22nd Aug 2006 18:08
Rutland Trust PLC22 August 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 £100 million (47.7%) commitment to TheRutland Fund, a £210 million private equity fund, which is managed independentlyby Rutland Partners LLP. Further to the announcement made on 13 July 2006, the Trust has today beeninformed by Rutland Partners of the announcement that the recommended cash offerfor Scott Tod has been declared unconditional in all respects. The Rutland Fundwill be funding £11.2 million in respect of the acquisition, of which theTrust's share will be £5.3 million. The announcement issued by Rutland Partners is as follows: RUTLAND ACQUIRES SCOTT TOD PLC Rutland Partners LLP, the UK private equity partnership, announces that it hasdeclared the recommended cash offer for Scott Tod PLC unconditional in allrespects. The offer, which was posted on 1 August 2006, is being made by anewly formed company, Notemachine Limited. Application will be made to theLondon Stock Exchange for the cancellation of the admission to trading of ScottTod shares on AIM. Scott Tod is an Independent ATM Deployer involved in the provision of ATMservices throughout the UK. The business has an installed ATM base ofapproximately 2,000 ATMs but is significantly underperforming its competitors.Scott Tod reported operating losses of £1.1 million on turnover of £10.3 millionfor the year ended 30 June 2005. In addition, Scott Tod has suffered frommanagement disruption arising from a protracted disagreement between the currentboard and the largest shareholder. Rutland is appointing Peter McNamara, who has extensive expertise in thissector, as Chairman of Scott Tod. Rutland believes that in private ownershipand with the support of Peter and Rutland, there are excellent opportunities toimprove the performance of the business and to actively develop the ATM estate. The 21p offer will return £7.4 million to shareholders. The Rutland Fund isinvesting £11.2 million to acquire the business and fund its development. For further information, please contact: Rutland Partners LLP Tel: +44 (0)20 7556 2600 Michael Langdon [email protected] --ENDS-- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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