The Directors of Solar Enterprises have today announced a private offer to its members.
The Directors of Solar Enterprises are pleased to announce that they have been asked to prepare a sales contract for execution by an American, Mr. Frank Joseph of Maryland, U.S.A., or his nominee, under which all the members of record as of October 12th, 1998 would be offered privately, and would receive upon acceptance, approximately US$ 10.50 per share net of all expenses.
The Directors are expected to meet early this week in order to approve the terms of such a contract and to recommend to the members 100% acceptance. The Directors requested that trading in the shares on the Bermuda Stock Exchange be suspended effective Monday, October 12th pending this announcement. We have also requested that trading resume on the Exchange on Tuesday, October 13th, 1998.
As soon as the offeror has executed the contract and returned it to Bermuda, copies will be sent to each of the Company's members with a covering letter making provision for an acceptance to be signed and returned to the Company Secretary.
It is understood that the offeror is willing to close the transaction on or before November 27th, 1998.
James A. Pearman
President
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For further information contact James Pearman at Solar Enterprises Limited at phone 1-441-295-6616 or fax 1-441 292-8306.
For more information, contact Christopher Dill at the Bermuda Stock Exchange at phone 1-441-292-7212 or fax 1-441-292-7619. Information is also available at www.bsx.com, on Bloomberg at BSX
The Bermuda Stock Exchange is a fully-electronic offshore securities market founded in 1971. The BSX lists more than 200 securities -- including equities, mutual funds and bonds, as well as depository receipts -- and is recognized by the U.S. SEC.