I hold a few of these - has been very quiet and not a trade but a longer term play on possibility of M+A. It used to be a cheap way into Autonomy


ains :-))


ENIC plc ("ENIC" or "the Company")

Offer approach

The Company has received an approach which may or may not lead to an offer for
the entire issued share capital of the Company.

A further announcement will be made as soon as practicable.


Shares opened at 24.5p - sold at 41p + special cert = profit 67.3%

Rebels protest at Enic break-up proposal

John Cassy
Thursday March 27, 2003
The Guardian

A plan by Tottenham Hotspur football club chairman Daniel Levy and secretive Bahamas based billionaire Joe Lewis to take the Enic sports investment group

private and then break it up has caused a rebellion by minority shareholders.
Investors claim that the 40m offer for the group undervalues it to the extent that investments in the north London club and several other European teams are valued at nothing once cash and other assets owned by the company have been taken into account.

Investors who own about 15% of Enic's shares but asked not to be named demanded that Enic remain a public company so all shareholders had an equal chance of benefiting from the break up.

The minority shareholders complain that they are being railroaded into accepting the deal, as Mr Levy and Mr Lewis control 52% of the shares.

"This offer fundamentally undervalues the company," said one large investor. "Why is it being taken private when it could be broken up in public to the benefit of all shareholders? It all seems too cosy to me."

The deal has been proposed following a collapse in the share prices of both football clubs and Enic.

One large shareholder claimed the group's assets excluding the football clubs were worth almost 45m.

He said that the addition of stakes in clubs including Tottenham, Glasgow Rangers, AEK Athens, Basel of Switzerlands and Italy's Vicenza, made it worth more than 50m.

Saleable assets detailed in the offer document are together valued at 38.7m.

They include 28m of cash, 3.3m of shares in software company Autonomy, a 2.4m stake in UK Betting and a 5m investment in cash shell Paradigm Media Investments.

Enic also has a 27-year agreement worth more than 6m to lease a Las Vegas property to a hotel.

Enic insiders disputed the valuations, insisting the assets would not be easy to sell and shareholders were better off accepting a guaranteed cash bid of 40m than taking the risk that offers would not materialise and the football investments would continue to lose money.

An Enic spokesman said that the offer represented fair value and pointed out that the company's independent directors, advised by investment bank WestLB, had recommended all shareholders accept it.

"Considering the current environment for football club shares this is a fair offer at a significant premium to the prevailing price before the offer came in."

Enic chairman Stephen Davidson, one of the independent non-executive directors, is understood to believe that shareholders are better off selling up to Mr Levy and Mr Lewis because the football clubs are likely to continue to lose money.

He is also thought to be conscious that Enic's ownership of a stake in the Warner Brothers' Studio Stores chain could cost it up to 9m in the unlikely event the retail environment worsened to a point where the chain hit difficulties.

Mr Levy is understood to have been planning to take Enic private for several months but has been focused on restoring the glory days at Spurs.

Two years ago Enic paid 80p per share to buy into the club. The stock now trades at just 18.5p, the price Mr Levy yesterday paid for 1,000 Spurs shares as a gift for his son Joshua.

Enic shares have not traded at the 40p offer price since July 2001 - last night they stood at 39.5p - but were once valued at 360p each.

I have accepted on half my holding at this time and will decide on other half over weekend


As at 10.15 a.m. on 28 March 2003, valid acceptances of the Offer had been
received by Kondar in respect of 70,277,161 ENIC Shares representing 69.77 per
cent. of the issued share capital of ENIC. In addition, since the Offer was
made on 10 March 2003, Kondar has purchased 5,852,460 ENIC Shares representing
5.81 per cent. of the issued share capital of which, for the purposes of Rule 10
of the City Code, 5,651,635 ENIC Shares (representing 5.61 per cent. of the
issued share capital) are currently counted towards the acceptance condition.
Accordingly, for the purposes of the Offer, Kondar owns or has received
acceptances to accept the Offer in respect of a total of 75,928,796 ENIC Shares
representing 75.38 per cent. of the issued share capital.



The total figure for acceptances includes acceptances in relation to 52,306,658
ENIC Shares (representing approximately 51.93 per cent. of the issued share
capital) which had been the subject of irrevocable undertakings to accept the
Offer. This number includes acceptances from the Concert Party (whose members
are treated as acting in concert under the City Code), comprising the members of
the Charles Lewis sub-concert party (in respect of 40,378,169 ENIC Shares
representing 40.09 per cent. of the issued share capital) and the members of the
Daniel Levy sub-concert party (in respect of 11,651,745 ENIC Shares representing
11.57 per cent. of the issued share capital), and from the Independent Directors
(in respect of 276,744 ENIC Shares representing 0.27 per cent. of the issued
share capital of a total of 282,744 ENIC Shares representing 0.28 per cent. of
the issued share capital subject to irrevocable undertakings to accept the Offer
given by the Independent Directors).



In the light of the above, all conditions to which the Offer is subject have now
been satisfied and Kondar has declared the Offer wholly unconditional. Shore
Capital is satisfied that Kondar has available to it sufficient resources to
enable it to satisfy full acceptance of the Offer.



Save as disclosed in this announcement, neither Kondar nor any person acting or
deemed to be acting in concert with Kondar for the purposes of the Offer held
any ENIC Shares or rights over such shares prior to the commencement of the
Offer Period on 24 February 2003 and none of these have acquired or agreed to
acquire any such shares (or rights over such shares) during the Offer Period and
no acceptances have been received from any persons acting or deemed to be acting
in concert with Kondar for the purposes of the Offer.



The first closing date for the Offer is 3.00 p.m. on 31 March 2003. ENIC
Shareholders who wish to accept the Offer and have not yet done so are strongly
encouraged to return their completed Forms of Acceptance in accordance with the
instructions printed thereon as soon as possible. Additional Forms of
Acceptance are available from Computershare Investor Services PLC (telephone
0870 702 0100). Holders of ENIC Shares in uncertificated form are strongly
encouraged to send (and CREST sponsored members procure that their CREST sponsor
sends) to CRESTCo a TTE instruction in relation to such shares. The
consideration due to accepting ENIC Shareholders will be despatched, in respect
of valid acceptances received not later than the close of business on 31 March
2003, on or before 14 April 2003 and, in respect of acceptances received
thereafter, within 14 days of such receipt.



ENIC has today made application for the cancellation of the trading of ENIC
Shares on the Alternative Investment Market of the London Stock Exchange and on
the Bourse de Luxembourg. Such cancellation is expected to take place not later
than 29 April 2003.



A further announcement of acceptances will be made following the first closing
date of 31 March 2003.

KONDAR LIMITED AND ENIC PLC, 1 APRIL 2003


THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR
INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN


Recommended cash offer to acquire ENIC plc ('ENIC')
made by Shore Capital and Corporate Limited
on behalf of Kondar Limited ('Kondar')

Acceptances at first closing date and extension of the Offer


Kondar announces that, as at 3.00 p.m. on 31 March 2003, the first closing date
of the Offer, valid acceptances of the Offer had been received in respect of
76,421,677 ENIC Shares representing 75.87 per cent. of the issued share capital
of ENIC. Since the Offer was made on 10 March 2003, Kondar has purchased
5,852,460 ENIC Shares representing 5.81 per cent. of the issued share capital of
which, for the purposes of Rule 10 of the City Code, 5,752,460 ENIC Shares
(representing 5.71 per cent. of the issued share capital) are currently counted
towards the acceptance condition. Accordingly, for the purposes of the Offer,
Kondar owns or has received acceptances to accept the Offer in respect of a
total of 82,174,137 ENIC Shares representing 81.58 per cent. of the issued share
capital.



Prior to the commencement of the Offer Period on 24 February 2003 Kondar owned
no ENIC Shares. Persons deemed to be acting in concert with Kondar for the
purposes of the Offer held 52,029,914 ENIC Shares representing 51.66 per cent.
of the issued share capital of ENIC. Valid acceptances of the Offer have been
received in respect of all of these ENIC Shares.



Save as referred to above, neither Kondar nor any person acting or deemed to be
acting in concert with Kondar for the purposes of the Offer held any ENIC Shares
or rights over such shares prior to the commencement of the Offer Period on 24
February 2003 and none of these have acquired or agreed to acquire any such
shares (or rights over such shares) during the Offer Period and no acceptances
have been received from any persons acting or deemed to be acting in concert
with Kondar for the purposes of the Offer.



The Offer, which was declared wholly unconditional on 28 March 2003, has been
extended and will remain open for acceptances received no later than 3.00 p.m.
on 14 April 2003. ENIC Shareholders who wish to accept the Offer and have not
yet done so are strongly encouraged to return their completed Forms of
Acceptance in accordance with the instructions printed thereon as soon as
possible. Additional Forms of Acceptance are available from Computershare
Investor Services PLC (telephone 0870 702 0100). Holders of ENIC Shares in
uncertificated form are strongly encouraged to send (and CREST sponsored members
procure that their CREST sponsor sends) to CRESTCo a TTE instruction in relation
to such shares.



Unless the context otherwise requires, the definitions contained in this
announcement are the same as those used in the document containing the Offer
dated 10 March 2003.



1 April 2003

having taken the money on half my holding it's now time to take the rest ..... the bidder has around 95% acceptances and will be taking the others through the courts if nec .... time to take the profits and reinvest. May as well go direct and get the 40p and no expenses ......


ains :-))

Kondar are now claiming oover 90% .... I received the money from my first acceptance which I put into Tads:-)) ..... waiting on the money from the 2nd acceptance



ains

LONDON (AFX) - Kondar Ltd said that as at 3.00 pm yesterday, it either owned or had received valid acceptances in respect of a total of 97.293 mln shares or a 96.59 pct stake under its recommended cash offer for ENIC PLC.
In a statement, the company said it is issuing to ENIC shareholders who have not yet validly accepted the Offer, formal notices to acquire their shares compulsorily.

Hmmmmmmm ...... just received a cheque for my last 25K Enic shares ..... always amazes me just how many of these cheques arrive during a long bank holiday weekend or Saturday morning.

Also received the 'form of cerificate' for the special additional payment related to a future disposal of spurs shares by the new company. A multi page document accompanies the certificate but is somewhat less than clear on what the relevant action period actually is .... oh well .... back to looking at the original documents concerning the bid offer and checking with brokers to see if my nominee holdings also received the certificate .... is it worth the bother?


ains