29th Nov 2005 07:02
Vardy(Reg) PLC29 November 2005 29 November 2005 REG VARDY PLC Offer Update Further to the announcement of 16 November 2005, the Board of Reg Vardy can nowconfirm that it has received two further unsolicited approaches from potentiallyinterested parties (the "Other Parties"). These approaches are above the 750plevel currently under discussion with Pendragon PLC. The Board intends tocontinue discussions with all these parties with a view to obtaining the bestoutcome for the Company. There can be no certainty that any offers will be forthcoming or of the terms ofany such offers by the Other Parties, if made. The Other Parties have not beenasked for, nor have they given, their consent to this announcement. The Board will make further announcements, as appropriate. Enquiries: Financial Dynamics Tel. 020 7831 3113Jonathon BrillBilly Clegg Dresdner Kleinwort Wasserstein Tel. 020 7623 8000Charles BattenMichael Covington 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) inone per cent. or more of any class of "relevant securities" of Reg Vardy, all "dealings" in any "relevant securities" of that company (including by means of anoption in respect of, or a derivative referenced to, any such "relevantsecurities") must be publicly disclosed by no later than 3.30pm (London time) onthe London business day following the date of the relevant transaction. Thisrequirement will continue until the date on which the offer becomes, or isdeclared, unconditional as to acceptances, lapses or is otherwise withdrawn oron which the "offer period" otherwise ends. If two or more persons act togetherpursuant to an agreement or understanding, whether formal or informal, toacquire an "interest" in "relevant securities" of Reg Vardy, they will be deemedto be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of Reg Vardy by Reg Vardy, or by any of its respective "associates",must be disclosed by no later than 12.00 noon (London time) on the Londonbusiness day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose "relevantsecurities" "dealings" should be disclosed, and the number of such securities inissue, can be found on the Takeover Panel's website atwww.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a person has long economicexposure, whether conditional or absolute, to changes in the price ofsecurities. In particular, a person will be treated as having an "interest" byvirtue of the ownership or control of securities, or by virtue of any option inrespect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on thePanel's website. If you are in any doubt as to whether or not you are requiredto disclose a "dealing" under Rule 8, you should consult the Panel. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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