26th Jan 2007 15:07
Babcock International Group PLC26 January 2007 26 January 2007 Babcock International Group PLC ("Babcock") Babcock announces that it has acquired 15,273,875 International NuclearSolutions PLC ("INS") ordinary shares representing 24.5 per cent of INS's entireissued share capital, from Automated Controls Limited. INS is a specialistprovider of nuclear engineering services in the UK. In May 2006, Babcockacquired Alstec Group Limited which also operates in the nuclear engineeringservices sector. Babcock acquired the shares for an aggregate cash consideration of £9.6 million(representing 63 pence per share). Babcock intends to progress discussions with the board of INS regarding thepossibility of making a cash offer for the balance of the issued share capitalof INS. However, there can be no certainty that an offer will be forthcoming. A further announcement will be made in due course. Enquiries Financial Dynamics Tel: 020 7269 7121Andrew Lorenz / Susanne Walker 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 INS, all "dealings" in any "relevantsecurities" of that company (including by means of an option in respect of, or aderivative referenced to, any such "relevant securities") must be publiclydisclosed by no later than 3.30pm (London time) on the London business dayfollowing the date of the relevant transaction. This requirement will continueuntil the date on which the offer becomes, or is declared unconditional as toacceptances, lapses or is otherwise withdrawn or on which the "offer period"otherwise ends. If two or more persons acting together pursuant to an agreementor understanding whether formal or informal, to acquire an "interest" in "relevant securities" of INS, they will be deemed to be a single person for thepurposes of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of INS by Babcock or INS, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the Londonbusiness day following the date of the relevant transaction. A disclosuretable, giving details of the companies in whose "relevant securities" "dealings"should be disclosed and the number of such securities in issue, can be found onthe Takeover Panel's website at www.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 "dealing" under Rule 8, you should consult the Panel. Babcock ISIN: GB0009697037 INS ISIN: GB00B12QZ964 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BabcockINS.L