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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Clearspeed Tech | LSE:CSD | London | Ordinary Share | GB00B01TNC84 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCSD RNS Number : 6153S ClearSpeed Technology plc 21 May 2009 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, OR JAPAN ClearSpeed Technology plc ("ClearSpeed" or the "Company") Result of Tender Offer Further to the announcement made by ClearSpeed on Wednesday 29 April 2009 of the proposed return of cash to Shareholders by Tender Offer, the Board of the Company is pleased to announce the result of the Tender Offer. The Tender Offer closed in accordance with its published timetable at 5.00 p.m. on Wednesday 20 May 2009. A total of 59,551,112 Ordinary Shares were validly tendered pursuant to the Tender Offer which equates to 95.07 per cent. of the 62,634,497 Ordinary Shares in issue. Shareholders should note that the Company has not been required to issue additional Ordinary Shares to satisfy the exercise of Options as set out in the section entitled "Treatment of Optionholders" in Part 1 of the circular to Shareholders dated 28 April 2009 (the "Circular"). Based on the Tender Offer price of 15.25 pence per Ordinary Share, the total number of the Ordinary Shares to be purchased pursuant to the Tender Offer is 45,245,901 for a total cost payable by the Company, before expenses, of approximately GBP6.9 million. The aggregate number of Ordinary Shares tendered by Shareholders exceeded 45,245,901, therefore all tenders made by Shareholders will be scaled back pro rata to the number of Ordinary Shares they chose to tender. Shareholders will have their CREST accounts credited for approximately 75.98 per cent. of those Ordinary Shares successfully tendered. All Ordinary Shares repurchased pursuant to the Tender Offer will be cancelled. Following such cancellation, the number of ClearSpeed shares in issue is expected to be 17,388,596. Completion of the Tender Offer is subject to the approval of the Resolutions at the General Meeting of the Company convened for 10.00 a.m. today, and confirmation by the Court of the proposed Reduction of Share Capital and Cancellation of Reserves. Subject to satisfaction of these conditions, the timetable for the Tender Offer and De-Listing is expected to be as follows: +--------------------------------------+--------------------------------------+ | Court hearing to confirm Reductions | Wednesday 24 June 2009 | +--------------------------------------+--------------------------------------+ | Cheques issue/CREST accounts | Friday 26 June 2009 | | credited for Tender Offer proceeds | | | in respect of Ordinary Shares sold | | +--------------------------------------+--------------------------------------+ | CREST accounts credited/share | Friday 26 June 2009 | | certificates issued for revised | | | holdings of Ordinary Shares | | | following the sale of Ordinary | | | Shares under the Tender Offer | | +--------------------------------------+--------------------------------------+ | De-Listing | Monday 29 June 2009 | +--------------------------------------+--------------------------------------+ | Despatch of certificates in respect | Monday 29 June 2009 | | of New Ordinary Shares | | +--------------------------------------+--------------------------------------+ | Re-registration of ClearSpeed as a | Monday 29 June 2009 | | private limited company | | +--------------------------------------+--------------------------------------+ Terms used in this announcement have the same meaning as those in the Circular to Shareholders. For further information please contact: Richard Farleigh, Non-Executive Chairman ClearSpeed Technology plc 01454 629 623 Richard Kauffer/Joanne Breeze KBC Peel Hunt, Nominated Adviser and Broker 020 7418 8900 Adrian Duffield/Jon Davies College Hill, Financial PR 020 7457 2020 The Tender Offer not being made, directly or indirectly, in the United States, Canada, Australia, New Zealand, South Africa, or Japan and none of this announcement, the Circular or the Tender Form may be distributed or sent in or into or from the United States, Canada, Australia, New Zealand, South Africa, or Japan and doing so may render invalid any purported tender. KBC Peel Hunt Ltd, which is regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for the Company and no one else in connection with the Tender Offer and will not be responsible to anyone other than the Company for providing the protections afforded to customers of KBC Peel Hunt or for giving advice in relation to the Tender Offer. This information is provided by RNS The company news service from the London Stock Exchange END RTEURVARKBRVUUR
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