PUBLIC OFFER OF PURCHASE RELATING TO ALL THE SHARES ISSUED BY UPROAR INC., A
COMPANY ORGANIZED UNDER THE LAWS OF THE STATE OF DELAWARE BY FLIPSIDE
ACQUISITION CORPORATION.
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ADDITIONAL INFORMATION TO BELGIAN HOLDERS OF SHARES ISSUED BY UPROAR INC.
The Offer Document published in the United States at the time of this
transaction has been submitted to the Securities and Exchange Commission.
The Offer Document (additional information included) has been approved by the
Banking and Finance Commission on [o] 2001 in application of Article 17 of the
Royal Decree of November 8, 1989 relating to public offers of acquisition and
modifications of the control of companies.
This approval does not involve any determination of the opportunity or the
quality of the transaction, nor the situation of the one who achieves it.
The Offer Document in English is published in Belgium accompanied by the
information document in French and in Dutch containing information specific to
the Belgian market.
The opinion prescribed by Article 21 of the Royal Decree of November 8, 1989
relating to public offers of acquisition and modifications of the control of
companies appeared in the press on [o] 2001.
[The Banking and Finance Commission has granted exemptions to Flipside]
Acquisition Corporation for Article 3, 2(degree), Article 3, 6(degree) and
Article 21 of the Royal Decree of November 8, 1989 relating to public offers of
acquisition and modifications of the control of companies. In particular, the
receipt of acceptances and the payment of the price shall not be made through a
credit organization or a stock exchange company, but through EASDAQ for the
receipt of acceptances and by Mellon Investor Services LLC for the payment of
the price.]
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INFORMATION AIMED AT BELGIAN HOLDERS OF SHARES ISSUED BY UPROAR INC.
WARNING
The information contained in this document or in the Offer Document may no
longer be accurate after the date of its dissemination. However, any important
information which would be relevant for the investors and which would come to be
known during the acceptance period of the offer shall be rendered public,
pursuant to applicable legal provisions.
The dissemination of this document and the Offer Document can be subject to
restrictions in countries other than Belgium. As a consequence, the persons
receiving these documents must make inquiries as to the existence of such
restrictions.
Any person residing outside Belgium and wishing to transfer shares issued by
Uproar Inc. within the framework of the offer must assure himself that he
conforms to all the applicable provisions in the country concerned (including
the provisions relating to any governmental authorization or any other consent
having to be obtained, as well as any duty or any tax due abroad). This document
does not constitute a public offer in all countries where such an offer would
not be authorized or would not be legal and this document cannot be used for
such a purpose.
WARNING TO ALL THE HOLDERS OF SHARES ISSUED BY UPROAR INC. (HEREAFTER CALLED
"THE HOLDERS") RELATING TO THE APPLICATION OF BELGIAN LAW WHICH GOVERNS THE
FORMALITIES AND CONDITIONS OF THE OFFER IN BELGIUM. NUMEROUS ASPECTS OF THE
OFFER ARE IMPLEMENTED IN ACCORDANCE WITH RULES AND PROCEDURES OF THE FEDERAL
LAWS OF THE UNITED STATES AND THE LAW OF THE STATE OF DELAWARE. THE ATTENTION OF
ALL THE HOLDERS WISHING TO REPLY TO THIS OFFER MUST BE DRAWN TO THE FACT THAT
THE RULES AND PROCEDURES OF THE LAWS OF THE UNITED STATES AND THE STATE OF
DELAWARE DIFFERS IN MANY RESPECTS FROM RULES AND PROCEDURES PROVIDED BY THE
ROYAL DECREE OF NOVEMBER 8, 1989 RELATING TO PUBLIC OFFERS OF ACQUISITION AND
MODIFICATIONS OF THE CONTROL OF COMPANIES.
This document is diffused in French and in Dutch. In case of divergence between
the different versions, the French version shall prevail. In case of divergence
between this document and the Offer Document, the Offer Document shall prevail.
DEFINITIONS
All the words and the terms used in English in this document have the same
meaning as that which is given to them in the document entitled "OFFER
DOCUMENT", unless otherwise indicated.
DESCRIPTION OF THE TRANSACTION
On February 5, 2001, the companies Flipside Inc., Flipside Acquisition
Corporation and Uproar Inc. have concluded a merger agreement called
"Agreement and Plan of Merger". Subsequent to this agreement, Flipside
Acquisition Corporation had decided to offer to all the shareholders of
Uproar Inc. to purchase their shares at a price of USD 3 per share.
Uproar Inc. is listed on NASDAQ and EASDAQ.
In Belgium, shares issued by Uproar Inc. are listed on EASDAQ.
This public offer to purchase is an offer in this case only. This offer is
subject to provisions of the Offer Document. The offer price is USD 3 per share.
The offer of Flipside Acquisition Corporation has been deemed as being fair and
in the best interests of shareholders of Uproar Inc., by the Board of Directors
of this latter. The said Board recommends the shareholders to reply favorably to
this offer.
Flipside Acquisition Corporation is a 100% subsidiary of Flipside Inc., which is
itself an 82% indirect subsidiary of Vivendi Universal.
More information concerning these companies are found at pages 18 and following
of the Offer Document.
Uproar Inc. is based in the United States and is specialized in games on the
Internet. More information concerning this company is found at pages 15 and
following of the Offer Document.
In case of success of the offer, it is within the intentions of Flipside
Acquisition Corporation to request the cancellation of Uproar Inc. from the
listing in EASDAQ.
LIABILITY
Flipside Acquisition Corporation accepts the liability for information contained
in the Offer Document and in this document.
To the best knowledge of Flipside Acquisition Corporation, the information
contained in the documents for which it accepts to assume a liability are in
accordance with facts andthese documents do not omit anything that is likely to
alter these information.
FURTHER DECLARATIONS OF FLIPSIDE ACQUISITION CORPORATION
The offer made by Flipside Acquisition Corporation is subject to a certain
number of conditions, described in the Offer Document, more particularly at
pages [36 to o], and especially:
(a) Within the limits permitted by the law of the State of Delaware and
the Offer Document, the number of acceptances must be equal to minimum
50% of the total number of shares issued by Uproar Inc. referred to in
the offer (see especially page [8] of the Offer Document);
(b) A certain number of administrative authorizations must be obtained
(see more particularly pages [36 and following] of the Offer
Document);
(c) A certain number of objective criteria relating to Uproar Inc. must be
met (see more particularly pages [37 and following] of the Offer
Document).
The shareholders having accepted the offer of Flipside Acquisition Corporation
shall be released from their acceptance in case of counter offer. Any increase
of the offer price will benefit the shareholders who have accepted the offer
before the said increase. The acceptances of the offer that would have been
introduced before the publication of the Offer Document do not bind the
shareholders.
AVAILABILITY OF THE OFFER DOCUMENT AND THIS DOCUMENT AND FINANCIAL SERVICE
The Offer Document, this document and the acceptance forms are made freely
available to the public from EASDAQ, 56 rue des Colonies, 1000 Brussels
(telephone 02/[o]).
The financial service relating to the offer is assured by Mellon Investor
Services LLC, P. O. Box 3301, South Hackensack, New Jersey 07606. The investor
holding a favorable result of the offer of Flipside Acquisition Corporation will
however have to bear all the possible costs claimed by other financial
intermediaries.
The holders of shares issued by Uproar Inc. are welcome to use the acceptance
form in English that is attached to the Offer Document.
PROGRESS OF THE OFFER
The offer shall be open in Belgium from the [o] 2001 and will be closed on March
16, 2001 at 11:59 p.m., New York time.
The holders of shares issued by Uproar Inc. can file their acceptance form with
EASDAQ, directly or through the intermediary of their financial institution.
To validly accept the offer, the holders of shares issued by Uproar Inc. must
complete and sign the acceptance forms attached to this document.
REGIME FISCAL
1. GENERAL
Ci-dessous se trouve expose le regime fiscal general applicable a l'acquisition,
la possession et la vente d'actions par des residents belges, personnes
physiques ou morales (ci-apres les "porteurs belges").
Cette description est redigee sur la base du droit fiscal belge en vigueur a la
date de l'Offer Document auquel le present document se rapporte, sous reserve de
tout changement qui pourrait intervenir en droit belge, y compris tout
changement avec effet retroactif. Il n'est tenu compte ni des lois fiscales
applicables dans d'autres pays que la Belgique (point sur lequel il est renvoye
a l'Offer Document), ni des circonstances individuelles propres a chaque
investisseur. Il est recommande a tout investisseur potentiel de consulter ses
conseillers fiscaux quant au regime fiscal belge et aux autres consequences
fiscales applicables a l'acquisition, la vente, la propriete et la detention
d'actions.
2. TAXE SUR LES OPERATIONS DE BOURSE
En principe, une taxe est applicable a toute transmission, comme par exemple
en cas de souscription, d'achat ou de vente d'actions en Belgique, a
l'intervention d'un intermediaire professionnel. Le taux applicable a toute
transmission a titre onereux en Belgique d'actions a l'intervention d'un
intermediaire professionnel est de 0,17%, avec un plafond de BEF 10.000
(euro248) par transaction.
Une exemption s'applique a certains intermediaires professionnels (par exemple
aux institutions de credit), aux compagnies d'assurances, aux fonds de pension
et aux societes de placement collectif agissant pour leur propre compte.
3. IMPOT SUR LE TRANSFERT MATERIEL DE TITRES AU PORTEUR
Un impot s'applique a la transmission materielle d'actions consecutivement a
leur souscription ou a leur acquisition a titre onereux en Belgique via un
intermediaire professionnel. Cet impot
est egalement du en cas de remise d'actions en Belgique suite a un retrait de
chez un depositaire belge en OPEN CUSTODY.
Cet impot est du au taux de 0,2% sur les montants payes par l'acquereur en cas
d'acquisition ou, en cas de retrait de chez un depositaire en OPEN CUSTODY, sur
la valeur venale des actions, telle qu'estimee par ce dernier.
4. IMPOSITION DES PLUS-VALUES
Les porteurs belges personnes physiques qui detiennent des actions a titre
d'investissement prive ne sont pas soumis a l'impot belge sur la plus-value
applicable a la vente d'actions. Toutefois, ils peuvent etre soumis a un impot
de 33% (augmente de l'impot communal et de la contribution complementaire de
crise) si la plus-value est consideree comme "speculative".
Les porteurs belges personnes physiques qui detiennent des actions a des fins
professionnelles sont imposes sur les plus-values qu'ils realisent a l'achat,
l'echange, la vente ou autre transmission de ces actions aux taux progressifs
ordinaires de l'impot des personnes physiques.
Les porteurs belges soumis a l'impot des societes ne sont en principe pas
imposes sur les plus-values qu'ils realisent a l'achat, l'echange, la vente ou
autre transmission d'actions a condition que les dividendes resultant de ces
actions puissent beneficier du regime de la "deduction de dividendes" (sous
reserve de la condition de participation minimum).
Les porteurs belges soumis a l'impot des personnes morales ne sont pas soumis a
l'impot belge sur les plus-values realisees suite a l'achat, l'echange, la vente
ou autre transmission d'actions.
Le [19 fevrier 2001]