Tender Offer

RNS Number:8926X
J O Hambro Capital Management Ld
28 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



                                                                   28 June, 2002



J O Hambro Capital Management Limited



                   TENDER OFFER FOR 2,500,000 ORDINARY SHARES

                 IN FCX INTERNATIONAL PLC ("FCX International")





On behalf of J O Hambro Capital Management Limited ("JOHCM"), Strand Partners
Limited announces that it is posting today to the ordinary shareholders of FCX
International ("Shareholders") a Tender Offer Document and Form of Tender
offering to purchase (by way of tender) up to 2,500,000 ordinary shares of 50
pence each in FCX ("FCX Ordinary Shares"), representing approximately 13.79 per
cent. of the issued ordinary share capital of FCX International (the "Tender
Offer"). Funds managed by JOHCM on a discretionary basis currently hold in
aggregate 1,984,921 ordinary shares representing 10.95 per cent. of the issued
ordinary share capital of FCX International. The details of the Tender Offer are
as follows:



The fixed price that JOHCM will pay in cash for each FCX Ordinary Share is 282
pence (free of all commissions). This price represents a premium of 0.71 per
cent. over the further amended and mandatory recommended cash offer announced by
Altium Capital Limited, on behalf of XCF Investments Limited, on 20 June 2002,
for the whole of the issued and to be issued share capital of FCX International
not otherwise held or contracted to be acquired by XCF Investments Limited ("
Alchemy Offer"). The closing middle market price of an FCX Ordinary Share at the
close of business on Thursday, 27 June 2002 (being the latest practicable date
prior to this announcement) was 280 pence.



Once the result of the Tender Offer has been announced, JOHCM will 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 Alchemy Offer, from the Board of FCX International.



JOHCM will, in addition, propose to Shareholders the appointment of a new board
("New Board"), and request that the New Board conduct a strategic review of the
business of FCX International. JOHCM will consult with existing Shareholders in
relation to the composition and appointees to the New Board.  This consultation
process will commence following the announcement of the result of the Tender
Offer.



It is not the intention of JOHCM to make a general offer to acquire FCX
International.



Full details relating to the Tender Offer will be included in the Tender Offer
Document and Form of Tender to be posted to Shareholders today.



Enquiries:



J O Hambro Capital Management Limited

Tel: [phone]

Christopher Mills, Chief Investment Officer



Strand Partners Limited

Tel: [phone]

(Financial Adviser to JOHCM)

Andrew Ross, 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.



The Tender Offer is not being made, directly or indirectly, in or into, and may
not be accepted in or from, the United States, Canada, Australia or Japan.
Accordingly, copies of this announcement are not being, and must not be, mailed
or otherwise distributed or sent in or into or from the United States, Canada,
Australia or Japan.



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.

END



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