Troubled Irish holding company James Crean has agreed the terms of a euro 0.27per share recommended cash offer for the company by Monset Ltd.
The offer values James Crean at about euro 12.2 million.
The offer represents a premium of 50 per centto the last dealt price of James Crean of euro 0.18 on April 30th, 2001.That was the last business day before the suspension of the ordinary shares from dealing on the Irish Stock Exchange and London Stock Exchange.
Monset, owned by Crean chairman and chief executive MrRaymond McLoughlin,has received "irrevocable undertakings in respect of the beneficial holdings of Raymond McLoughlin to accept the offer, being 5,204,126 Crean ordinary shares, representing around 11.53 pct of the existing issued ordinary share capital of Crean."
The independent directors intend to accept the offer in respect of their own beneficial holdings of Crean shares, comprising in aggregate 158,665 shares. These represent about 0.35 per centof the existing issued ordinary share capital.
Monset is an Irish incorporated private limited company, recently formed for the purpose of making the offer and is wholly owned and controlled by Mr McLoughlin.
AFP