As at 3.30 p.m. on the Closing Date, Jardine Strategic had received valid acceptances in respect of 111,312,540 C&C shares, representing approximately 46.09 per cent. of the issued share capital of C&C as at 18th October 2002. Under the terms of the Partial Offer, Jardine Strategic will acquire 50,664,760 C&C shares (the "Offer Shares") so that its shareholding in C&C, together with those of its concert parties, will increase to 50.2 per cent. Acceptances will be met in full or in part to the extent necessary for Jardine Strategic to acquire the Offer Shares. Acceptances in excess of the Offer Shares will be scaled down proportionately in accordance with the terms of the Partial Offer.
Jardine Strategic also received valid votes in favour of the Partial Offer in respect of 125,764,497 C&C shares, representing approximately 99.15 per cent. of the shares voted under the terms of the Partial Offer.
Commenting on the close of the Partial Offer, Group Managing Director, Percy Weatherall, said, "We have been pleased with the positive response to the Partial Offer and the overwhelming endorsement of the shareholders of Cycle & Carriage. Jardines has been supportive of Cycle & Carriage for a number of years, and Jardine Strategic's majority shareholding following this Partial Offer will reinforce our commitment to the group's development."
A further announcement will be made as soon as practicable to inform C&C shareholders of the basis used in computing the acceptance of excess shares. Consideration will be despatched to accepting C&C shareholders by ordinary post as soon as practicable, in any event by 22nd November 2002. All acceptances received after 3.30 p.m. on the Closing Date will be rejected.
Jardine Strategic is a holding company which takes long-term strategic investments in multinational businesses, particularly those with an Asian focus, and in other high quality companies with existing or potential links with the Jardine Matheson Group. Its principal attributable interests are in Jardine Matheson (51 per cent.), Dairy Farm (69 per cent.), Hongkong Land (41 per cent.), Mandarin Oriental (71 per cent.) and C&C (29 per cent.).