Luxottica starts compulsory acquisition of remaining Opsm Group shares

Luxottica Group today announced the start of the compulsory acquisition process for all remaining shares in Opsm Group Limited not already owned by Luxottica Group.

On January 4, 2005, Luxottica Group launched through its wholly-owned subsidiary Luxottica South Pacific Pty Ltd an off-market takeover offer for all the Australian Stock Exchange-listed Opsm Group shares it did not already own. At the close of the offer on February 7, 2005, Luxottica Group held 98.5 percent of Opsm Group shares, which is in excess of the compulsory acquisition threshold.

Leonardo Del Vecchio, chairman of Luxottica Group, commented: 'We are pleased with the positive response to the offer by Opsm Group shareholders. Today Opsm Group is already a leading optical retailer in Australia and enjoys a strong foothold in the important Hong-Kong market. We now look forward to maximizing opportunities for Opsm Group and the entire organization in both the Australian market and the Asia-Pacific region'.

Luxottica Group anticipates that the Australian Stock Exchange will suspend trading in Opsm Group shares on or shortly after February 15, 2005, and delist Opsm Group shares from the Australian Stock Exchange on the third business day of the suspension. The compulsory acquisition process is expected to complete on or shortly after March 23, 2005.

The total value of the offer for the shares not previously held by Luxottica Group is approximately A$103 million, or approximately €62 million (at an exchange rate of €1 = A$1.66). Luxottica Group had offered A$4.35 per share in cash for each Opsm Group share, which was adjusted to A$4.20 to reflect Opsm Group's declaration of a dividend of A$0.15 per share.