NCB Corporate Finance closes cash offers

The recommended cash offer made by NCB Corporate Finance on behalf of Nesbitt Acquisitions for the entire issued and to be issued, ordinary shares of Arnotts has closed for acceptances today, July 23, 2003.

The recommended cash offer made by NCB Corporate Finance on behalf of Nesbitt Acquisitions for the entire issued and to be issued, ordinary shares of Arnotts has closed for acceptances today, July 23, 2003.

Arnotts was recently taken private by the Nesbitt family and the company's chairman Michael O'Connor using a company called Nesbitt Acquisitions.

Also, as of today, the requisite notice period having elapsed, the Irish Stock Exchange cancelled the listing of Arnotts on their Official List.

Commenting on today's announcement, Richard Nesbitt, on behalf of Nesbitt Acquisitions said: "Today is a momentous day for Arnotts. It brings to an end a period of uncertainty for the company and I would like to take this opportunity to thank the management and staff of Arnotts for their support and patience during this time. The Nesbitt and O'Connor families are committed and look forward to developing and growing the company in line with the Arnotts ethos which has served the company well for many decades."

Having previously given notice to certain Arnotts Shareholders who had not accepted the Offer of its intention to acquire outstanding Arnotts Shares in accordance with the provisions of section 204 of the Companies Act 1963, Nesbitt Acquisitions announces that such acquisition will be implemented today by Nesbitt Acquisitions in respect of Arnotts Shares held by such shareholders.

Accordingly an instrument of transfer in respect of such Arnotts Shares will be executed in favour of Nesbitt Acquisitions and the consideration due to such shareholders in respect of their Arnotts Shares will be held in a separate bank account on trust for them by Arnotts.

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