2006
(10/11/2006) AXA successfully acquires control of Thinc Group 96.2% of shareholders having accepted its offer
- Offer unconditional in all respects
On 23 October 2006, AXA UK PLC ("AXA") announced the terms of a recommended cash offer, to be made by Advisory Services Limited ("ASL"), to acquire the entire issued and to be issued ordinary share capital of Thinc Destini Group Limited ("Thinc Group" or the "Company") (the "Offer"). The Offer Document and Form of Acceptance setting out the full terms of the Offer were posted to Thinc Destini Ordinary Shareholders (and to participants in the Thinc Destini Share Schemes for information only) on 21 October 2006.
AXA is pleased to announce that all of the conditions relating to the Offer have been satisfied or waived and accordingly the Offer became unconditional in all respects as at 4.00 p.m. on 10 November 2006 and will remain open for acceptance until further notice
Level of acceptances
The Board of ASL announces that as at 4.00 p.m. on 10 November 2006 ASL had received valid acceptances of the Offer in respect of a total of at least 192,324,363 Thinc Destini Ordinary Shares, representing at least approximately 96.2% per cent. of the existing issued ordinary share capital of Thinc Group.
Prior to making the Offer, ASL had received irrevocable undertakings to accept, or procure the acceptance of, the Offer in respect of a total of 99,835,105 Thinc Destini Ordinary Shares, representing approximately 49.92 per cent. of the existing issued ordinary share capital of Thinc Group. Valid acceptances have been received in respect of all of the Thinc Destini Ordinary Shares which were the subject of such irrevocable undertakings and are included in the total referred to above.
Compulsory acquisition
As sufficient acceptances have been received under the Offer, ASL intends to implement the provisions of sections 428 to 430F (inclusive) of the Companies Act 1985 to acquire compulsorily all outstanding Thinc Destini Ordinary Shares. A letter, together with a statutory notice pursuant to section 429 of the Companies Act 1985, will shortly be posted to Thinc Destini Ordinary Shareholders who have not yet accepted the Offer.
- Ends -
More information
If you are a journalist and require further information contact one of our media team.
About AXA
AXA UK is part of AXA Group. AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Western Europe , North America and the Asia/Pacific area. AXA had € 1,091 billion in assets under management as of June 30, 2006 , and reported total revenues of € 41 billion and underlying earnings of € 2,090 million for the first half of 2006.
AXA ordinary shares are listed on the Paris Stock Exchange; AXA American Depositary Shares (ADSs) are listed on the NYSE under the ticker symbol AXA.