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Further re: Possible Offer for the Innovation Grp

1st Apr 2009 07:00

RNS Number : 8736P
Innovation Group PLC
01 April 2009
 



CETP II Participations S.a.r.l. SICAR

 

Further re: Possible Offer for the Innovation Group ("Innovation" or "the Group")

Further to the announcement issued on 24 March 2009, stating that CETP II Participations S.a.r.l. SICAR ("CETP") had expressed an interest in Innovation which may or may not lead to an offer being made for the Group at 15 pence per share, CETP announces that it is no longer considering making an offer for Innovation.

As a consequence of this statement, The City Code on Takeovers and Mergers ("City Code") prohibits CETP from, inter alia, announcing an offer or possible offer for Innovation within six months of today's date unless there is a material change of circumstances or there has occurred an event which CETP has specified in this announcement as an event which would enable the statement to be set aside. Accordingly, for the purposes of Rule 2.8 and other relevant provisions of the City Code, CETP reserves the right to announce an offer or possible offer or make or participate in an offer or possible offer for Innovation (including the right to make or announce or participate in an offer or possible offer at any price or on any terms whatsoever including a price that is less than 15 pence) (1) and/or take any other action which would otherwise be restricted under Rule 2.8 of the City Code at any time within the next six months in the following circumstances:

(i) with the agreement or recommendation of the Board of Innovation; or
(ii) following an announcement by a third party of a possible offer or a firm intention to make an offer for Innovation or an announcement by Innovation that it has received an approach in relation to a possible offer from a third party; or
(iii) following an announcement by Innovation that it is seeking offers for itself; or
(iv) following an announcement by Innovation or a third party of a “whitewash” proposal for the purposes of Rule 9 of the City Code or a reverse takeover (as set out in Note 2 on Rule 3.2 of the City Code); or
(v) following an announcement by Innovation of a proposed increase of 20 per cent. or more in the Group’s existing issued share capital of 650,018,142 ordinary shares of 2 pence each, as announced by Innovation on 24 March 2009, meaning if the Group makes an announcement of a proposal or a proposed transaction relating to a capital raising which could result in its issued share capital being increased to an amount equal to or greater than 780,021,770 ordinary shares; or
(vi) there is a material change in circumstances.

Footnote (1) During the period ending three months from the date of this announcement, in the event that any offer from CETP is priced at less than 15p, this reservation will not apply to event (i) and would require the consent of the Panel Executive for each of the events listed in (ii) to (vi).

The release, distribution or publication of this announcement in jurisdictions other than the UK may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the UK should inform themselves about and observe any applicable requirements

Enquiries:

KBC Peel Hunt (0207 418 8900)

Oliver Scott

Nicholas Marren

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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