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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Edin. New It | LSE:ENI | London | Ordinary Share | GB00B084LP54 | 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% | 62.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS No 7377v ENGLISH NATIONAL INVESTMENT COMPANY PLC 1st July 1997 THE FOLLOWING IS AN AMENDED VERSION OF THE ENGLISH & NATIONAL INVESTMENT COMPANY PLC - ACQUISITION OF INTEREST ANNOUNCEMENT RELEASED EARLIER TODAY. THE AMENDMENT OCCURS IN THE ENQUIRIES SECTION WHERE THE FINAL TELEPHONE NUMBER HAS BEEN CORRECTED. ALL OTHER INFORMATION REMAINS UNCHANGED. English National Investment Company plc ("ENIC") Acquisition of interest in Vicenza Calcio S.p.A. ("Vicenza") ENIC announces that it has reached agreement in principle to acquire an interest in the Italian football club, Vicenza, from Stellican Limited. Completion, which is conditional on finalising documentation and on regulatory approvals, is expected to take place before the end of July 1997. Vicenza is an Italian football club based in northern Italy which this year won the Coppa Italia, the most important Italian cup competition, and finished eighth in Serie A, the Italian equivalent of the UK's Premiership. Vicenza has a strong management team and is forecast by its management to achieve sales in excess of ITL 34 billion (#12.0 million) and be profitable for the year to 30th June 1997 and to have net assets (incorporating a net cash position) as at that date of approximately ITL 8 billion (#2.8 million). Under the terms of the agreement, ENIC will acquire 29.9 per cent. of Otto S.r.l., which owns 99.9 per cent. of Vicenza, for a cash consideration of #2.4 million. In addition, ENIC will become party to certain option arrangements between the shareholders in Otto whereby, on full exercise of these options, it would acquire a further 32.1 per cent. of Otto at the same initial investment cost per share, increasing its stake in Otto to 62.0 per cent. and taking its total net investment to approximately #5.0 million. These option arrangements will be exercisable at any time. Otto's only material asset is its shares of Vicenza. It has no material liabilities. ENIC's co-investors in Otto include Estimator Limited, an affiliate of Stellican, CSI Limited and Pangolin International Limited. Stellican is a private investment firm which specialises in taking stakes in special situations across Europe and in particular Italy where it has completed several transactions. It was founded by its current managing director, Mr Stephen Julius, who owns Estimator. CSI's activities comprise the negotiation, packaging, production and marketing of a range of international sport for television with particular emphasis on soccer. It is the exclusive distributor of television rights for the English FA Premier League and the Football Association outside the UK. Pangolin International is a private investment company representing the interests of Mr Robert Hersov. Mr Hersov is managing director of Telepiu, Italy's leading pay television company, and a main board director of Mediaset, Italy's largest non-state television broadcaster. He has extensive relationships in the international media community. It is intended that Mr Hersov should join the board of ENIC as a non-executive director. As part of the arrangements relating to its investment, on 27th June 1997 ENIC placed a total of 497,000 new shares in ENIC with certain of the co-investors at a price of 233 pence per share raising approximately #1.15 million. Enquiries ENIC Howard Stanton 0171 935 5497 Deutsche Morgan Grenfell Mark Preston 0171 545 8000 David Clasen Financial Dynamics John Bick 0171 831 3113 END
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