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EXHIBIT 99.5
PRESS CONTACTS:
Jeff Ignaszak
GE Power Systems
Phone (770) 859-7650
[email protected]
Ellen Klee
GE Energy Management Services
Phone (770) 859-7384
[email protected]
David DiMatteo
ING Barings Limited
Phone 44-207-767-1000
[email protected]
GE CASH OFFER FOR SMALLWORLDWIDE PLC
DECLARED UNCONDITIONAL IN ALL RESPECTS
October 3, 2000 - Atlanta, GA and London, UK - General Electric Company
("GE") announced today that the initial offer period of its tender offer (being
made by its wholly owned subsidiary, GE Power Systems Equities, Inc.) to
purchase all of the outstanding ordinary shares and American depositary shares
representing ordinary shares (collectively, "shares") of Smallworldwide plc
("Smallworld") (Nasdaq: SWLDY) expired at 9:30 a.m., New York City time and 2:30
p.m., London time, on October 2, 2000. The 90% minimum tender condition has been
satisfied and the tender offer has been declared unconditional in all respects.
The subsequent offer period commences today, October 3, 2000, and will expire at
9:30 a.m., New York City time and 2:30 p.m. London time, on Tuesday, October 31,
2000, unless otherwise extended. Remaining outstanding shares tendered during
the subsequent offer period may not be withdrawn, and shares properly tendered
during the subsequent offer period will be immediately accepted and paid for
promptly.
As of 9:30 a.m., New York City time and 2:30 p.m., London time, on October
2, 2000, 7,809,753 shares had been tendered pursuant to the offer and not
withdrawn (including shares tendered through notice of guaranteed delivery),
which constitutes approximately 98% of the total number of Smallworld's
outstanding shares. These shares include shares tendered by certain of
Smallworld's officers and directors who, prior to the commencement of the offer,
had irrevocably committed to tender or procure the tender of an aggregate of
1,113,700 shares (or approximately 14% of the outstanding shares). Payment for
accepted shares will be made promptly.
Except as disclosed herein, neither GE nor any persons acting in concert
with GE owned any shares, or rights over shares, of Smallworld on August 23,
2000 (the last business day prior to the commencement of the initial offer
period) nor have they acquired or agreed to acquire any shares, or rights over
shares, of Smallworld during the initial offer period.
It is intended that appropriate proposals will be made promptly to
Smallworld's optionholders.
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ING Barings Limited, which is regulated in the United Kingdom by The
Securities and Futures Authority Limited, is acting for GE and GE Power Systems
Equities, Inc. and no one else in connection with the offer and will not be
responsible to anyone other than GE and GE Power Systems Equities, Inc. for
providing the protections afforded to customers of ING Barings Limited or for
giving advice in relation to the offer.
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