2nd Aug 2007 16:20
Trace Group PLC02 August 2007 Trace Group plc 2 August 2007 Statement by certain of the Independent Directors regarding the offer for Trace Group plc ("Trace" or the "Company") by Tulip Holdings Limited ("Tulip") On 31 July 2007, Tulip announced that it had declared its offer for Traceunconditional in all respects. The offer from Tulip was not recommended by theindependent directors of Trace (being, Mr. Daniel Chapchal, Professor DavidBegg, Mr. Colin Clarke and Mr. Robin Woodall ("the Independent Directors") sinceit was at a lower price (156 pence in cash per ordinary Trace share) than anoffer from Microgen plc (180 pence in cash per ordinary Trace share). The offerfrom Microgen lapsed on 31 July 2007 as a result of insufficient acceptancesfrom shareholders. Mr. Daniel Chapchal, Professor David Begg and Mr. Robin Woodall would like torecord their extreme disappointment that the higher bid of 180 pence per share,which represented a significant premium over the offer from Tulip and which wasin the interests of all the shareholders, was frustrated as outlined in therecent announcement by Microgen plc. They do, however, welcome the fact thatthe announcement from Tulip brings to an end this unsettling period for theCompany. Enquiries: Trace Group plc Telephone: +44 (0) 20 7825 1000Daniel Chapchal Telephone: +44 (0) 7836 512 549Robin Woodall Telephone: +44 (0) 20 7825 1000 Ends. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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