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%

LONDON, Feb 24 (Reuters) - British sports and entertainment company ENIC Plc, which has stakes in a number of soccer clubs, said on Monday it had received an approach, which may lead to an offer for the firm.
Shares in the group were marked 34 percent higher at 33-1/2 pence ahead of the London market opening, valuing ENIC at about 34 million pounds ($54 million).

only one small trade showing so far - up 32% intraday


a timely reminder

Footballers' wages soar by 28%
Robert Lea, Evening Standard 24 February 2003

AGES at Premiership clubs soared by an astonishing 28% last season, despite many teams teetering on the brink of bankruptcy. A London Evening Standard investigation has revealed that top-earning players such as Michael Owen and David Beckham took the total wage bill for the 20 top-flight clubs to a staggering 720m, far outstripping any increases in income.



The 20 teams paid their players a total of 60m a month - 75% of their income. Manchester United alone paid its players a staggering total of 70m - an increase of 40% on the 2000/2001 season - but failed to win a single trophy.


Arsenal plunged into the red by 22m despite winning the Premiership - mainly because its salaries bill for stars including Sol Campbell and Thierry Henry soared by 50% to 61m.


Players such as top earner Beckham, on a 90,000-a-week deal, saw wage rises far in excess of the 16% growth in income clubs reported - plunging many teams into massive debts.


Leeds United was so badly affected by its 33m debts that it launched a 'fire sale' of big-name players such as Jonathan Woodgate and Robbie Fowler simply to stop having to pay them. The club's chairman, Peter Ridsdale, has endured the anger of fans for selling the players, but today's figures show the team paid a total of 53m in wages last season - with nothing to show for the cash.


The bill for wages, on top of the millions spent on transfers, meant the club's losses were 33m on an income which fell by 5% thanks to the team's failure to progress in Europe.


Even Manchester United's profit for the last season of 32m - the biggest in the Premiership - was made up mainly of cash from the sale of big names including Jaap Stam - which was immediately spent on buying Rio Ferdinand for 33m after the close of the financial year.



2003 Associated Newspapers Ltd.

ENIC TAKEOVER APPROACH

Shares in sports, entertainment and media goup ENIC soared on news it may be on the receiving end of a takeover bid.


It said it had had an approach which could lead to an offer for the entire issued share capital of the company.

It gave no further details - but its shares climbed strongly, taking its value to well over 30m.

ENIC has interests in a number of leading football clubs, including Spurs and Glasgow Rangers as well as several on the Continent.

It also has a wide range of investments in the entertainment world.

ENIC has been listed on the Alternative Investment Market since June 2001.

It just about broke even in the year to last June, on a turnover of almost 25m.

The company said it would make another announcment about the possible bid "as soon as practicable".






Last Updated: 08:50 UK, Monday February 24, 2003 SKy news

Bid approach spurs Enic buyout buzz
24 February 2003, Evening Standard

TOTTENHAM Hotspur chairman Daniel Levy's stock market vehicle Enic has received a takeover approach. The shares jumped 10 1/2p on the news to a two-year high of 35 1/2p, which values the group at almost 36m.




Analysts think Levy may be attempting to take the group, which has stakes in another five European football clubs, private. He holds an 11.6% stake in Enic but is in a concert party which owns 52%.


Enic owns a 29% stake in Spurs and was originally backed by Bahamas-based financier Joe Lewis. It also has 20% of Glasgow Rangers and smaller stakes in AEK Athens, FC Basel, Vicenza and Slavia Prague. Last year the group pulled out of a loss-making restaurant and merchandising venture with Warner Brothers.


Enic shares peaked at 382p at the height of soccer mania on the stock market. But in the three years since they have fallen by more than 90%.


Chris Akers's sports marketing group Sports Resources, which last month sold its football agency at a 1.6m loss, warned today it would take a 'substantial exceptional impairment charge' as it writes off goodwill in its 2002 accounts. It said it still had 6.5m of cash and pre-tax losses would still be around market forecasts. But trading expectations for the current year look no better.



2003 Associated Newspapers Ltd

from the moneyam home page news

ENIC in play
The Spurs stakeholder is in talks that could lead to its sale.

Sports and entertainment group ENIC jumped 32% or 8p to 33p after saying it has received an approach which may or may not lead to an offer for the entire issued share capital of the company.

Last September the company, which owns 29.8% of Tottenham Hotspur, reported a narrowing of full-year to June 2002 losses to 8.2m from 14.8 on sales down to 26.7m against 14.8m. The loss per share was 26.7m against a loss of 16.52p.

It warned then that the football market was facing considerable financial pressure. It added however that opportunities existed to stabilise costs and build long-term value. Achieving such value would not be easy and will require rationalisation, it added.

I think it will be have to be a little higher than that - clearly someone is pushing for a low price




LONDON (AFX) - ENIC PLC, the loss-making football investment company, is facing a possible management buy-out with a bid rumoured to be pitched at between 30 to 35 pence share, according to market sources.
Earlier today, the group said it had received a takeover approach which pushed its shares up 8-1/2 pence to 33-1/2 at 11.30 am, valuing it at about 33.7 mln stg.

ENIC managing director Daniel Levy holds 11 pct of the equity and together with family trusts of the Lewis family, who established the company, the major shareholders account for 51.6 pct.

Levy is also chairman of Tottenham Hotspur PLC, in which ENIC has a 29.9 pct stake. It is understood that there will be no threat to Tottenham's independence following any ENIC takeover.

ENIC posted a pretax loss of 8.2 mln stg for the year to June 2002. The group has been facing testing trading conditions over the past two years as the scale of the financial problems facing the football industry has risen.

Apart from Tottenham Hotspur, ENIC also holds stakes in FC Basel, AEK Athens, Vicenza Calcio, Slavia Prague and Glasgow Rangers.

3:28pm (UK)
Enic Shares Jump on Takeover Approach

By John Bingham, City Staff, PA News


Shares in Enic, the sports and media group run by Tottenham Hotspur chairman Daniel Levy, rocketed 38% today after the firm received a takeover approach.

The group, which owns stakes in Tottenham Hotspur and Glasgow Rangers, confirmed that it had received an approach after reports of a management buyout.

The company issued a statement to the London Stock Exchange saying that it had received a move which may or may not lead to an offer for the share capital of the company.

However it is not thought that any management buy-out of Enic would lead to a takeover of Tottenham Hotspur.

Mr Levy, who is managing director of Enic, holds an 11% stake in the company but is part of a consortium of investors which owns around 50%.

As well as a 30% stake in Tottenham Hotspur and a 20% share in Rangers, Enic also owns 99.9% of Vicenza Calcio, 97% of Slavia Prague, 43% of AEK Athens and 12% of FC Basel.

Its other interests include a two thirds stake in the Warner Bros Studio Stores chain of high street shops and a number of media interests including the ukbetting.com online bookmaker.

Shares in the group rose 9.5p to 34.5p, valuing it at 35 million.

Enic soars on bid approach
Published: 15:04 Mon 24 Feb 2003
By Laurence Fletcher, Funds Correspondent

Enic shares are up by a third on news the group that bought a controlling stake in Tottenham Hotspur football club from Sir Alan Sugar has received a bid approach.


Shares in the 25 million sports and entertainment investment group (ENI) run by Daniel Levy are 8.5p, or 34%, higher at 33.5p.

In a brief statement to the Stock Exchange, the company said it had received an approach, which may or may not lead to an offer for the entire issued share capital of the company, and added it would make a further announcement 'as soon as practicable'.

Enic owns 29.9% of Tottenham Hotspur football club, having snapped up Sir Alan Sugar's stake in December 2000. It has also bought into Glasgow Rangers, Vicenza, AEK Athens and Slavia Prague.

The group made a small fortune from its well-timed investment in computer network group Autonomy (AU.), but more recently managing director Levy has come under pressure from shareholders to break Enic up. Last year the group withdrew from an unprofitable venture in a chain of 16 Warner Brothers merchandising stores.

The shares have fallen from more than 370p in early 2000 to below 25p earlier this month on concerns over the group's strategic direction.

Levy is chairman of Tottenham (TTNM) and also of investment group Paradigm Media Investments (PAR), which Citywire highlighted in September as sitting on a cash pile worth more than the company's market cap.


2003 Citywire

closed at a high on the bid - 33/35p plus 36% :-))



Enic shares jump on Spurs takeover approach - Irish News

Shares in Enic, the sports and media group run by Tottenham Hotspur chairman Daniel Levy, rocketed 38% today after the firm received a takeover approach.

The group, which owns stakes in Tottenham Hotspur and Glasgow Rangers, confirmed that it had received an approach after reports of a management buyout.

The company issued a statement to the London Stock Exchange saying that it had received a move which may or may not lead to an offer for the share capital of the company.

However it is not thought that any management buy-out of Enic would lead to a takeover of Tottenham Hotspur.

Mr Levy, who is managing director of Enic, holds an 11% stake in the company but is part of a consortium of investors which owns around 50%.

As well as a 30% stake in Tottenham Hotspur and a 20% share in Rangers, Enic also owns 99.9% of Vicenza Calcio, 97% of Slavia Prague, 43% of AEK Athens and 12% of FC Basel.

Its other interests include a two thirds stake in the Warner Bros Studio Stores chain of high street shops and a number of media interests including the ukbetting.com online bookmaker

February 25, 2003

Bid approach lifts Enic price
By Ashling OConnor Times



SHARES in Enic, the media and entertainment group that controls Tottenham Hotspur football club, rose by more than a third yesterday after the company said that it had received a bid approach.
The approach is believed to amount to a management buyout by the AIM-listed groups two biggest shareholders, Joe Lewis and Daniel Levy, according to sources close to the company.

Mr Levy, who is chairman of Spurs, has been considering taking Enic private after a series of asset writedowns pushed the group into the red.

Mr Lewis, a Bahamas-based property billionaire, and Mr Levy together own 51.7 per cent of Enic, a holding company for an investment portfolio including six European football clubs.

A move to take Enic private would not affect the status of Spurs, which is separately quoted. Enic owns 29.8 per cent of the club, the first to go public, in 1983, but assumed operational control when it bought the stake from Sir Alan Sugar, who is still a major shareholder.

Enic has stakes in Glasgow Rangers (20.2 per cent), FC Basel (11.8 per cent) and AEK Athens (42.8 per cent), and owns almost 100 per cent of Vicenza Calcio, the Serie B Italian club, and Slavia Prague of the Czech Republic.

Football remains Enics primary focus after it gradually turned its back on the gaming and entertainment sectors. The company retains a stake in Autonomy, the software group. The company reported a pre-tax loss of 8.2 million in the year to June 30, 2002, on turnover of 26.7 million.

Mr Levy, Enics managing director, is noted for maintaining a healthy balance sheet at Spurs while many of its rivals are burdened by heavy debt.

Enic shares rose 9p to 34p.

LONDON (AFX) - Tottenham Hotspur PLC, the Premiership football club whose controlling shareholder ENIC PLC admitted to a takeover approach on Monday, has slumped to a half year pretax loss.
The club known as Spurs said a material accounting write-down of 5.1 mln stg on the valuation of Ukrainian international striker Sergei Rebrov's registration was the main reason it reported a pretax loss of 8.6 mln stg for the six months to Dec 31 2002 against profit of 2.9 mln last time.

"Whilst this is a significant accounting adjustment, the decision to dispose of this player on a long-term loan agreement reinforces the company's commitment to reducing player wages in the future," said chairman Daniel Levy, who is also the managing director of ENIC and is rumoured to be considering a management buyout of the loss-making investment company.

Rebrov joined Spurs from Dinamo Kiev for a club record 11 mln stg in 2000 but never fulfilled his potential. He joined Fenerbahce in an 18 month loan deal in January and the Turkish side have an option to sign him permanently in 2004.

Turnover in the six months increased to 32.8 mln stg from 29.4 mln.

However, income from player transfers was just 0.1 mln stg, reflecting the Rebrov write-down and an illiquid transfer market, versus 5.8 mln last time, while the cost of amortising player contracts, jumped to 11.2 mln stg from 5.5 mln.

Operating profit before profit on the sale of player registrations and amortisation was 2.7 mln stg down from 2.9 mln.

The operating profit figure for 2002 excludes one-off administration costs totalling 1.7 mln stg -- 1.2 mln stg of costs related to the proposed Academy and training facility at Abridge and 0.5 mln stg of professional costs incurred for the future development of the White Hart Lane stadium.

Excluding these costs the underlying operating profit "indicates that the business is performing successfully in these more challenging times," said Levy.

Pretax profit before player amortisation was 2.6 mln stg versus 8.3 mln.

Loss per share totalled 8.5 pence versus earnings per share of 1.9 pence.

"We currently face some very significant challenges, but your board is confident that the changes that have taken place in the business to date mean that we are well positioned to benefit from the future success of the team," said Levy.

"We now have a strong management in place across the business but know that we must continue to develop additional income and carefully manage the fixed cost base."

At 8.56 am shares in Tottenham Hotspur, which lies in eighth place in the 20-team Premier League, were unchanged at 17 pence, capitalising the club at 17.3 mln stg.

james.davey@afxnews.com

February 27, 2003

Spurs puts blame on signing for 8m loss
By Ashling OConnor TIMES



TOTTENHAM HOTSPUR yesterday fell into loss for the first time in two years as the collapse of the transfer market and a weak media sector in Europe hit the north London football club.

The company blamed the loss on a one-off impairment charge of 5.1 million, relating to the value of Sergei Rebrov. The 28-year-old Ukrainian joined Spurs for a club record of 11 million in June 2000 but failed to make an impact, scoring just four goals in more than 20 games.

Rebrov has since left the club on a long-term loan to Turkeys Fenerbah as part of a drive to reduce the wage bill, which accounts for about 52 per cent of turnover.

We have learnt lessons from the expensive acquisition of Rebrov. We continue to monitor our players contractual situations, the club, which has a squad of about 50 players, said.

Spurs reported first-half losses of 8.6 million, against a pre-tax profit of 2.9 million over the same period last year, despite an 11 per cent rise in turnover to 32.8 million.

The club, currently lying in equal seventh place with Liverpool in the Premier League, said it had increased its income from gate receipts, season tickets, executive boxes and programme sales by 1.3 million to 12 million.

Media income rose 12 per cent to 10.2 million because of a greater number of pay-per-view appearances and the increase in the amount paid by the Premier League to clubs for the sale of their overseas TV rights.

In the half year, Spurs was broadcast five times on BSkyB, in which The News Corporation, parent company of The Times, has a 35.4 per cent stake. The rate was about 600,000 a game.

However, it is far from certain that Premier League clubs will continue to earn as much from broadcasters as in the past. TV deals worth a total of 1.5 billion are being renegotiated. The European Commission has also indicated that it wants to end BSkyBs monopoly of live matches. This issue is creating uncertainty as to this most important revenue stream and we must remain cautious, Spurs said.

The club said options for the development of White Hart Lane, its home ground, remained open, including a possible relocation. A 65 million facility is in place for the development of the stadium and academy. Net debt fell from 19.8 million to 16.8 million.

Spurs, the first football club to float in 1983, is controlled by Enic, the investment group run by property billionaire Joe Lewis. Enic this week revealed it had received a bid approach widely interpreted as a management buyout. A move to take Enic private would not affect Spurss status as a public company.

There was a loss per share of 8.5p, compared with earnings per share of 1.9p year-on-year. No interim dividend was recommended. The shares were unchanged at 17p.

up another 4.4% on a buy of 50K

Ticking up again on a couple of useful buys .... 35/37 up 3%


ains

Looks promising for maybe 40p plus .......

ains





March 09, 2003

Levy scores 35m buyout at Spurs
Dominic OConnell



DANIEL LEVY, chairman of Enic, the football-investment company, is to take the group private in a deal worth more than 36m.
Tottenham Hotspur, the north London football club that is Enics key investment, will retain its own stock-market listing under the deal, which could be announced as soon as tomorrow.

Levy, his family, and Charlie Lewis, the son of the billionaire currency trader Joe Lewis, already control half of Enic, which owns stakes in five other football clubs, including 25% of Glasgow Rangers and 47% of AEK Athens. It has a 29.9% stake in Spurs.

Levy and his advisers are understood to be working on the deal this weekend.

The deal will cap a tumultuous period for Enic as a quoted company. It has been a disappointment to shareholders, and last month reported a pre-tax interim loss of 8.6m, mainly because of losses on player trading at Spurs.

The companys shares hit a peak of 383p in 2000 but have since slumped with the rest of the football sector, and were languishing at a five-year low of 24p last month, when the company revealed it had received a takeover approach.

The shares jumped on the news, and closed on Friday at 36p, valuing Enic at 36m. It is understood that the Levy buyout could be made at a slight premium to the current price.

Levy brought in David Buchler, the insolvency expert, to arrest the decline in Spurs financial fortunes.

:-)) ...... there we go ..... a good result at 40p ..... love it when a plan comes together

ains



Kondar Limited
10 March 2003


KONDAR LIMITED AND ENIC PLC, 10 March 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') for 40.3 million
to be made by Shore Capital and Corporate Limited
on behalf of Kondar Limited ('Kondar')



The board of Kondar and the Independent Directors of ENIC announce that they
have today agreed the terms of a recommended cash offer, to be made by Shore
Capital and Corporate Limited, on behalf of Kondar, to acquire the entire issued
share capital of ENIC.

The offer will be 40 pence in cash for each ENIC Share ('Offer') and will value
the entire issued share capital of ENIC at 40.3 million.

While Kondar has no plans for ENIC to dispose of its interest in Tottenham
Hotspur plc, ENIC Shareholders who validly accept the Offer will be issued with
a certificate pursuant to a deed poll entitling them in certain circumstances to
participate in any sale of this interest to a third party following the Offer
becoming or being declared unconditional in all respects. Further details of
these arrangements are set out in the following announcement.

The Offer will represent a premium of 60 per cent. to the closing middle market
price of 25 pence per ENIC Share on 21 February 2003, the last dealing day prior
to the announcement that the Company was in discussions with respect to a
possible offer. The Offer will also represent a premium of 30.7 per cent. to
the average closing middle-market quotation of 30.6 pence per ENIC Share over
the six months prior to commencement of the Offer Period.

Kondar, a private limited company registered in England and Wales, was
incorporated on 9 October 2002 for the purpose of making the Offer. The sole
director of Kondar is Daniel Levy who has not been involved in the consideration
of the Offer by the Independent Directors nor in their decision to recommend the
Offer.

Kondar has received irrevocable undertakings to accept the Offer from the
Concert Party (comprising the family interests of Charles Lewis and Daniel Levy
who are treated by the Panel as acting in concert under the City Code and who
already own, in aggregate, 51.66 per cent. of the issued share capital of ENIC)
and the Independent Directors in respect of, in aggregate, 52,312,658 ENIC
Shares representing 51.94 per cent., of ENIC's issued share capital.

The Independent Directors, who have been so advised by WestLB Panmure, consider
the terms of the Offer to be fair and reasonable so far as ENIC Shareholders are
concerned and unanimously recommend ENIC Shareholders to accept the Offer. In
providing advice to the Independent Directors, WestLB Panmure has placed
reliance upon the Independent Directors' commercial assessments.

Daniel Levy, the managing director of Kondar, said, 'This Offer presents ENIC
Shareholders with a good opportunity to realise their investment for cash, with
certainty, at a very substantial premium to the share price prior to the
announcement that discussions were taking place.'

Stephen Davidson, the Chairman of ENIC, said, 'The Independent Directors believe
that the Offer gives ENIC Shareholders an opportunity to realise their
investment in ENIC at a fair and reasonable price and at a time when prospective
investment in the football sector carries a high degree of risk.'

ENIC has also today announced its interim results for the six months ended 31
December 2002.

This summary should be read in conjunction with the full text of the following
announcement and its appendices.

LONDON (AFX) - ENIC PLC has recommended a cash offer valuing the company at
40 pence per share from Kondar Ltd, a company who's sole director is Tottenham
Hotspur PLC chairman Daniel Levy.
The offer values the whole of ENIC at 40.3 mln stg.
While Kondar has no plans for ENIC to dispose of its interest in Tottenham
Hotspur, ENIC shareholders who validly accept the offer will be issued with a
certificate entitling them in certain circumstances to participate in any sale
of this interest to a third party following the offer becoming or being declared
wholly unconditional.
ENIC said the offer will represent a premium of 60 pct to the closing middle
market price of 25 pence per ENIC share on Feb 21 2003.
ENIC also released interim results today and these showed the impact of the
difficult environment in European football as it incurred a pretax loss of 9.4
mln stg, down from a profit of 1 mln in 2001. Turnover slumped to 4.8 mln stg
from 15.2 mln.
The largest proportion of ENIC's assets are connected with the football
sector and the board said it does not see any likelihood of an improvement in
European football in the foreseeable future. "European football, generally, is
suffering from lower than expected sponsorship, merchandising and broadcasting
revenues and together with the Bosman ruling (which enables players to leave
clubs free of charge upon expiry of their contracts) this has resulted in a
sharp decline in the prices achievable in the player transfer market."
At the group's other businesses, it said trading conditions continue to be
difficult at Warner Bros Studio Stores and the WB Stage 16 Restaurant in Las
Vegas has now closed and all arrangements with Warner Bros Consumer Products
terminated.
ENIC chairman Stephen Davidson and the ENIC independent directors said that,
in assessing Kondar's offer, they were mindful that the prospects for the
football sector and stock market in general are uncertain.
Davidson said, "The Independent Directors believe that the offer gives ENIC
shareholders an opportunity to realise their investment in ENIC at a fair and
reasonable price and at a time when prospective investment in the football
sector carries a high degree of risk."
Kondar has received irrevocable undertakings to accept the offer from the
Concert Party comprising the family interests of Charles Lewis and Daniel Levy
who are treated by the Panel as acting in concert under the City Code and who
already own, in aggregate, 51.66 pct of the issued share capital of ENIC, and
the Independent Directors in respect of, in aggregate, 52,312,658 ENIC shares
representing 51.94 pct, of ENIC's issued share capital.

newsdesk@afxnews.com

Embargoed for release 10 march 2003

Enquiries :

Matthew Collecott, Finance Director, ENIC Tel 020 7929 5599
John Bick, Holborn Tel 020 7929 5599

ENIC plc ('ENIC' or the 'Company')

Unaudited interim results for the six months ended 31 December 2002


ENIC plc today announces unaudited interim results for the six months ended 31
December 2002.


Chairman's Statement

We have continued with our policy of rationalising the Group's portfolio of
investments. For the six months ended 31 December 2002, Group turnover was #4.8
million (2001: #15.2 million), and pre-tax losses were #9.4 million (2001:
profit of #1 million).


The largest proportion of the Group's assets are connected with the football
sector and in my report to you for the year ended 30 June 2002, I said that the
backdrop to European football had become increasingly difficult. The position
did not improve in the six months under review, nor is it likely to do so in the
foreseeable future. European football, generally, is suffering from lower than
expected sponsorship, merchandising and broadcasting revenues and together with
the Bosman ruling (which enables players to leave clubs free of charge upon
expiry of their contracts) this has resulted in a sharp decline in the prices
achievable in the player transfer market. In addition, the uncertainty
surrounding future media revenues has been illustrated by the collapse of ITV
Digital and the conditions under which other broadcasting contracts will be
renewed have deteriorated.


This difficult environment has had an adverse impact on the finances of all the
clubs in which we are involved. Although a number of them are performing well on
the field (FC Basel is currently second in the Swiss League and has reached the
second group stage of the Champions League; Glasgow Rangers is top of the
Scottish Premier League and reached the first round of the UEFA Cup, Slavia
Prague is top of the Czech domestic league and reached the fourth round of the
UEFA Cup, Vicenza Calcio is currently fifth in Serie B in Italy and AEK Athens
reached the first group stage of the Champions' league and is currently third in
its domestic league) this good performance has not been translated into
satisfactory financial results. Tottenham Hotspur plc (currently ninth in the
Premier League), recently announced its interim results which showed a pre-tax
loss of #8.6 million (31 December 2001: profit of #2.9 million).


In terms of our other businesses, trading conditions continue to be difficult at
Warner Bros. Studio Stores and the WB Stage 16 Restaurant in Las Vegas has now
closed and all arrangements with Warner Bros. Consumer Products terminated.
Since the period end, the Group participated in the share buyback of Paradigm
Media Investments Plc raising #2.8 million and as a result of the reduction in
the issued share capital, the Group now owns approximately 29.9 per cent. of
that company.


Outlook

It was also announced today that a cash offer is being made by Kondar Limited
(of which Daniel Levy is the sole director and in which his family has an
interest) for the entire issued share capital of ENIC. The Offer, which has been
recommended by the Independent Directors of ENIC including myself, Giles
Hargreave and Barbara Thomas, values each ENIC share at 40 pence. In assessing
the Offer, the Independent Directors were mindful that the prospects for the
football sector and stock market in general are uncertain. Further details on
the background to the recommendation are contained in today's separate
announcement by Kondar and the Independent Directors of ENIC.

Currently the market shows 38.5/40p and with 40p cash on offer plus the deal on Spurs - I think it's worth waiting for the paperwork and money if you hold any sort of number - its commision free as well. Using an OD @ 8% is a cheap way of funding if necess.

ains



'While Kondar has no plans for ENIC to dispose of its interest in Tottenham
Hotspur plc, ENIC Shareholders who validly accept the Offer will be issued with
a certificate pursuant to a deed poll entitling them in certain circumstances to
participate in any sale of this interest to a third party following the Offer
becoming or being declared unconditional in all respects. Further details of
these arrangements are set out in the following announcement'

I see there is some buying @ 39.75p





LONDON (SHARECAST) - Shares in Enic rose in early trading as the sports and entertainment group announced that it has agreed a cash offer with managing director Daniel Levys private company Kondar, at 40p a share valuing the business at 40.3m.

The independent directors of Enic, which owns a 28% stake in football club Tottenham Hotspur, said that the uncertainty surrounding the prospects for the football sector and stock market aided their decision.

Kondar, whose sole director is Daniel Levy, said it has no plans for Enic to dispose of its interest in the club, but said that current shareholders will be entitled to sell this interest in certain circumstances.

The news will fuel speculation, already rife, that Levy is planning to buy out the rest of the Tottenham.

Enics interim results, announced at the same time, revealed a pre-tax loss of 9.4m for the six months to December 2002, against a profit of 1m a year earlier. Turnover fell from 15.2m to 4.8m.