Future Rentals plc - "Future Rentals" - Recommended Cash Offer - the "Offer" - for Thorn plc - "Thorn" - Initial Offer Period Extended/Levels of Acceptance.LONDON--(BUSINESS WIRE)--Sept. 3, 1998--Future Rentals, a company formed by and with financing arranged by the Principal Finance Group of Nomura International plc, announced yesterday that, pending satisfaction of outstanding conditions to the Offer (including certain regulatory consents) the Initial Offer Period in respect of the Offer made by Schroders on its behalf for the whole of the issued and to be issued share capital of Thorn thorn, in botany thorn, sharp-pointed projection on some plants, usually protective in function. Botanically, thorns are distinguished as modified stems (as in the honey locust and hawthorn) from spines, which are modified leaves (as in the barberry), and has been extended and will remain open until midnight (London time), 7.00 p.m. (New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time) on 20 September 1998. Tenders of Thorn Securities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. on Saturday, 19 September and Sunday Sunday: see Sabbath; week. , 20 September may only be made by hand delivery of a validly completed Form of Acceptance (in the case of Thorn Shares), or a properly completed and duly executed Letter of Transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. (in the case of Thorn ADSs), to the US Depositary DEPOSITARY, contracts. He with whom a deposit is confided or made. 2. It is, the essence of the contract of deposits that it should be gratuitous on the part 'of the depositary. 9 M. R. 470. at the address of the US Depositary specified for deliveries by hand on the back of the Offer Document. Terms definedin the Offer Document dated 22 July 1998 shall have the same meanings in this announcement. Acceptances As at 3.00 p.m. (London time), 10.00 a.m. (New York City time) on 2 September 1998, valid acceptances of the Offer had been received by Future Rentals in respect of a total of 303,932,314 Thorn Shares (including Thorn Shares represented by ADSs), representing 90.0 per cent. of Thorn Securities to which the Offer relates. These acceptances include acceptances of the Offer representing 37,519,961 Thorn Shares, or 10.0 per cent. of Thorn's fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share capital, received pursuant to irrevocable Unable to cancel or recall; that which is unalterable or irreversible. IRREVOCABLE. That which cannot be revoked. 2. A will may at all times be revoked by the same person who made it, he having a disposing mind; but the moment the testator is undertakings given by the directors of Thorn in respect of their personal holdings of 59,656 Thorn Shares and by PDFM PDFM Plastics Distributor and Fabricator Magazine PDFM Positive Displacement Flow Meter in respect of 37,460,305 Thorn Shares. In addition to these acceptances, Nomura International plc has also acquired 37,033,285 Thorn Shares, or 9.9 per cent. of Thorn's fully diluted share capital, from PDFM on 1 July 1998 which it intends to transfer to Future Rentals. After this transfer, Future Rentals will have acceptances for and holdings of approximately 91.0 per cent. of Thorn's fully diluted share capital. Holdings and dealings Save as disclosed above, neither Future Rentals, nor any person acting, or deemed to be acting, in concert with Future Rentals, held any Thorn Shares (or rights over such shares) as at 6 April 1998, the day before the commencement of the Offer Period, or has otherwise acquired or agreed to acquire Thorn Shares (or rights over such shares) during the Offer Period. Schroders, which is regulated in the United Kingdom by The Securities and Futures Authority Limited, is acting for Nomura International plc and Future Rentals and for no one else in connection with the Offer and will not be responsible to anyone other than Nomura International plc and Future Rentals for providing the protections afforded to its customers nor for giving advice in relation to the Offer. Schroders is acting through Schroder & Co. Inc. for the purposes of making the Offer in and into the United States. Schroders is acting as sole broker to the Offer.
CONTACT: Press enquiries:
Financial Dynamics, London
Nick Miles
44 171 831 3113
or
Schroders, London
Alan Jacobs/Steve Wallace
44 171 658 6000
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