Result of Tender Offer

RNS Number:4962X
J O Hambro Capital Management Ld
19 June 2002



For immediate release



Not for release, publication or distribution in whole or in part, in or into the
                   United States, Canada, Australia or Japan


                                                                   19 June, 2002



                     J O Hambro Capital Management Limited



                            TENDER OFFER FOR SHARES

                 IN FCX INTERNATIONAL PLC ("FCX International")



                             Result of Tender Offer



On 10 June 2002, Strand Partners Limited ("Strand Partners") announced a tender
offer on behalf of J O Hambro Capital Management Limited ("JOHCM") to purchase
(by way of tender) up to 3,000,000 ordinary shares of 50 pence each in FCX ("FCX
Ordinary Shares"), representing 16.55 per cent. of the issued ordinary share
capital of FCX International (the "Tender Offer").



Following the closure of the Tender Offer at 3.00 p.m. today, tenders had been
received for a total of 201,846 FCX Ordinary Shares representing 1.11 per cent.
of the issued ordinary share capital of FCX International.



Prior to the announcement of the Tender Offer, funds managed by JOHCM on a
discretionary basis held in aggregate 1,766,075 FCX Ordinary Shares representing
approximately 9.74 per cent. of its issued share capital.



The total number of FCX Ordinary Shares now held by JOHCM, including shares
tendered, is therefore 1,967,921 FCX Ordinary Shares, representing approximately
10.86 per cent. of FCX's entire issued share capital.



A further announcement will be made shortly.  In the meantime, FCX Shareholders
are urged to take no action with regard to the increased and final offer
announced by Altium Capital Limited on 17 June 2002.



As detailed in the letter from Strand Partners in the Tender Offer Document,
given sufficient FCX Ordinary Shares have been tendered under the Tender Offer
to take JOHCM's aggregate shareholding in FCX International to greater than 10
per cent., it is the intention of JOHCM to shortly requisition an extraordinary
general meeting of FCX International at which it will seek the removal of John
Perkins as well as Stuart Stradling and Kenneth Williams, who have recommended
the Altium Offer. Following consultation with major independent FCX Shareholders
(which will be commenced as soon as possible) it is intended that a new board be
appointed (the "New Board").  JOHCM will also seek that a strategic review be
implemented by the New Board.





Christopher Mills, Chief Investment Officer of JOHCM, commented



"The pathetic response to our tender offer clearly shows shareholder support of
our stated view that FCX International is worth considerably more than the level
at which management and Alchemy Partners have attempted to buy the company.  We
considered that the original offer was opportunistic, and believe the revised
and final offer announced on 17 June 2002 offers little additional incentive for
shareholders to accept.



We are considering our position and a further statement will follow shortly."



Enquiries:



J O Hambro Capital Management Limited

Tel: [phone]

Christopher Mills, Chief Investment Officer



Strand Partners Limited

Tel: [phone]

(Financial Adviser to JOHCM)

Simon Raggett, Director



Strand Partners, which is authorised in the United Kingdom by The Financial
Services Authority, is acting for JOHCM and no one else in connection with the
Tender Offer and will not be responsible to anyone other than JOHCM for
providing the protections afforded to customers of Strand Partners, nor for
giving advice in relation to the Tender Offer.



Strand Partners has approved the contents of this announcement solely for the
purpose of section 21 of the Financial Services and Markets Act 2000.  The
principal place of business of Strand Partners is 110 Park Street, London, W1K
6NX.



The JOHCM Directors accept responsibility for the information contained in this
announcement. Subject as aforesaid, to the best of the knowledge and belief of
the JOHCM Directors (who have taken all reasonable care to ensure that such is
the case), such information is in accordance with the facts and does not omit
anything likely to affect the import of such information.



This announcement does not constitute, or form part of, an offer or an
invitation to purchase any securities.



END



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