IN ALL-SHARE BID
Copyright 2001 www.tombraiderchronicles.com
[ November 5th 2001 ]
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.
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.
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.
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.
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