SINGAPORE, April 25 /Xinhua-PRNewswire/ -- Pacnet Limited formerly known as Connect Holdings Limited (the Offeror) is pleased to announce an extension of the expiration date of its voluntary cash general offer (the Offer) to acquire all the issued shares of Pacnet Internet (S) Limited, formerly known as Pacific Internet Limited (PIL), until 1:00 am New York City time on 15 May 2008, 1:00 pm Singapore time on 15 May 2008. The Offer was originally scheduled to expire at 12:00 midnight New York City time on 24 April 2008, 12:00 noon Singapore time on 24 April 2008.
The depositary for the Offer has advised the Offeror that, approximately 367,074 shares (including 378 shares tendered pursuant to guaranteed delivery procedures), representing approximately 2.64% of the issued shares of PIL (based on the latest available information provided to the Offeror by PIL) had been validly tendered in and not withdrawn from the Offer as of 24 April 2008.
In evaluating the Offer, shareholders of PIL are urged to consider and note the following:
-- Consequent on PIL's delisting and deregistration, in the absence of a
trading market, this Offer is the only way for remaining shareholders
to liquidate their investment. The Offeror does not intend to make
any further tender offer or any other offer to acquire PIL shares; and
-- The Offeror's intention remains to take PIL private. It is not the
Offeror's intention to reinstate PIL's listing on the Nasdaq Global
Market or to make it a publicly traded company. The Offeror has no
plans to list the shares of PIL on any stock exchange.
With the extension of the Offer, the options proposal made to PIL optionholders has also been similarly extended to 1:00 am New York City time on 15 May 2008, 1:00 pm Singapore time on 15 May 2008.
The Offer remains subject to the terms and conditions of the Offeror's original Offer as set out in its Offer to Purchase document dated 27 March 2008.
Shareholders may continue to use the existing Letter of Transmittal and related documents that the Offeror has previously made available to tender their shares during the extended offer period. Optionholders may also continue to use the existing acceptance forms previously mailed to them to accept the options proposal.
PIL shareholders who have questions, need assistance or require copies of the Offer to Purchase, the Letter of Transmittal or related documents should contact Innisfree M&A Incorporated, the information agent for the Offer at the following address and telephone numbers:
The Information Agent for the Offer is:
Innisfree
M&A Incorporated
501 Madison Avenue, 20th Floor
New York, New York 10022
Shareholders Call Toll-Free:
(877) 825-8730 (from the U.S.A. and Canada)
00 800 7710 9971 (from the European Union)
Shareholders in Other Locations May Call Collect:
+(212) 750-5833 or +44 20 7710 9960
The directors of the Offeror (including those who may have delegated detailed supervision of this release) have taken all reasonable care to ensure that the facts stated in this release are fair and accurate and that no material fact has been omitted from this release and they jointly and severally accept responsibility accordingly.
Where any information has been extracted from published or otherwise publicly available sources or obtained from PIL (including, without limitation, information relating to PIL), the sole responsibility of the directors of the Offeror has been to ensure through reasonable enquiries that such information has been accurately and correctly extracted from such sources or, as the case may be, accurately reflected or reproduced in this release.
For and on behalf of
Pacnet Limited
25 April 2008
For further information please contact:
Lorain Wong
Tel: +852-2121-2973
Email: lorain.wong@pacnet.com
