16th Mar 2005 07:30
Heron Corporation16 March 2005 Heron Corporation seeks information from Crest Nicholson Plc The board of Heron Corporation ("Heron") has sought to engage with the board ofCrest Nicholson Plc ("Crest Nicholson") to progress making a cash offer for theissued share capital of Crest Nicholson. The board of Crest Nicholson has notprovided any of the information which would permit Heron to value CrestNicholson on an informed basis. Heron believes that the shareholders of Crest Nicholson should be aware ofHeron's interest in making an offer. Heron believes that such an offer, ifmade, could value each ordinary share of Crest Nicholson at a price of between345 pence and 430 pence. Heron would require access to information on the business of Crest Nicholson inorder to carry out due diligence. Provided the results of this work weresatisfactory to Heron, Heron would expect to make an offer at a level whichwould be supported by the underlying value of the business of Crest Nicholson.Heron reserves the right to make an offer in excess of 430 pence. Heron reservesthe right to make an offer without being given access to information on thebusiness of Crest Nicholson. Heron continues to urge the board of Crest Nicholson to grant access in orderthat the Crest Nicholson shareholders are not denied an opportunity to realise afair cash price for their shares. There can be no certainty that an offer willbe made nor as to the terms on which any offer will be made. Noble Grossart Limited and Lehman Brothers (Europe) Limited are acting asfinancial advisers to Heron. For further information: Alison Howard / Tom NuttThe Communication Group plcTel. 020 7630 1411 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Crest Nicholson