Forum Archive Index - August 2000
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[sharechat] [Fwd: FW: Strathmore announces CommSoft entitlement for its shareholders a nd clarifies terms of Buy Back]
did you get this? A
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From: Mary Austen <MaryA@bca.co.nz>
Date: Tue, 8 Aug 2000 15:35:11 +1200
Subject: Strathmore announces CommSoft entitlement for its shareholders a nd
clarifies terms of Buy Back
> FOR IMMEDIATE RELEASE
>
>
> Strathmore announces CommSoft entitlement for its shareholders and
> clarifies terms of Buy Back
>
> * Shareholders to receive preferential entitlement to CommSoft shares
> * NZFM offers to buy shareholders' entitlement
> * Buy back offer to be 1 listed CommSoft share for every 4.25
> Strathmore shares purchased
>
>
> AUCKLAND - 8 August 2000 -Strathmore Group Limited (NZSE: SMR) has offered
> to buy back 15% of its shares in a deal that would see shareholders
> receive one share in the ASX listing company CommSoft for every 4.25
> Strathmore shares they sell.
>
> Strathmore said that following the decision to proceed with CommSoft's
> Australian stock exchange listing and the lodgement of a prospectus for an
> $A17 million issue with the Australian Securities and Investment
> Commission, it was now appropriate to fully inform Strathmore shareholders
> regarding the buy back and other entitlements.
> Strathmore today made the following key announcements:
>
> * As part of CommSoft's IPO, CommSoft will make a preferential offer
> to all Strathmore shareholders to subscribe for shares in the float; and
> * Further details of the Strathmore Buy Back and its future investment
> in CommSoft.
>
> Preferential entitlement to CommSoft shares
> Strathmore referred shareholders to the offer in the CommSoft prospectus
> under which Strathmore shareholders will be granted a preferential
> entitlement to subscribe for CommSoft shares in the IPO. Under the terms
> of the entitlement, all Strathmore shareholders receive a minimum
> entitlement to subscribe for 500 CommSoft shares as part of a right to
> subscribe for CommSoft shares at a rate of one CommSoft share for every 75
> Strathmore shares they hold.
>
> Strathmore also referred shareholders to the offer by New Zealand Funds
> Management to buy the entitlement of those public shareholders not wanting
> to exercise their right to purchase CommSoft shares. New Zealand Funds
> Management will pay $A0.11 a share for any entitlement Strathmore's public
> shareholders' elect not to take up. Documentation on how to accept this
> offer will be contained in the prospectus.
>
> Strathmore Executive Chairman Phil Norman said the preferential
> entitlement had been arranged with CommSoft and was a tangible way of
> rewarding Strathmore shareholders for their support.
>
> "Strathmore is delighted the CommSoft listing will occur soon and is
> particularly pleased that a preferential offer will be made to Strathmore
> shareholders to subscribe for shares.
>
> "The terms of the offer, taken alongside the offer from New Zealand Funds
> Management, mean shareholders will receive at least $A0.11 per share for
> their entitlement," he said.
>
> Shareholders on the Strathmore register on August 11 will be able to
> participate in the entitlement to CommSoft shares.
>
> Details of the CommSoft offer are set out in the prospectus which will be
> available on the CommSoft web site - www.commsoftgroup.com
> <http://www.Commsoftgroup.com>. The IPO is to open on August 15 and the
> listing date is expected to be September 13. All Strathmore shareholders
> will receive a CommSoft prospectus which will include details of their
> preferential entitlement.
>
> The offers of the securities will be made in, or accompanied by, a copy of
> the Prospectus. Anyone wishing to acquire the securities will need to
> complete the application form that will be in or will accompany the
> Prospectus.
>
> Strathmore share buyback terms
> Strathmore Directors also announced that shareholders participating in the
> buyback will receive one $A1.10 listed CommSoft share for every 4.25
> Strathmore ordinary shares they sell. Shareholders on the Strathmore
> register on August 18 will be eligible to participate in the buy back.
>
> CommSoft Directors, cornerstone shareholders including Cullen Investments
> and Advantage Group, and institutional investor New Zealand Funds
> Management have agreed to accept the buyback.
>
> To ensure that listed shares in CommSoft are transferred, the offer to buy
> back shares is conditional on the completion of the CommSoft IPO on or
> before November 30.
>
> Strathmore shareholders will receive the formal buy back offer no later
> than 21 August and have until September 1 to accept the offer.
> Shareholders may also participate on a pro-rata basis with other
> shareholders in selling further shares as will be required to ensure that
> 15% of the Company's capital is acquired by Strathmore. The Company
> will acquire no more than 15% of its capital. Strathmore Directors and
> cornerstone shareholders have committed to sell more shares if required
> for this purpose.
>
> CommSoft share selldown
> Noting that the CommSoft listing was to proceed, Strathmore said it would
> be selling down $A2million of its investment into the IPO.
>
> "Strathmore Directors and the founding shareholders of CommSoft decided
> that it was in the best interests of the CommSoft listing to sell a
> portion of their holdings in the IPO. These sales will assist the IPO by
> making more shares available in the market to meet demand," Mr Norman
> said.
>
> Strathmore holds a 38% interest in CommSoft which will be reduced to 14%
> after the IPO, sell down and buy back.
>
> Strathmore options (NZSE: SMROA) holders wishing to participate in the buy
> back and the preferential entitlement in the CommSoft prospectus for
> Strathmore shareholders will need to exercise their options prior to the
> earlier entitlement date, 11 August.
>
> About Strathmore Group Limited
>
> Strathmore Group Limited is a technology investment company with
> approximately $NZ19 million of shareholders' funds. It targets Internet,
> e-Commerce and information technology companies with potential to deliver
> accelerated growth in shareholder value by competing in global markets.
> It provides strategic advice, capital support, operational assistance,
> industry expertise and a network of relationships to assist technology
> companies to migrate internally.
>
> For further information, please call:
>
> Phil Norman, Executive Chairman, Strathmore Group Limited
> Tel +64 21 667 210, E-mail: phil.norman@strathmoregroup.com
>
> Michael Bartrom, Botica Conroy & Associates
> Tel +64 9 303 3862, E-mail: michaelb@bca.co.nz
> 021 403 503
>
>
>
> ENDS
>
> Mary Austen
> Botica Conroy & Associates
> Level 4 Peace Tower, 2 St Martin's Lane
> PO Box 3932, Auckland, NZ
> Tel: +64 9 303 3862; Fax: +64 9 303 3610
> email: marya@bca.co.nz
>
>
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