Response to recommendation of offer by Atlas Board

 

TIDMATLS 
 
RNS Number : 1724M 
Fragiolig Holdings Ltd 
19 May 2010 
 

FOR IMMEDIATE RELEASE 
Fragiolig Holdings Limited 
19 May 2010 
 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR 
FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION 
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH 
JURISDICTION 
                                                                     19 May 2010 
 
               Response to recommendation of offer by Atlas Board 
                      Update regarding acceptances received 
                  Acceleration of settlement of consideration 
 
Response to recommendation of Offer by Atlas Board 
Fragiolig Holdings Limited ("Fragiolig") welcomes yesterday's announcement by 
the Board of Directors of Atlas Estates Limited ("Atlas") of its unanimous 
recommendation of Fragiolig's cash offer for the whole of the issued and to be 
issued ordinary share capital of Atlas not already owned by Fragiolig or by 
persons acting in concert with it ("the Offer"). 
 
Update regarding acceptances received 
The Offer was declared wholly unconditional on 12 May 2010. 
The Offer remains open for acceptance until 3.00 p.m. (London time) on 21 June 
2010. 
As at 4.30 p.m. (London time) on 18 May 2010, valid acceptances had been 
received in respect of a total of 14,063,281 Atlas Shares, representing 
approximately 30.0 per cent. of the issued share capital of Atlas. None of these 
acceptances were received from persons acting in concert with Fragiolig. 
As at 4.30 p.m. on 18 May 2010 Fragiolig, together with persons acting in 
concert with it, owned 15,413,078 Atlas Shares, representing approximately 32.9 
per cent. of the issued share capital of Atlas. 
Fragiolig, together with parties acting in concert with it, therefore now owns, 
or has received acceptances in respect of, in aggregate, 29,476,359 Atlas 
Shares, representing approximately 62.9 per cent. of the issued share capital of 
Atlas. 
 
Acceleration of settlement of consideration 
Fragiolig is also pleased to announce that it has accelerated the timetable for 
settlement of the consideration payable to accepting Atlas shareholders under 
the Offer. Any shareholder who accepts the Offer prior to the first closing date 
(i.e., 7 June 2010) will now be sent the consideration for their Atlas Shares 
within 14 days of a valid acceptance being received, rather than within 14 days 
of the first closing date of the Offer, if later. 
 
Commenting on the announcement, Guy Indig, a representative of Fragiolig, said: 
"We welcome the unanimous recommendation from the Board of Atlas to accept the 
Offer. In addition, I am pleased that we have also been able to provide 
accepting Atlas shareholders with an accelerated mechanism for settlement of the 
consideration due to them under the Offer. The Offer, which is already wholly 
unconditional, represents a one-off opportunity for Atlas shareholders to 
receive certain value for their shares in cash and we encourage all Atlas 
shareholders to accept the Offer". 
 
In accordance with Rule 19.11 of the City Code, a copy of this announcement will 
be available free of charge, subject to certain restrictions relating to persons 
resident in certain restricted jurisdictions, for inspection on the following 
website by no later than 12.00 noon (London time) on 20 May: www.fragiolig.com. 
 
Enquiries: 
Fragiolig Holdings Limited 
Guy Indig 
                                     Telephone:        [phone] 
Excellion Advisors LLP, Financial Adviser to Fragiolig 
Robert Stafler   Telephone:        [phone] 
Raffael Johnen 
Aura Financial 
Michael Oke 
                              Telephone:          [phone] 
 Andy 
Mills 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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