Temptation Foods Updates on Open Offer

Keynote Corporate Services Ltd ("Manager to the Offer"), on behalf of Venture Business Advisors Pvt Ltd ("Acquirer") has issued this Public Announcement ("PA"), to the equity shareholders of Temptation Foods Ltd ("Target Company"), which is in continuation of and should be read in conjunction with the Original Public Announcement ("PA") dated June 24, 2006 & letter of Offer, pursuant to Regulation 11(1) of the Securities & Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 & subsequent amendments thereto ("Regulations"):

The Equity Shareholders of the Target Company are requested to note the following amendments.

1. The revised schedule of activity is as follows:

Specified Date: July 21, 2006

Date of Opening of the Offer: November 30, 2006

Date of Closing of the Offer: December 19, 2006.

2. Originally the Acquirer has announced an open offer under the Regulations, to acquire by tender offer upto 16,96,300 fully paid-up equity shares of Rs 10.00 each of the Target Company representing 20% of the paid up equity share capital as on March 31, 2003, from the remaining shareholders of the Target Company (other than "persons in the promoter group of the Target Company"). However as advised by SEBI, the acquirer has revised the offer size of the open offer to acquire by tender offer upto 33,83,420 fully paid-up equity shares of Rs 10.00 each of Target Company representing 20% of the present paid up equity share capital, from the remaining shareholders of the Target Company.

3. Further, In view of the increased offer size, the monetary value of the offer has been increased from Rs 269.50 lacs to Rs 456.76 lacs. The acquirer has further deposited an amount of Rs 47.13 lacs in the Escrow Account thereby enhancing the value in the Escrow Account to Rs 114.51 lacs from Rs 67.39 lacs which is more than 25% of the size of the offer and in accordance with Regulation 28(2).

Source : Equity Bulls

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