ANDAMAN RESOURCES IN ALL-SHARE BID
Copyright 2001 www.tombraiderchronicles.com

[ November 5th 2001 ]

Andaman Resources PLC has made a recommended offer for The Galleon Group PLC, valuing Galleon at £12.6 million, said the companies in a joint statement.

The offer is being made on the basis of 50 new Andaman shares for each Galleon share held. The offer is conditional on subscription for a minimum amount of £700,000 in a public offer to be made by Andaman to raise up to £1.5 million by the issue of up to 100 million new Andaman shares at 1.5 pence each.

Andaman does not conduct any trade or business. The board of Andaman has been seeking to acquire a profitable business offering better than average long term growth prospects and consider that Galleon, whose shares are currently listed on Ofex, is likely to offer such an opportunity, it said.

Galleon was founded in 1985 as a graphic design house but it soon moved into developing its own concepts in computer games, forming strong relationships with Eidos. Eidos was, at that time, the UK's largest computer games publisher. In November 1999, Galleon raised #1.5 million by way of a public offer and its shares were admitted to Ofex.

Since 1999, Galleon has successfully pursued its stated intention to diversify into other related activities by way of acquisition. The Galleon Group has been formed by combining a number of established businesses which already generate turnover and profit, with a carefully selected blend of entrepreneurial fledgling businesses which the directors of Galleon believe can benefit from the provision of a centralised management infrastructure. All Galleon Group companies' core activities involve media and interactive media.