28th Feb 2005 07:03
Rensburg plc28 February 2005 28th February 2005 FOR IMMEDIATE RELEASE RENSBURG PLC ("RENSBURG") PRE-CONDITIONAL OFFER PROPOSAL - UPDATE The Board of Rensburg notes today's RNS announcement by Rathbone Brothers plc ("Rathbones"). Rathbones final offer of 0.74 new Rathbones shares for eachRensburg share plus a special dividend of 50 pence, which was received afterdiscussions between the two parties and full exchange of information, wasdiscussed by the Board of Rensburg last Friday, 25th February 2005. Theunanimous view of the Rensburg Board as advised by Fenchurch Advisory Partnersand Rothschild was that this offer which at the close of business on Friday 25thFebruary 2005 represented 656 pence per Rensburg ordinary share, significantlyundervalues Rensburg. Accordingly, the Board of Rensburg had no hesitation inrejecting the offer and informed Rathbones as such on Friday evening. The Board of Rensburg is in advanced discussions with Investec plc ("Investec")about revising the terms of the acquisition of Carr Sheppards CrosthwaiteLimited ("Carr Sheppards Crosthwaite") which was announced on 10th December2004. It is intended that as part of the revised proposal the ongoingshareholding of Investec in the enlarged Rensburg Group will be below 50%.Further details will be announced as soon as practicable. Mike Burns, Chief Executive of Rensburg said: "We have decided to continue with our transformational combination with CarrSheppards Crosthwaite which we are confident will enhance the interests of ourshareholders, clients and staff. The enlarged group will be well placed to growrevenues, benefit from cost savings and continue to develop as an independentgroup." Enquiries: Rensburg 0151 227 2030 Christopher Clarke, Chairman Michael Burns, Chief Executive Fenchurch Advisory Partners 020 7961 0735 Malik Karim Rothschild 0207 280 5000 Jonathan Eddis Numis Securities 020 7776 1500 Christopher Wilkinson gcg hudson sandler 020 7796 4133 Nick Lyon/Wendy Baker 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