FCX Fcx Intl

RNS Number:0250X
J O Hambro Capital Management Ld
10 June 2002


For immediate release

Not for release, publication or distribution in whole or in part, in or into the
                   United States, Canada, Australia or Japan


                                                                   10 June, 2002


                       J O Hambro Capital Management Limited


                   TENDER OFFER FOR 3,000,000 ORDINARY SHARES
                 IN FCX INTERNATIONAL PLC ("FCX International")


On behalf of J O Hambro Capital Management Limited ("JOHCM"), Strand Partners
Limited announces that it will be posting tomorrow to the ordinary shareholders
of FCX International ("Shareholders") a Tender Offer Document and Form of Tender
offering to purchase (by way of tender) up to 3,000,000 ordinary shares of 50
pence each in FCX ("FCX Ordinary Shares"), representing 16.55 per cent. of the
issued ordinary share capital of FCX International (the "Tender Offer"). Funds
managed by JOHCM on a discretionary basis currently hold in aggregate 1,766,075
ordinary shares representing 9.74 per cent. of the issued ordinary share capital
of FCX International. The details of the Tender Offer are as follows:

The fixed price that JOHCM will pay in cash for each FCX Ordinary Share is 275
pence (free of all commissions). This price represents a premium of 5.77 per
cent. over the offer announced by XCF Investments Limited on 29 May 2002, for
the whole of the issued and to be issued share capital of FCX International not
otherwise held or contracted to be acquired by XCF Investments Limited ("Altium
Offer"). The closing middle market price of an FCX Ordinary Share at the close
of business on Friday, 7 June 2002 (being the latest practicable date prior to
this announcement) was 270 pence.

In the event that sufficient FCX Ordinary Shares are tendered under the Tender
Offer (being a sufficient number of FCX Ordinary Shares to take JOHCM's
aggregate shareholding in FCX International to 10 per cent. or more), or (in the
event that this is not achieved pursuant to the Tender Offer) if sufficient
further FCX Ordinary Shares are purchased through the market at a price not
exceeding the price of the Tender Offer (being a sufficient number of FCX
Ordinary Shares to take JOHCM's aggregate shareholding in FCX International to
10 per cent. or more), it is the intention of JOHCM to promptly thereafter
requisition an extraordinary general meeting of FCX International at which it
will seek the removal of John Perkins as well as Stuart Stradling and Kenneth
Williams, who have recommended the Altium Offer. Following consultation with
major independent FCX Shareholders (which will be commenced as soon as possible
following announcement of the result of the Tender Offer) it is intended that a
new board be appointed (the "New Board").  JOHCM will also seek that a strategic
review be implemented by the New Board.

In the absence of an announcement by Altium Capital Limited of a firm intention
to revise the Altium Offer or of a competing offer to acquire FCX International
being announced, it is not the intention of JOHCM to make a general offer to
acquire FCX International.

Full details relating to the Tender Offer will be included in the Tender Offer
Document and Form of Tender to be posted to Shareholders tomorrow.


Enquiries:


J O Hambro Capital Management Limited
Tel: (070) 00 264 557
Christopher Mills, Chief Investment Officer

Strand Partners Limited
Tel: (020) 7409 3494
(Financial Adviser to JOHCM)
Simon Raggett, Director


Strand Partners, which is authorised in the United Kingdom by the Financial
Services Authority, is acting for JOHCM and no one else in connection with the
Tender Offer and will not be responsible to anyone other than JOHCM for
providing the protections afforded to customers of Strand Partners, nor for
giving advice in relation to the Tender Offer.

The Tender Offer is not being made, directly or indirectly, in or into, and may
not be accepted in or from, the United States, Canada, Australia or Japan.
Accordingly, copies of this announcement are not being, and must not be, mailed
or otherwise distributed or sent in or into or from the United States, Canada,
Australia or Japan.

Strand Partners has approved the contents of this announcement solely for the
purpose of section 21 of the Financial Services and Markets Act 2000. The
principal place of business of Strand Partners is 110 Park Street, London, W1K
6NX.

The JOHCM Directors accept responsibility for the information contained in this
announcement. Subject as aforesaid, to the best of the knowledge and belief of
the JOHCM Directors (who have taken all reasonable care to ensure that such is
the case), such information is in accordance with the facts and does not omit
anything likely to affect the import of such information.

END

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