16th May 2008 07:01
16 May 2008
Regent Inns plc
Interim Management Statement
The Board of Regent Inns plc ('Regent' or the 'Company') announces its interim management statement, as required by the UK Listing Authority's Disclosure and Transparency Rules, for the period from 30 December 2007 to date.
Update regarding potential offer approaches
On 15 January 2008, the Board announced that the Company had received a number of preliminary approaches in respect of potential offers for the Company. Discussions with potential offerors are continuing to progress and further announcements will be made, as appropriate. These discussions may or may not lead to an offer or offers being made for the entire share capital of the Company.
Current Trading
As stated in the announcement on 5 February 2008 of the interim results of the Company for the 26 weeks ended 29 December 2007, the Company continues to face the immediate challenges to the sector presented by the smoking ban and declining consumer confidence and, more recently, the significant increases in alcohol duty announced in the Chancellor's Budget. The Entertainment Bars business, principally Walkabout and Jongleurs, has seen a like-for-like sales decline of 10.9% in the period from 30 December 2007 to 14 May 2008. This downturn in sales has principally arisen in Walkabout, whilst Jongleurs has continued to trade robustly.
The Restaurants business, primarily comprising Old Orleans, has demonstrated steadily improving sales trends since 30 December 2007, particularly in the refurbished restaurants.
As at 26 April 2008 (the latest accounting period end), the net debt of Regent was £79.0 million, a reduction of £1.6 million since the interim results announcement, and is in line with the Board's expectations.
- Ends -
Enquiries:
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Merlin |
020 7653 6620 |
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Vanessa Maydon |
07802 961902 |
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07887 884788 |
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the 'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of Regent Inns plc, all 'dealings' in any 'relevant securities' of that company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of Regent Inns plc, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant securities' of Regent Inns plc by a potential offeror or by Regent Inns plc, or by any of their respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the website of the Panel on Takeovers and Mergers at www.thetakeoverpanel.org.uk.
Related Shares:
REG.L