As at 5.00 p.m. on 9th October 2002, Jardine Strategic had received valid acceptances in respect of 51,340,646 C&C shares, representing approximately 21.14 per cent. of C&C's Maximum Potential Issued Share Capital (issued share capital assuming that all C&C shares capable of being issued under the terms of the C&C option schemes have been issued on or prior to the record date, being 18th October 2002). As a consequence, Jardine Strategic and its concert parties now own, control or have received acceptances under the Partial Offer in respect of 121,913,721 C&C shares, representing more than 50.2 per cent. of the Maximum Potential Issued Share Capital of C&C. Accordingly, the Partial Offer has become and was declared unconditional as to acceptances.
Commenting on the development, Group Managing Director, Percy Weatherall, said, "Jardine Strategic has been a supportive shareholder of Cycle & Carriage for a number of years, and an increased holding following this Partial Offer will reinforce our commitment to the group's development. Now that we have achieved the required level of acceptances under the Partial Offer, it is our intention that Cycle & Carriage will continue to pursue its business strategy and operate effectively with sound financing."
Acceptances will be met in full or in part to the extent necessary for Jardine Strategic to acquire the offer shares at the close of the Partial Offer. Acceptances by C&C shareholders in excess of the offer shares will be scaled down proportionately in accordance with the terms of the Partial Offer, but in a manner which minimises the number of new odd-lot shareholdings. The Partial Offer remains conditional upon the necessary shareholders' approval from C&C shareholders and therefore is not declared unconditional in all respects.
The Partial Offer shall remain open until 3.30 p.m. on 1st November 2002. Any acceptances received thereafter 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.).