ORE Orogen

RNS Number:0598P
Orb Estates PLC
4 August 2000


Recommended cash offers by Corporate Synergy PLC on behalf of Tabsie Ventures
Limited, a wholly owned subsidiary of Lynch Talbot Limited for Orb Estates PLC

Announcement of acceptance levels and notice of cancellation of listing 
 
Ordinary Offer 
 
Tabsie Ventures Limited ("Tabsie"), a wholly owned subsidiary of Lynch Talbot
Limited ("Lynch Talbot") announces that, as at 3.00pm on 4 August 2000, it
had received valid acceptances to the ordinary offer for Orb Estates PLC
("Orb") in respect of 35,808,187 Orb ordinary shares, representing
approximately 90.4 per cent of Orb's issued ordinary share capital. The
ordinary offer remains unconditional in all respects and will remain open for
acceptance until further notice.
 
Tabsie proposes to serve notices under section 429 of the Companies Act 1985
for the compulsory acquisition of the remaining Orb ordinary shares.
 
Tabsie further gives notice to holder of Orb ordinary shares that the listing
of Orb ordinary shares on the Official List of the UK Listing Authority will
be cancelled at 8.00 am on Monday 4 September 2000.
 

Loan Note Offer

Tabsie further announces that, as at 3.00 p.m. on 4 August 2000, it had
received valid acceptances to the loan note offer for Orb in respect of
396,454,675 Orb loan notes, representing approximately 72.7 per cent of Orb's
issued loan notes. The loan note offer is now closed in accordance with the
terms of the loan notes offer.
 
Tabsie further gives notice to loan note holders that the listing of the loan
notes on the Official List of the UK Listing Authority will be cancelled at
8.00 am on 4 September 2000.
 
Prior to the commencement of the offer period, Lynch Talbot held 925,555 Orb
ordinary shares representing approximately 2.3 per cent of Orb's current
issued share capital, Euro & UK Property Fund LP ("Euro") held 925,555 Orb
ordinary shares representing approximately 2.3 per cent of Orb's current
issued share capital and the directors of Orb and their immediate families
held 2,300,005 Orb ordinary shares representing approximately 5.7 per cent of
Orb's current issued share capital.
 
During the offer period Lynch Talbot converted the balance of the Lynch
Talbot Loan into 9,106,090 Orb ordinary shares, representing 23.0 per cent of
Orb's current issued share capital and Euro converted the balance of the Euro
Loan into 5,842,480 Orb ordinary shares, representing 14.8 per cent of Orb's
current issued share capital. Lynch Talbot acquired 1,997,337 ordinary shares
from Peter Catto, representing 5.0 per cent of the Orb's current issued share
capital, and 8,373,211 Orb ordinary shares from certain other shareholders,
representing 21.1 per cent of the Orb's current issued share capital.
Mitchell Higgins has accepted the offer in respect 302,668 Orb ordinary
shares, representing 0.8 per cent of Orb's current issued share capital.
 
The board of Orb also stated its intention to procure that the ordinary offer
will be accepted in respect of 895,444 Ordinary Shares, representing
approximately 2.3 per cent. of Orb's enlarged issued share capital, which are
held on trust by Albemarle Property Investments PLC ("Albemarle") for those
of its former shareholders who did not accept Orb's takeover offer for
Albemarle of 12 July 1999.
 
Save as disclosed above, neither Tabsie, Lynch Talbot, Euro nor the directors
of Tabsie nor Lynch Talbot nor the directors of Orb, nor anyone acting in
concert with them prior to the commencement of the offer period, held any
Ordinary Shares, rights over Ordinary Shares, Loan Notes or rights over such
shares, nor has any such person either acquired or agreed to acquire any
Ordinary Shares or rights over such shares since then other than pursuant to
the Offers.
 
 
Enquiries:
 

                                                                   
              Orb Estates PLC         Peter Catto    020 7495 8801 
              Corporate Synergy PLC   Justin Lewis   020 7256 2576 
              Grant Thornton          Graeme Thom    020 7383 5700 
 
This announcement, which has been issued by and is the sole responsibility of
Tabsie Ventures Limited, has been approved for the purposes of Section 57 of
the Financial Services Act 1986 by Corporate Synergy PLC, which is regulated
by The Securities and Futures Authority Limited. Corporate Synergy PLC is
acting for Tabsie Ventures Limited and no one else in connection with the
offer and, accordingly, is not acting for a recipient of this announcement
and will not be responsible to anyone other than Tabsie Ventures Limited for
providing the protections afforded to customers of Corporate Synergy PLC nor
for providing advice in relation to the offer. 
 
 

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