Completion of Tender Offer

    RNS Number : 1498K
  EBT Mobile China PLC
  15 December 2008
   

    EBT Mobile China plc
    15 December 2008

      EBT Mobile China plc ('EBT Mobile' or 'the Company')

       Completion of Tender Offer

    EBT Mobile announces the satisfaction of the outstanding conditions in relation to the execution of the Tender Offer prior to the
De-Listing.  EBT Mobile is therefore pleased to announce that in accordance with the terms of the Tender Offer, Panmure Gordon has today
purchased 22,170,053 Tender Offer Shares as principal at a price of 6 pence per Tender Offer Share. Defined terms in the circular sent to
shareholders on 22 October 2008 bear the same meanings in this announcement.

    1. Settlement

    Settlement of the consideration to which any Tender Offer Shareholder is entitled pursuant to tenders accepted by Panmure Gordon,
complete in all respects, will be made as follows:

    (i) Shares in uncertificated form (that is, in CREST)

    Cash consideration will be paid through CREST by Capita Registrars on behalf of Panmure Gordon to procure the creation of an assured
payment obligation by 16 December 2008 in favour of the payment banks of accepting Tender Offer Shareholders in accordance with the CREST
assured payment arrangements.

    (ii) Shares in certificated form

    Cheques for the consideration will be despatched by first class post by 16 December 2008 at the risk of the person(s) entitled thereto.
All cash payments will be made in pounds sterling by cheque, drawn on a branch of a UK clearing bank.

    2. Tender Offer Results

    Following correction of an amount relating to a valid tender which was incorrectly processed, the Company sets out below the revised
details of the Tender Offer results.

    A maximum of 22,170,089 Ordinary Shares may be purchased under the Tender Offer, at a price of 6 pence per share, representing
approximately 10.0 per cent. of the issued share capital of the Company as at 22 October 2008.

    EBT Mobile has received valid elections for an aggregate of 74,178,507 Ordinary Shares, representing approximately 33.1 per cent. of the
current issued share capital of the Company as enlarged for the prospective issue of share options. The current issued share capital of the
Company is 222,677,220 Ordinary Shares and 1,632,686 additional Ordinary Shares will be issued prior to completion of the Tender Offer
pursuant to the valid exercise of options.

    The Basic Entitlement in the Tender Offer is approximately 19.9%.  In accordance with the terms of the Tender Offer, the board has
resolved to satisfy in full applications from holders of 50,000 or fewer Ordinary Shares who have tendered their entire shareholdings.
Following the reallocation of unused entitlements, the Company will on Completion of the Tender Offer reduce the number of registered
holders by 76. This will bring modest administrative cost savings to the Company. A small amount of unused remaining entitlements has been
reallocated to other Tender Offer Shareholders pro rata to the number of shares each has validly tendered.  Individual entitlements will
vary, however, as a result of both the allocations made to holders of 50,000 or fewer Ordinary Shares who tendered their entire
shareholdings and the number of Ordinary Shares validly tendered by an individual Shareholder.

    Certain directors, members of management and staff will have validly tendered 6,511,999 Ordinary Shares (including by way of exercised
options) representing approximately 7.5% of their aggregate shareholdings including shares to be issued pursuant to the valid exercise of
options.

    As a result of the number of valid elections received, some Shareholders who have tendered their entire holding will not receive the
full amount they have tendered.

    Ordinary Shares purchased in the Tender Offer will be cancelled by the Company on completion of the Tender Offer and the Company's
issued share capital will accordingly decrease.

    3. De-listing, Matched Bargain Facility and CREST

    De-listing (cancellation of the Ordinary Shares to trading on AIM) is expected to take place on 17 December. 

    The Company is in the process of setting up a matched bargain facility. The Company will announce, via its website (www.ebtmobile.com)
when the matched bargain facility is in place together with relevant contact details and instructions. 

    The Company's CREST facility is expected to be cancelled in due course and Shareholders in the Company at that time will receive
certificated shares. This is expected to occur on or before 31 January 2009 and the Company will notify Shareholders via its website.

    Enquiries:

    EBT Mobile                
    Jim Reiman, Non-Executive Chairman                                                                      001 847 784 8100
    Stephen Davidson, Non-Executive Director                                                                  0781 801 2281

    Panmure Gordon (UK) Limited                                                                                     020 7459 3600
    Aubrey Powell
    Giles Stewart

    Weber Shandwick Financial                                                                                          020 7067 0700
    Terry Garrett 
    Stephanie Badjonat 
    John Moriarty

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