This site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about cookies used on Trustnet and how you can manage them, see our Privacy and Cookie Policy.

By clicking "I Agree" below, you acknowledge that you accept our Privacy Policy and Terms of Use.

For more information Click here



It's look like you're leaving us

What would you like us to do with the funds you've selected

Show me all my options Forget them Save them
Customise this table
Share   Print      RSS

British Polythene (BPI)

British Polythene

Shareholder support
British Polythene Industries PLC
13 December 2000

                       British Polythene Industries PLC
                          Shareholder support for BPI

The  board  of  British  Polythene  Industries  PLC  ('BPI')  announces  that,
following the increase by Macfarlane Group PLC ('Macfarlane') of its offer for
BPI  to  310p per share, BPI has today agreed to release UBS Asset  Management
Limited   ('UBS  Asset  Management'),  which  holds  4,038,442   BPI   shares,
representing  approximately  10.9% of BPI's issued  share  capital,  from  its
undertaking  to limit the number of shares it may tender under BPI's  proposed
tender  offer for 30% of BPI's issued share capital announced on  21  November
2000 ('the Tender Offer').

UBS Asset Management has given a verbal undertaking to BPI that it will not be
accepting Macfarlane's offer.

BPI announced on 21 November 2000 that it had received written undertakings in
respect  of 3,587,070 shares, representing approximately 9.7% of BPI's  issued
share  capital, not to accept any offer for BPI at a price of less  than  320p
per share.  Since that time, BPI has received further written undertakings  on
substantially  the same terms as the original undertakings  in  respect  of  a
further 1,797,474 BPI shares, representing approximately 4.9% of BPI's  issued
share  capital, not to accept any offer for BPI at a price of less  than  320p
per share.

In  aggregate, therefore, BPI has received written undertakings not to  accept
the  offer  by  Macfarlane for BPI at a price of less than 320p per  share  in
respect  of  an  aggregate of 5,384,544 BPI shares and has received  a  verbal
undertaking not to accept the Macfarlane offer for BPI in respect of 4,038,442
BPI  shares,  together representing approximately 25.6% of BPI's issued  share

In   respect  of  the  Tender  Offer,  BPI  has  received  undertakings   from
shareholders either not to tender their BPI shares or restricting  the  number
of  BPI shares they may tender.  These undertakings have been given in respect
of  5,384,544  shares representing 14.6% of BPI's issued  share  capital.   In
addition, there are certain restrictions in the rules of The British Polythene
Industries   Employee  Share  Scheme  and  The  British  Polythene  Industries
Restricted  Share  Scheme which would prevent 1,013,034  shares,  representing
2.7%  of  BPI's  issued share capital, held by the trustees for  the  relevant
scheme,  from being tendered, other than in exceptional circumstances such  as
death, permanent disability, retirement or redundancy.

Based  on  these undertakings and restrictions, the board of BPI is  confident
that, although UBS Asset Management has been released from its undertaking  to
limit  the  number  of  BPI  shares  it may tender  under  the  Tender  Offer,
shareholders who tender up to approximately 36% of their holding of BPI shares
can expect their tenders to be met in full.  In addition, BPI is continuing to
seek further undertakings from shareholders not to tender all or part of their
BPI shares, which may result in an increase in this percentage.

Cameron McLatchie, Chairman of BPI, said today:

'We  have  always maintained that Macfarlane's offer is inadequate.   Clearly,
holders  of  a substantial percentage of our shares appear to be of  the  same


BPI                Cameron McLatchie,                           01475 501 000
                   Chief Executive                                       
Greenhill & Co.    Simon Borrows                                020 7440 0400 
Financial          Tim Spratt                                   020 7831 3113

Greenhill  & Co. International Limited ('Greenhill & Co.'), which is regulated
in  the  United  Kingdom by The Securities and Futures Authority  Limited,  is
acting  for BPI and no-one else in connection with the offer, and will not  be
responsible to anyone other than BPI for providing the protections afforded to
customers  of  Greenhill & Co., or for providing advice  in  relation  to  the
offer.   This  announcement  has been approved by  Greenhill  &  Co.  for  the
purposes of Section 57 of the Financial Services Act 1986.
Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

You are currently using an old browser which will not be supported by Trustnet after 31/07/2016. To ensure you benefit from all features on the site, please update your browser.   Close