8th Jan 2007 17:45
NOT FOR RELEASE PUBLICATION OR DISTRIBUTION IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN 8th January 2007 BGAM'S STATEMENT REGARDING OFFER FOR COUNTRYWIDE PLC
Boussard & Gavaudan Asset Management L.P. ("BGAM"), acting on behalf of the Sark Master Fund Limited and Channel Bridge Special Situations Master Fund Limited, holds interests in at least 5 per cent of the issued shares of Countrywide plc ("Countrywide").
BGAM believes that the terms of the offer by Charlie Holdco 4 Limited for Countrywide, as announced on 12th December 2006, substantially undervalue Countrywide under current market conditions.
BGAM believes that the return of capital in specie of the shares of Rightmove plc is an inappropriate way for Countrywide to dispose of its shareholding in Rightmove plc.
Subject to (i) no change in the current terms of Charlie Holdco 4 Limited's offer, (ii) the FTSE 100 Index price remaining above 5,500 on the last close prior to the day of the Extraordinary General Meeting to approve the Scheme and (iii) the Extraordinary General Meeting to approve the Scheme being held on January 15th, 2007, BGAM intends to vote against the Scheme.
BGAM has given today an irrevocable instruction to its prime brokers to convert into ordinary shares its interests in at least 5% in Countrywide held through contracts for difference to be able to exercise its voting rights in the manner described in the above paragraph.
The release, publication and distribution of this announcement to persons who are not resident in the UK may be affected by the laws of the relevant jurisdiction in which they are located. Persons who are not resident in the UK should inform themselves of, and observe, any applicable requirements. Any failure to comply with applicable requirements may constitute a violation of the securities laws of any such jurisdiction.
This announcement does not constitute an offer to sell, or an invitation to purchase, any securities or the solicitation of any vote or approval in any jurisdiction.
COUNTRYWIDE PLCRelated Shares:
CWD.L