13th Jul 2006 07:01
Rutland Trust PLC13 July 2006 Not for release, publication or Distribution in or into the United States, Canada, Australia or Japan RUTLAND TRUST PLC Rutland Trust PLC ("the Trust") has a £100m (47.7%) commitment to The RutlandFund, a £210m private equity fund, which is managed independently by RutlandPartners LLP. The Trust has today been informed by Rutland Partners of thefollowing announcement. Recommended Cash Offer to acquire Scott Tod PLC Backed by The Rutland Fund Agreement has been reached on the terms of a recommended cash offer (the"Offer") to acquire Scott Tod PLC ("Scott Tod"), a UK company involved in theprovision of ATM services throughout the UK. The main features of the Offer are: • Recommended 21p per share offer for Scott Tod by Notemachine Limited, a special purpose vehicle formed by Rutland Partners LLP with funding from The Rutland Fund • The offer values Scott Tod at £7.4m, a premium of approximately 56 per cent over the price prior to the announcement of an approach • Scott Tod reported operating losses of £1.1m on turnover of £10.3m for the year ended 30 June 2005. As at 31 December 2005 Scott Tod has net assets of £2.9m • Irrevocable acceptances received in respect of 46 per cent of the shares An Offer document will be sent to Scott Tod shareholders in due course. Commenting on the Offer, Michael Langdon, Chairman of Rutland Partners said: "Scott Tod has struggled for the last 12 months and has suffered seniormanagement upheaval. Rutland will be bringing in Peter McNamara, who hasconsiderable experience in this sector, as Chairman of Scott Tod. We will workwith Peter to bring about stability to the business and to drive improvedperformance through the ATM estate" For further information, please contact: Rutland Partners LLP Tel: +44 (0)20 7556 2600Michael Langdon [email protected] --ENDS-- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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