Takeover bid for Rene Rivkins Pick Nautronix

  1. 4,330 Posts.
    NAUTRONIX LIMITED 2002-05-03 ASX-SIGNAL-G


    HOMEX - Perth



    +++++++++++++++++++++++++
    First Tech PLC ("First Tech") today announced that it proposes to
    make a cash offer of A$0.55 per share for all the issued shares in
    Nautronix Limited (ABN 009 019 603) ("Nautronix").



    "We believe that our offer provides fair value to Nautronix
    shareholders, given the reduction in Nautronix's projections forthe
    current financial year announced on 1 February 2002" said Mr Ian A
    Suttie, Chairman and controlling shareholder of First Tech
    Nautronix's revision of its projections was considered by First Tech
    to have breached the material adverse change condition of First
    Tech's earlier offer (announced on 20 November 2001). That offer
    lapsed on 28 February 2002 due to conditions remaining unfulfilled.
    First Tech has relied on the revised projections announced by
    Nautronix on 1 February 2002 in formulating this new offer.



    First Tech is an unlisted public limited company incorporated in
    Scotland for the principal purpose of making a bid for Nautronix. It
    is currently wholly owned by Mr Suttie, who is one of Scotland's most
    successful businessmen in the UK oilfield sector. Mr Suttie is the
    founder, chairman and controlling shareholder of First Oil PLC, an
    independent oil company with interests in the UK sector of the North
    Sea. In 2001 Mr Suttie sold to Weatherford International Inc his own
    group of companies, headed by Orwell Group PLC, which had become one
    of the UK's largest independent oil service companies (reaching a
    group turnover of GBP 100m).



    Mr Mark Patterson, a Nautronix Group senior executive in charge of
    the day to day operation of the offshore technology division, has
    confirmed that, if First Tech's bid is successful, he will accept
    appointment as a director of First Tech and CEO of Nautronix, and
    will also takean equity stake in First Tech.



    First Tech's offer will be subject to the conditions outlined in
    Attachment A to this statement. The offer may be made by a
    wholly-owned subsidiary of First Tech.



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    IN AUSTRALIA: IN ABERDEEN:
    Roger Davies Sidney Barrie
    Blake Dawson Waldron Paull & Williamsons
    221 St George's Terrace Investment House
    Perth 6 Union Row
    WA 6000 Aberdeen AB10 1DQ
    Fax (08) 9366 8111 Fax (0011 44) 1224 640 446
    Email: Email:
    [email protected] [email protected]



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