares which are unconditionally allotted or issued prior to the date on which the Offer closes (or such earlier date or dates, not being earlier than the date on which the Offer becomes or is declared unconditional as to acceptances or, if later, the first closing date of the Offer, as Nicolas Roach may, subject to the City Code and the consent of the Panel, decide) "Panel" the Panel on Takeovers and Mergers "pounds" or "#" UK pounds sterling "Smith & Williamson" Smith & Williamson Corporate Finance Limited "SWIM" Smith & Williamson Investment Management Limited "UKLA" the UK Listing Authority, being the Financial Services Authority acting in its capacity as the competent authority for the purposes of Part IV of the Financial Services and Markets Act 2000 "United Kingdom" or "UK" United Kingdom of Great Britain and Northern Ireland "United States" or "US" the United States of America, its territories and possessions, any State of the United States of America and the District of Columbia and all other areas subject to its jurisdiction All the times referred to in this announcement are London times This information is provided by RNS The company news service from the London Stock Exchange END OFFEAAPFADNDEFE
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