4th May 2005 11:19
Heron Corporation04 May 2005 HERON STATEMENT OF INTENTIONS Heron Corporation ("Heron") has been unable to obtain any positive reply fromthe board of Crest Nicholson PLC ("Crest Nicholson") in securing the informationwhich it requires to value the business of Crest Nicholson. At the request of Crest Nicholson, the Takeover Panel has required Heron tostate by 12 noon today whether or not Heron intends to make a cash offer for theissued shares of Crest Nicholson not already owned by Heron. Due to thecontinued absence of access to information on Crest Nicholson, Heron has noalternative but to confirm that it will not make an offer for Crest Nicholsonwithin the next 6 months. Heron reserves the right to make or participate in an offer within the next 6months with the agreement or recommendation of the board of Crest Nicholson orif there is an announcement of an offer for Crest Nicholson by a third party, orthere is an announcement by Crest Nicholson of a "whitewash" proposal or of areverse takeover, as defined in The City Code on Takeovers and Mergers. Heron also retains the voting powers conferred by Heron's 23.4% holding in theshares of Crest Nicholson so long as that shareholding continues to be held byHeron. For further information: Richard Evans / 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