9th Apr 2009 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
RECOMMENDED CASH OFFER BY HENDERSON GROUP PLC FOR NEW STAR ASSET MANAGEMENT GROUP PLC
Completion of Acquisition
9 April 2009
Following the announcement of 6 April 2009 in which Henderson Group plc ("Henderson Group") announced that its recommended cash offer for New Star Asset Management Group PLC ("New Star") had become wholly unconditional, Henderson Group is pleased to announce that the Proposed Acquisition completed today.
Settlement of consideration under the Offer
Settlement of consideration due under the Offer in respect of acceptances which have been received and are valid and complete in all respects, or due as a result of the compulsory acquisition procedure (including the despatch of cheques by first class post in the case of certificated holders), will take place on or before 16 April 2009.
Preference Share Acquisition
In accordance with the terms of the Preference Share Acquisition, the consideration due to the New Star Preference Shareholders has been settled today including £45.5 million cash and the issue of 25,774,190 New Ordinary Shares.
Up to £2.9 million cash is expected to be paid and up to 1,645,147 New Ordinary Shares are expected to be issued to certain directors and employees within the New Star Group, subject to certain conditions, after 30 September 2009.
The terms of the Proposed Acquisition imply an enterprise value for New Star of £107 million.
Application has been made for the New Ordinary Shares to be admitted to listing on the Official List and to be admitted to trading on the LSE's main market for listed securities. Admission is expected to take effect at 8am today.
This announcement should be read in conjunction with the Offer Document. Terms used in this announcement shall have the meanings given to them in the Offer Document.
Henderson Group plc
47 Esplanade
St Helier
Jersey JE1 0BD
Registered in Jersey
No. 101484
ARBN 133 992 766
Enquiries
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Henderson Group plc
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Mav Wynn, Head of Investor Relations
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+44 (0) 20 7818 5135 or
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+44 (0) 20 7818 5310
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J.P. Morgan Cazenove Tim Wise Shona Graham Edward Squire |
44 (0) 20 7588 2828 |
This announcement has been issued by, and is the sole responsibility of, Henderson. J.P. Morgan Cazenove is acting exclusively for Henderson Group and no one else in connection with the Proposed Acquisition or Offer and will not be responsible to anyone other than Henderson Group for providing the protections afforded to clients of J.P. Morgan Cazenove, respectively, nor for providing any advice in relation to the Proposed Acquisition or Offer or any other matters referred to in this press announcement.
This announcement and the information contained herein are not for publication or for release, or distribution, in whole or in part, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.
This announcement is for information purposes only and does not constitute an offer or an invitation to underwrite, subscribe for or otherwise acquire or dispose of any securities or investment advice. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser.
Related Shares:
HGG.L