On 10 January 2000 CGU declared the Offer unconditional as to acceptances. CGU now announces that it has received the necessary consents from the relevant regulatory authorities and consequently all of the conditions set out in the Offer Document dated 19 November 1999 have been satisfied or waived. Accordingly, the Offer is now wholly unconditional.
On 10 January 2000 CGU declared the Offer unconditional as to acceptances. CGU now announces that it has received the necessary consents from the relevant regulatory authorities and consequently all of the conditions set out in the Offer Document dated 19 November 1999 have been satisfied or waived. Accordingly, the Offer is now wholly unconditional.
The Offer remains open for acceptance until 3.00 pm on 28 February 2000.
As at 3.00pm on 18 January 2000, CGU was the beneficial owner of approximately 96.3 per cent. of the Hibernian Ordinary Shares subject to the Offer, representing approximately 78.6 per cent. of the holders of the Hibernian Ordinary Shares subject to the Offer. Accordingly, CGU intends to issue notices under section 204 of the Companies Act, 1963 as soon as practicable to shareholders who have not yet validly accepted the Offer, informing them of CGU's intention to acquire compulsorily the remaining Hibernian Ordinary Shares. In addition, as of the date hereof, Hibernian intends to apply for the cancellation of the listing of Hibernian Ordinary Shares on The Irish Stock Exchange and the London Stock Exchange. Cancellation will be effected on or about 29 February 2000.
Settlement cheques in Irish pounds will be despatched no later than 2 February 2000 to Hibernian Shareholders who have already completed and returned valid acceptances of the Offer. Settlement cheques in Irish pounds to Hibernian Shareholders who validly complete and return their forms of acceptance from now on will be despatched within fourteen days of receipt of their valid acceptance.
Terms defined in the Offer Document dated 19 November 1999 have the same meanings when used herein unless the context requires otherwise.
| Enquiries: | |
| CGU plc | Tel: 00 44 171 283 2000 |
| Peter Foster (Group Finance Director) | |
| Dresdner Kleinwort Benson | Tel: 00 44 171 623 8000 |
| (for CGU) Stephen Howard | |
| The Maitland Consultancy | Tel: 00 44 171 379 5151 |
| (for CGU) Laura Frost | |
| Hibernian Group plc | Tel: 00 3531 607 8631 |
| Pat McGorrian (Chief Executive) | |
| AIB Corporate Finance | Tel: 00 3531 667 0233 |
| (for Hibernian) John O'Donnell | |
| Drury Communications | |
| (for Hibernian) Billy Murphy | Tel: 00 3531 260 5000 |
Dresdner Kleinwort Benson, which is regulated in the United Kingdom by The Securities and Futures Authority Limited, is acting exclusively for CGU in connection with the Offer and no one else and will not be responsible to anyone other than CGU for providing the protections afforded to customers of Dresdner Kleinwort Benson, or for giving advice in relation to the Offer.