14th Jan 2005 07:02
Rensburg plc14 January 2005 14 January 2005 RENSBURG PLC PRE-CONDITIONAL OFFER PROPOSAL The Board of Rensburg plc ("Rensburg") announces that it has received apreliminary, pre-conditional offer proposal with one of the pre-conditions beingthat Rensburg ceases to pursue the proposed agreed merger with Carr SheppardsCrosthwaite Limited ("Carr Sheppards Crosthwaite"). The potential offeror andits advisers have been informed that its proposals are not considered to be inthe best interests of Rensburg shareholders, clients or staff. The terms of the proposal value each Rensburg share at 610p to be satisfied inthe potential offeror's shares which are listed on the London Stock Exchange.The Board has unanimously rejected these proposals as being opportunistic,inadequate and uncertain. Nevertheless, the potential offeror has requested information under Rule 20.2 ofthe City Code on Take-Overs and Mergers (the "Code"), and, subject to receivingsatisfactory confidentiality undertakings, Rensburg will comply with itsobligations under the Code. Rensburg continues to make good progress towards finalising details of itsagreed merger with Carr Sheppards Crosthwaite. This announcement is not being made with the agreement of the potential offeror. The Board of Rensburg emphasises that there can be no certainty that an offerwill be made nor as to the terms on which an offer might be made. Furtherannouncements will be made when appropriate. Mike Burns, Chief Executive of Rensburg said: "We have known this party for a long time and have never received any overturesprior to the announcement of our merger with Carr Sheppards Crosthwaite. Wewill continue to fulfil our fiduciary duty and evaluate any approaches in thebest interests of our shareholders, clients and staff." Ends For further information, please contact: Rensburg Michael Burns, Chief Executive 0151 227 2030 Fenchurch Advisory Partners Malik Karim 020 7961 0740 gcg hudson sandler Nick Lyon 020 7796 4133 Fenchurch Advisory Partners Limited ("Fenchurch Advisory Partners"), which isauthorised and regulated by the Financial Services Authority in the UK, isacting for Rensburg and no one else in connection with the transaction describedin this announcement and will not be responsible to any person other thanRensburg for providing the protections afforded to the clients of FenchurchAdvisory Partners nor for providing advice in relation to the transaction. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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