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How Sick would you feel??????


Zugara

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Various websites (which also suffer from the problem of being able to count units) have misquoted the 52 week high of Transware (not hard to find out which company it was). It was £30 per share, but only because that was a takeover price for the whole company. Shareholders had the option to accept the £30 per share offer in 2004, if you didn't, and EastChase made it past the 90% mark, then they could lapse the offer.

 

I.e they were only ever worth £30 x £375 (£11,250) and unfortunately you missed the boat.

 

Read this:

 

SUMMARY

 

The directors of EastChase and Mr. Oliver Cooke, the Independent Director of

Transware, are pleased to announce that they have reached agreement on the terms

of a recommended cash offer to be made by Dolmen Securities on behalf of

EastChase and (in the United States) by EastChase itself to acquire all of the

issued and to be issued share capital of Transware.

 

EastChase is a private limited company recently incorporated in Ireland and

established specifically for the purpose of making the Offer. Further

information on EastChase is set out below.

 

• The Offer will be £30.00 payable in cash for each Transware Share

valuing the entire issued share capital of Transware at approximately £8

million.

 

• The Offer Price payable represents a premium of approximately 530 per cent.

to the share price of £4.75 being the price on the last business day (being

20 July 2004) on which Transware Shares traded (as transacted by JP Jenkins

Limited) prior to this announcement. No other dealings have been

recorded (as transacted by JP Jenkins Limited) since this date.

 

• EastChase has received Shareholder support in the form of irrevocable

undertakings to accept or procure acceptance of the Offer in respect of, in

aggregate, 231,572 Transware Shares, representing approximately 87.4 per

cent. of the issued share capital of Transware.

 

All Shareholders are encouraged to accept the Offer of £30 per share. One of the

conditions of the Offer (described below in Appendix I) means that if

acceptances of at least 90 per cent. in nominal value of Transware Shares to

which the Offer will relate are not received pursuant to the Offer, EastChase

may allow the Offer to lapse. Should the Offer lapse, Shareholders would not be

entitled to receive the Offer Price and all share certificates would be

returned. In such circumstances, it may be difficult for Shareholders to dispose

of their shares since only a very limited trading facility is available in

Transware Shares through JP Jenkins Limited.

 

Phew - that's not nearly so gut wrenching then !

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