31st Mar 2005 16:01
Rensburg plc31 March 2005 31st March 2005 RENSBURG PLC ("RENSBURG") PRE-CONDITIONAL OFFER PROPOSAL - UPDATE The Board of Rensburg notes today's announcement by Rathbone Brothers plc ("Rathbones") that it will not increase its pre-conditional offer proposalannounced on 27th February 2005. The unanimous view of the Rensburg Board, asadvised by Fenchurch Advisory Partners and Rothschild remains that Rathbones'final proposal significantly undervalues Rensburg, representing a controlpremium of only 7 per cent to Rensburg's closing price of 598.5 pence on 30thMarch 2005, being the last dealing day prior to this announcement. The Board of Rensburg continues to believe there to be significantimplementation risks entailed in a combination of Rathbones with Rensburg,including potential business risks concerning certain business units and theretention of certain key fee earning Rensburg staff together with the associatedeffects on revenue. Mike Burns, Chief Executive of Rensburg said: "The Board of Rensburg remains confident that the transformational acquisitionof Carr Sheppards Crosthwaite will create greater value for shareholders throughdelivering clear cost savings and enhanced revenue growth opportunities. Thesenior investment professionals at Rensburg and Carr Sheppards Crosthwaite arevery enthusiastic about our merger and the opportunities to enhance theinterests of our shareholders, clients and staff." The Panel on Takeovers and Mergers announced on 29th March 2005 that Rathbonesmust, by 5pm on Monday, 11th April 2005, either announce a firm intention tomake an offer for Rensburg or announce that it does not intend to make an offerfor Rensburg. Enquiries:Rensburg 0151 227 2030 Christopher Clarke, Chairman Michael Burns, Chief ExecutiveFenchurch Advisory Partners 020 7961 0735 Malik KarimRothschild 0113 200 1900 David ForbesNumis Securities 020 7776 1500 Christopher Wilkinsongcg hudson sandler 020 7796 4133 Nick Lyon 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 matters referred toherein and will not be responsible to any person other than Rensburg forproviding the protections afforded to the clients of Fenchurch Advisory Partnersor for providing advice in relation to the matters referred to herein or thecontents of this announcement. N M Rothschild & Sons Limited ("Rothschild"), which is authorised and regulatedby the Financial Services Authority in the UK, is acting for Rensburg and no oneelse in connection with the matters referred to herein and will not beresponsible to any person other than Rensburg for providing the protectionsafforded to the clients of Rothschild or for providing advice in relation to thematters referred to herein or the contents of this announcement. Numis Securities Limited ("Numis Securities"), which is authorised and regulatedby the Financial Services Authority in the UK, is acting for Rensburg and no oneelse in connection with the matters referred to herein and will not beresponsible to any person other than Rensburg for providing the protectionsafforded to the clients of Numis Securities or for providing advice in relationto the matters referred to herein or the contents of this announcement. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Revel CollectRathbone