2nd Apr 2008 09:51
Leo Insurance Services PLC02 April 2008 2 April 2008 Leo Insurance Services Plc Holding(s) of Company Leo Insurance Services Plc (the "Company") announces that it was notified yesterday day that Safeland Holdings Corporation ("SHC") has today sold its entire holding of ordinary shares of 1p in the Company ("Shares") (amounting to2,633,926 Shares, which equates to 36.5% of the Company's issued ordinary sharecapital) to Karayaka Investments Corporation ("KIC") for a nominal sum. Theissued share capitals of each of SHC and KIC are owned in equal proportions byLarry Lipman, Errol Lipman and Steven Lipman. Rule 9 of the City Code on Takeovers and Mergers ("the Code") applies to anyperson or group of persons acting in concert who acquires an interest in shareswhich, when taken together with shares in which that person or group areinterested, carry 30% or more of the voting rights of a company, (or who holdsnot less than 30% but not more than 50% of the voting rights of a company) andacquires any interest in additional shares which increases his percentage of thevoting rights of the company. Such a person is normally required by the Panel onTakeovers and Mergers ("the Panel") to make a general offer to all shareholdersof the company pursuant to Rule 9 of the Code. Where a concert party holds more than 50% of the voting rights of a company andfor so long as its members continue to be treated as acting in concert, theconcert party may increase its aggregate shareholding without being subject tothe provisions of Rule 9 of the Code. However, the Panel should be consultedbefore any individual member of such concert party increases his holding througha Rule 9 threshold. Larry Lipman, Errol Lipman, Steven Lipman, Ray Lipman and SHC (together "theLipman Concert Party") are treated as acting in concert for the purposes of theCode. Details of their respective holdings in the Company set out below. Member of Lipman Concert Party Beneficial Interests Percentage of issued in ordinary shares share capital of 1p % Larry Lipman 22,004 0.30Errol Lipman 129,833 1.80Ray Lipman 129,833 1.80Steven Lipman Nil NilSHC 2,633,926 36.50 Total 2,915,596 40.40 In view of the fact that the issued share capitals of each of SHC and KIC areowned by Larry Lipman, Errol Lipman and Steven Lipman in equal proportions, thePanel has confirmed that there is no requirement for KIC to make an offer forthe remaining shares in the Company pursuant to Rule 9 of the Code. End Contacts: Leo Insurance Services Plc Arbuthnot SecuritiesLarry Lipman, Managing Director John Prior, Ben WellsPaul Davis, Finance Director Tel: 020 7012 2000Tel: 020 8815 1600 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Palace Capital