Collin Stewart kauft Tullett und Tokyo; Pflichtangebot an Spütz? - 500 Beiträge pro Seite

[tangastuepsi]

Tullett & Tokyo Liberty close to finalising deal with Collins Stewart
Margareta Pagano -  30 Oct 2002
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Tullett & Tokyo Liberty, the money broker, has agreed in principle to sell itself in a cash and
share deal to stockbroker Collins Stewart for around £225m (€356m).

Sources confirmed the Collins takeover has been sealed in outline but said that it will take
the two parties another two to three weeks to hammer out the final details. Neither Tullett &
Tokyo nor Collins would comment.


After months of on-off negotiations, Collins chief executive, Terry Smith, is understood to
have agreed to top his offer at the end of last week after the Tullett board indicated that it
would give its recommendation at the right price.


The new price is a victory for Derek Tullett, chairman of the money broker, and his board,
which has been holding out throughout the talks for a £225m price tag and a bigger cash element
than Collins had previously indicated it would pay.


This price is at the higher end of expectations and is close to the valuation the money broking
firm had hoped to achieve if it had gone ahead with its public flotation scheduled for next
spring. It values Tullett, the world`s second largest money broking firm with 2,000 employees,
on a price/earnings ratio of about 10. The broker is set to make pre-tax profit of about £35m
this year.


Tullett has been adamant throughout the talks that Collins` offer would have to be "compelling"
if the firm was not to go ahead with its float. However, the tough market conditions combined
with Collins`s decision to increase its cash offer have clearly persuaded the board to find a
deal that works for both parties.


Derek Tullett, who owns 10% through family trusts, also knew that any offer would have to be
sweet if he was to carry his management with him since they hold some 12% of the equity which,
in the event of a float, would make them small fortunes.


Collins Stewart is likely to fund the takeover with shares and cash, possibly financing it
through an equity issue and borrowings. Its shares remained steady at 285p on Wednesday,
valuing the stockbroking firm at £318m.


However, Smith is understood to be worried that the controversy over the split capital trust
fiasco may spill over and depress Collins` share price, and therefore its ability to raise new
equity on good terms. Collins was one of the biggest new issuers of split capital shares in
investment trusts although these were sold to professional investors.


Crucial to securing support for the Tullett deal has been the role of its biggest investors
such as Ken Yanagita, who runs Tokyo Forex and holds 27% of the shares, and that of New Media
Spark (NMS), which controls 11.2%.


The NMS stake in Tullett, which holds the stake through its takeover of Sputz, the German
broker, has been the key to the Collins deal. Shares in NMS, which has about £40m cash, are
suspended pending takeover talks, believed to be with Collins, which is also its broker. Once
any deal is announced NMS, run by Michael Whitaker who was also one of the founders of Collins
Stewart, will need to switch brokers. Peel Hunt is on standby.

[emissionsberater]

NewMedia SPARK plc:

RNS Number:5416D
Cantor Fitzgerald Europe
8 November 2002


Date of Disclosure 08/11/02

DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) and 8.3
OF THE CITY CODE ON TAKEOVERS AND MERGERS

Date of dealing 07/11/02

Dealing in NEWMEDIA SPARK PLC (name of company)

1) Class of securities (eg ordinary shares) ORDINARY SHARES

2) Amount bought Amount sold Price per unit

175,000 0.085

3) Resultant total of the same class owned or controlled
(and percentage of class) 7,890,000 SHARES (1.78%)


4) Party making disclosure CANTOR FITZGERALD EUROPE

[ZorroZocker]

NewMedia SPARK plc

The following is the text of a Disclosure sent today to the Company Secretary of
NewMedia SPARK plc.

"Disclosure of Interest in Shares Pursuant to Rule 8.3 of the City Code on
Takeovers and Mergers.

Guinness Peat Group plc and its subsidiary companies ("the Group") hereby notify
NewMedia SPARK plc ("NewMedia SPARK") that following the market purchase of
250,000 Ordinary 2.5 pence shares of NewMedia SPARK ("Shares") on 12 November
2002 at a price of 7.75p, the Group`s interest in the Shares now amounts to
43,621,874 representing 9.24% of the issued share capital.

The Group has an interest by virtue of being a Rule 8.3 shareholder of NewMedia
SPARK. No member of the Group is party to any agreement or arrangement relating
to the exercise of any rights conferred by holding the Shares subject to this
notification."

Letter from Guinness Peat Group Plc

[ZorroZocker]

David Potter
Non-Executive Director



David is the former Deputy Chairman of Investec Bank UK. Prior to this he was Group CEO of Guinness Mahon Group, incorporating Henderson Crosthwaite and Guinness Flight. Between 1981-1989, David was a Managing Director of Samuel Montagu, Midland Montagu and Midland Global Corporate Banking. David was also a Managing Director of CSFB and its predecessor companies (1969-1981).

David is currently a non-executive director of WMC Public Relations, Noble Group, Omega UK, DictaScribe (Chairman), EON Lifestyle (Chairman) and InfoCandy (Chairman). Previous non-executive roles include Tyndall plc, Thomas Cook and the London Film Commission (Chairman). He is also Treasurer of Kings College London and a trustee of the Nelson Mandela Children`s fund and Worldwide Volunteering for Young People.

Appointed to the Board on 21st March 2002.