Offeror(s): Belwash Holdings Limited

Independent Adviser(s): PWC (Rule 21)

Offer Date: 06/09/2002

Closing Date: 01/12/2002

Offer Type: Full

On 14 August 2002, Belwash Holdings Limited (“BHL”) announced it intended to make a full takeover offer for all the shares in (“ABL”) it did not already own. At the time of the offer, BHL held or controlled 63.2% of ABL.


On 6 September 2002, BHL made a full takeover offer for all of the shares in ABL at $1.40 in cash per share.

On 14 November 2002, BHL announced it had received acceptances sufficient to take its shareholding in ABL to over 90% and consequently had become a dominant owner.


On 27 November 2002, BHL issued a compulsory acquisition notice to the remaining shareholders for all the shares that it did not already own.


ABL was delisted on 21 March 2003.


PWC prepared a rule 21 independent adviser’s report in respect of the merits of the takeover offer.