for more information about stanelco click on the links.

driver's research page link
http://www.moneyam.com/InvestorsRoom/posts.php?tid=7681#lastread
website link
http://www.stanelco.co.uk/index.htm

Stanelco PLC
02 November 2006



NOT FOR DISTRIBUTION OR TRANSMISSION, DIRECTLY OR INDIRECTLY, IN OR INTO THE
UNITED STATES OF AMERICA, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR
JAPAN.



OPEN OFFER RESULT



2 November 2006



Stanelco plc ('Stanelco' or the 'Company')



On 9 October 2006, Stanelco announced details of a proposed Firm Placing of
1,375,000,000 New Ordinary Shares and Open Offer of 600,992,559 New Ordinary
Shares at 0.8 pence per New Ordinary Share, of which 148,278,000 New Ordinary
Shares were being placed subject to clawback to satisfy valid acceptances under
the Open Offer.



The Open Offer has now closed in accordance with its terms. The Board of
Stanelco announces that valid acceptances under the Open Offer have been
received from Qualifying Shareholders in respect of 461,869,833 Open Offer
Shares. This represents approximately 76.85 per cent. of the Open Offer Shares
offered pursuant to the Open Offer.



As a result of the acceptances received under the Open Offer, the balance of
139,121,895 Open Offer Shares, representing 93.83 per cent. of the 148,278,000
New Ordinary Shares placed subject to clawback, have been allocated to the
institutional investors with whom they had been conditionally placed.



The Firm Placing, Placing and Open Offer remain conditional upon the passing of
the Resolutions at the Extraordinary General Meeting to be held at 11.00am on 6
November 2006 and upon Admission.



The final time and date for receipt of Forms of Proxy in relation to the
Extraordinary General Meeting is 11.00 a.m. on 4 November 2006. Completion and
return of a Form of Proxy will not preclude Shareholders from attending and
voting in person at the Extraordinary General Meeting.


It is expected that Admission will occur no later than 8.00 a.m. on 7 November
2006 or such later date as Teather & Greenwood Limited and Stanelco may agree.

For further information please contact:

Stanelco plc
Martin Wagner, Chief Executive
Sylvia Leavey, Investor Relations
Tel: 44 (0) 2380 867 100

Press: Financial Dynamics
Jonathon Brill/Billy Clegg
Tel: 44 (0) 20 7831 3113

This announcement is for information only and does not constitute an offer or
invitation to acquire or dispose of any securities or investment advice in any
jurisdiction.

Past performance is no guide to future performance and persons needing advice
should consult an independent financial advisor.

The information contained in this announcement is not for release, publication
or distribution, directly or indirectly, to persons in the United States,
Canada, Australia, Japan or the Republic of South Africa. This announcement is
not an offer of securities for sale into the United States. The New Ordinary
Shares have not and will not be registered under the US Securities Act of 1933,
as amended and may not be offered or sold directly or indirectly, in the United
States absent registration or an exemption from registration. There will be no
public offering of securities in the United States. The New Ordinary Shares have
not and will not be registered with any regulatory authority of any state within
the United States.

Teather & Greenwood Limited, which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting exclusively for the
Company as sponsor, financial adviser and stockbroker in relation to the Issue
and no-one else in connection with the arrangements described in this
announcement and will not be responsible to anyone other than the Company for
providing the protections afforded to customers of Teather & Greenwood or for
advising any other person in connection with the arrangements described in this
announcement.

This announcement has been issued by Stanelco and is the sole responsibility of
Stanelco.

Defined terms used in this announcement are as used in the prospectus of
Stanelco dated 12 October 2006, which may be inspected at the UKLA's document
viewing facility situated at the Financial Services Authority, 25 The North
Colonnade, Canary Wharf, London E14 5HS.




This information is provided by RNS
The company news service from the London Stock Exchange


back to top

Investegate takes no responsibility for the accuracy of the information within this site. The announcements are supplied by the denoted source. Queries of this nature should be directed to the source.
Investegate reserves the right to publish a filtered set of announcements. NAV, Rule 8 and FRN Variable Rate Fix announcements are filtered from this site.

Result of Open Offer:

Nearly 77% has been taken up.

Remainder taken by institutions equivalent to nearly 94% of original allocation.

By my calculations, there is a discrepancy of 831 shares but this will doubtless come out in the wash.

Anyone entitled to 831 shares - or been given 831 too many ?

Alfa.

So they just squeaked home with about 10m shares of the open offer spare not required to be placed. Hardly a resounding success, but fair enough in the circs of a good many PI's being roundy PIssed off with SEO.

Anyway the full 15.8m raised, so we can now proceed to contract on all those mystery loi's - or should I say lol's?

stockdog - Don't forget that costs are 1.4M so max of 14.4M is available.

alfalfa - I know, just referring to the gross raise, thanks.

SD - Unless I am missing something I don't see your "just squeaked home".

The shares have all gone!

Albeit some shareholders didn't take up about 1.1million's worth of shares that have been allocated (snapped up?) by the Institutions who had already paid 11million.

Therefore SEO get every penny they asked for. A resounding success?

Now for Monday....

And on Monday, hopefully, we will know what the Institutions knew (or were told) at their private presentations after which they paid up their 11m and keen to get a further 10% today.

They had better make this 15m the last cos I for one will not be putting my hand in pocket to save them again! Q.

Word deleted by Moderator.

tonyrelaxes - if existing shareholders had subscribed for 10m shares less, it would have ben undersubscribed at less than the full amount - 10m out of 600m open offer is a small margin to cover by IMO.

Instis weren't "keen to get a further 10% today", they were obliged to pick up what PI's did not want - get real.

However, as you say they are home and dry with full raise achieved. So onwards and upwards (let's face it, there ain't much room on the chart for the other direction!)

SD
Institutions are only hard nosed, self serving, organisations with no sentiment and they were not, as you say, "obliged to pick up" a single share or spend a single penny.
But they did.
And to the extent of 11m - now 12.1m.

That is what I call 'getting real' !

Now to find out why ...

I'm with Tony on this one.
Further we can now write going bust out of our forecasts. After all, the money is raised subject to the vote, which is now a foregone conclusion. Nobody is going to buy more shares under the offer and then vote against the offer, so perhaps SEO can now get on with revealing detail and making us all as rich as creosote.
I hope so.
Alan

May be nowt, but........
Just been on the SEO site and on the home page it talks about the GS agreement with Asda. Can't remember if it ever said the exclusivity with Asda would be waived on first commercial installation, as all the RNS have said, but it now says the exclusivity has been waived, not will be.
Like i say, probably nowt..........
alan

Alan,

As I remember it, it did previously state WOULD be waived, but the word HAS is certainly a big difference. Could be yet another detail confirmed at the EGM.
So yes may be nowt but???

so they have their (our!) money - now what?

I hope they have it in a high interest money market account Sellsell; should make enough to pay for the tea & biscuits, plasters and bandages for the EGM!
kim

I'm off to sunnier climes shortly so will miss all the fun over the coming days. I have taken up the open offer despite my doubts in the future of SEO.

Before I go, Alan says 'Further we can now write going bust out of our forecasts'.

Depends on how long range our forecasts are , Alan. The fundraising will only delay going bust unless the management pull their fingers out and start behaving like businessmen.

Might I suggest we form a shareholders group to attempt to monitor their efforts? Must have enough of a shareholding between us to have some clout and access to what goes on over the coming months.

Agree with oblo in that SEO's management have now to deliver and quickly, not several months down the line after several further confusing RNSs. I for one will be disappointed if there is no announcement of deals on Monday and a detailed forward plan for roll out and Starpol / Greenseal volumes. They are in the last chance saloon and quite frankly I think they are lucky to be there. They won't get another chance at fund raising. Hopefully they will bring in a new face or 2 that can get things moving quickly and some one who understands new technology role out. Hopefully it can also happen before some decides they want to take out SEO on the cheap.

it would be good if someone could make the point about the vagueness of a typical seo rns.

I know. A shareholders RNS along the lines of;

A company that may or may not be a packaging company has today, or perhaps in the future as soon as last year been accused of a number of very precisely vague RNS. This is / was / will be in the region af alot of RNS.
We the shareholders (though not neccesarily of SEO) have emotions about this and we may express them at some point in the future. We have recently signed Letters of Intent which will be signed next month to throw unspecified fruit at the board, the quantity of which will be released when we can be arsed.
By the way, spare a few coppers for a cup of tea, Guv.
For more information you can ask whoever you like. We aint gonna tell you.
RNS Ends.

Far too precise - you mention such concret items as emotions, you mentioned fruit and finished with an End - needs to be more vague to qualify as an SEO RNS.