Daily Internet plc
LSE : DAIP

March 17, 2009 03:00 ET

Offer Update

    Not for release, publication or distribution in or into or from the United States, Canada,
                         Australia, Japan or the Republic of South Africa
                                                                                                  
                                                                                     17 March 2009
                                        Daily Internet plc
                                ("Daily Internet" or the "Company")
                                                 
                                         Further re: Offer

The  Company  announces that it has now received valid acceptances of the Offer in  respect  of  a
total  of  170,500,000 Lambolle Shares representing, in aggregate, 92.16 per cent.  of  Lambolle's
current issued share capital.

Application  for  the  admission  of  the New Daily Internet  Shares  to  be  issued  to  Lambolle
Shareholders who validly accepted the Offer by 1.00 p.m. on 16 March 2009 to trading on  PLUS  has
been  made to the PLUS Market. It is expected that admission of such New Daily Internet Shares  so
allotted to trading on PLUS will become effective and that dealings will commence at 8.00 a.m.  on
23 March 2009.

Following  admission  of the New Daily Internet Shares, the Company will have  59,052,124  ordinary
voting shares in issue.

Directors' resultant holdings
Immediately following Admission, Abby Adulayavichit, Julie Joyce and Robert Khalastchy will hold
20,233,627, 150,000 and 253,846 Daily Internet Shares, which will represent 34.26, 0.25 and 0.43
per cent. of the Enlarged Issued Share Capital, respectively.

In  addition, following Admission Mr Edelson will hold 2,714,285 Daily Internet Shares, equivalent
to  4.60  per cent. of the Enlarged Issued Share Capital. Mr Edelson's holding includes  1,000,000
Daily Internet Shares to be held by his wife, Jacqueline Edelson and 428,571 Daily Internet Shares
to be held with Philip Ellis Kanas as trustees of The Morris Edelson Settlement.

Compulsory Acquisition
As  set  out  in  the  Offer Document, Daily Internet intends to exercise its rights  pursuant  to
sections  974 to 991 (inclusive) of the Act to acquire compulsorily the remaining Lambolle  Shares
on the same terms as the Offer.

As  a  result of Daily Internet receiving acceptances in respect of not less than 90 per  cent  in
value  of  the  Lambolle Shares to which the Offer relates and not less than 90 per cent.  of  the
voting   rights   carried  by  those  shares,  Daily  Internet  intends  to  post   as   soon   as
possible  compulsory acquisition notices (the "Notices") pursuant to section 979  of  the  Act  to
Lambolle  Shareholders  who have not yet validly accepted the Offer. The  Notices  set  out  Daily
Internet's intention to apply the provisions of section 979 of the Act to acquire compulsorily all
outstanding Lambolle Shares on the same terms as originally available under the Offer.

Terms  defined  in  the  Offer  Document dated 12 February 2009 have  the  same  meaning  in  this
announcement.

Enquiries:

Abby Adulayavichit                                                             Tel: 0115 973 7260
Managing Director
Daily Internet plc

Frank Lucas                                                                    Tel: 020 7628 1128
Peter Freeman
Loeb Aron & Co Limited
(PLUS Market Corporate Adviser to Daily Internet)

David Worlidge                                                                 Tel: 020 7628 2200
Simon Clements
John East & Partners Limited
(Financial Adviser to Daily Internet)


Contact Information

  • Daily Internet plc