20th Nov 2006 07:02
ITV PLC20 November 2006 ITV Plc Acquisition of Interest in the Company ITV Plc notes the acquisition by British Sky Broadcasting of a 17.9% stake inITV Plc. British Sky Broadcasting have confirmed to ITV Plc that they have nointention of acquiring shares in ITV resulting in their total stake exceeding19.9% or of making an offer for the whole of ITV Plc's remaining share capital. British Sky Broadcasting is constrained under the Communications Act 2003 fromholding in excess of 20% of ITV Plc. British Sky Broadcasting has further confirmed their wish to be a supportiveshareholder, working constructively with ITV Plc, and exploring options tocreate value for all shareholders. The Board of ITV Plc looks forward to such discussions with British SkyBroadcasting in due course. ITV Plc Tel: 0207 843 8000 Georgina Blackburn - Head of Investor Relations Brigitte Trafford - Communications Director Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if anyperson is, or becomes, "interested" (directly or indirectly) in 1% or more ofany class of "relevant securities" of NTL or of ITV, all "dealings" in any"relevant securities" of that company (including by means of an option inrespect of, or a derivative referenced to, any such "relevant securities") mustbe publicly disclosed by no later than 3.30 pm (London time) on the Londonbusiness day following the date of the relevant transaction. This requirementwill continue until the date on which the offer becomes, or is declared,unconditional as to acceptances, lapses or is otherwise withdrawn or on whichthe "offer period" otherwise ends. If two or more persons act together pursuantto an agreement or understanding, whether formal or informal, to acquire an"interest" in "relevant securities" of NTL or ITV, they will be deemed to be asingle person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of NTL or of ITV by NTL or ITV, or by any of their respective"associates", must be disclosed by no later than 12.00 noon (London time) on theLondon business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose "relevantsecurities" "dealings" should be disclosed, and the number of such securities inissue, can be found on the Takeover Panel's website atwww.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a person has long economicexposure, whether conditional or absolute, to changes in the price ofsecurities. In particular, a person will be treated as having an "interest" byvirtue of the ownership or control of securities, or by virtue of any option inrespect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on thePanel's website. If you are in any doubt as to whether or not you are requiredto disclose a "dealing" under Rule 8, you should consult the Panel. Lazard & Co., Limited ("Lazard"), which is authorised and regulated in theUnited Kingdom by the Financial Services Authority, is acting as financialadviser to ITV and no-one else in connection with the matters referred to inthis announcement and will not be responsible to anyone other than ITV forproviding the protections afforded to clients of Lazard nor for providing advicein relation to any matter referred to herein. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ITVSky