8th Nov 2005 16:29
Parkdean Holidays PLC08 November 2005 Parkdean Holidays plc Offer Talks Update The Board of Parkdean Holidays plc ("Parkdean" or the "Group") notes theannouncement released by Grainger Trust plc earlier today, which stated: "On 31 October, 2005, following press speculation, the Board of Grainger Trustplc ("Grainger") announced that it was in discussions with Parkdean which may,or may not, lead to an offer for Parkdean being announced. This announcementwas made at a preliminary stage in the process in order to comply withGrainger's regulatory obligations. Having had the chance to consider theopportunity further, Grainger has decided that it will not proceed* to make anoffer for Parkdean. * For the purposes of Rule 2.8 of the City Code on Takeovers and Mergers,Grainger reserves the right to make or participate in an offer for Parkdeanshares within the next six months (i) with the agreement or recommendation of the Board of Parkdean; (ii) if any announcement is made by or on behalf of a third party relating to the making of an offer or a possible offer (whether full or partial) for Parkdean; or (iii) upon the announcement by or on behalf of Parkdean of a "whitewash" proposal or any proposal to implement a scheme of arrangement, reverse takeover or any other business combination with a third party." Since the announcement of 12 October 2005, which commenced the offer period, theCompany has received a number of approaches that may or may not lead to an offerbeing made for the share capital of the Company. The Board of Parkdean will advise shareholders of any further significantdevelopments. Enquiries: Charles Stanley & Co. LtdPhilip Davies 020 7739 8200 Press Enquiries: College HillMatthew Smallwood 020 7457 2020 Charles Stanley & Co. Limited, which is authorised and regulated in the UnitedKingdom by the Financial Services Authority, is acting for Parkdean and no oneelse in connection with this matter and will not be responsible to anyone elseother than Parkdean for providing the protections afforded to customers ofCharles Stanley & Co. Limited or for giving advice in relation to this matter orin relation to the contents of this announcement. Rule 2.10 Announcement - Relevant Securities in Issue In accordance with Rule 2.10 of the City Code on Takeovers and Mergers theCompany confirms that as at the start of business on 8 November 2005 it has50,008,382 Ordinary Shares of 20 pence each in issue and admitted to trading onthe London Stock Exchange under the UK ISIN code GB003153075. 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) in1% or more of any class of "relevant securities" of Parkdean, all "dealings" inany "relevant securities" of that company (including by means of an option inrespect of, or a derivative referenced to, any such "relevant securities") mustbe publicly disclosed by no later than 3.30 pm (London time) on the Londonbusiness day following the date of the relevant transaction. This requirementwill continue until the date on which the offer becomes, or is declared,unconditional as to acceptances, lapses or is otherwise withdrawn or on whichthe "offer period" otherwise ends. If two or more persons act together pursuantto an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Parkdean, they will be deemed to be asingle person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of Parkdean by Parkdean, or by any of their 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:
Grainger plc