SEBL--Wednesday August 9, 8:46 am Eastern Time
Press Release
SOURCE: London Pacific Group Limited
London Pacific Group Limited: Investment Holding Announces Initial Public Offering
LONDON, Aug. 9 /PRNewswire/ -- London Pacific Group Limited (NYSE: LDP - news; London: LPG) is pleased to announce that Siebel Systems, Inc. (Nasdaq: SEBL - news; ``Siebel'') has agreed to acquire OnLink Technologies, Inc. (``OnLink''), in which its subsidiaries hold an investment.
In connection with the acquisition the subsidiaries expect to receive, upon closing of the transaction, for their holding in OnLink, approximately 414,976 shares of Common Stock of Siebel, valued at $72.3 million at the closing price on 8 August 2000. The subsidiaries will also be entitled to up to a further 46,109 shares of Common Stock of Siebel, to be held in escrow in accordance with the terms of the transaction. The transaction is expected to close in the current calendar quarter. The holdings of the subsidiaries in OnLink were acquired in private placements for approximately $14.5 million.
London Pacific Group Limited, based in Jersey, Channel Islands, is a financial services company with four business areas: annuities, asset management, financial advisory services and venture capital management. London Pacific's operating companies gather assets through their distribution networks in the US and UK, and seek to generate superior returns on their venture capital holdings in late stage technology infrastructure companies. Assets under management, consulting or administration are approximately $5.0 billion.
R.W. Green
Company Secretary
SOURCE: London Pacific Group Limited |
