Source: Financial Objects
Recommended Offer by Hoare Govett Limited on behalf of Financial Objects for Raft.
Compulsory acquisition of outstanding Raft Shares
On 3 March 2006, Financial Objects announced that all conditions of the Offer had been satisfied or waived and that the Offer had become wholly unconditional.
As at 3.00 pm on 10 April 2006, the latest practicable date prior to the making of this announcement, Financial Objects had received valid acceptances in respect of 61,391,855 Raft Shares, representing 92.4 per cent. of the existing issued share capital of Raft.
Consequently, Financial Objects will shortly implement the procedure under sections 428 to 430F of the Companies Act 1985, as amended, to acquire compulsorily all of the outstanding Raft Shares which it has not already acquired, contracted to acquire or in respect of which it has not already received valid acceptances.
The Offer will remain open for acceptance until further notice. Raft Shareholders who have not yet accepted the Offer are urged to do so as soon as possible.
Raft has submitted a request to AIM for a cancellation of the admission to, and trading of, Raft Shares on AIM. It is expected that cancellation of admission to trading on AIM of Raft Shares will take place on 27 April 2006. Such cancellation will significantly reduce the liquidity and marketability of any Raft Shares not assented to the Offer.
Terms defined in the Offer Document dated 8 February 2006 have the same meaning in this announcement unless the context otherwise requires.