2nd Apr 2007 08:10
Cape PLC02 April 2007 2 April 2007 Cape PLC ("Cape" or the "Company") Re: PCH Group Limited On 22 February 2007, Cape announced that it was in discussions with the Board ofPCH which may or may not lead to Cape making an offer for all the shares inPCH. Cape indicated a non-binding view of value at 90 cents per share (representing a32% premium to the pre-announcement price) but following a period of high leveldue diligence, Cape has been unable to have any meaningful engagement orconstructive dialogue with PCH or its advisers on a price which could lead to afirm, recommended offer . Cape remains willing to engage with PCH and its advisers if they wish todetermine if a recommended offer can be agreed but this needs to happen in anopen and cooperative manner, having regard to the respective interests ofeach company's shareholders. Should there be material developments Cape will update the market. Meanwhile, as previously advised on 22 March 2007, Cape is continuing to pursueother potential acquisition opportunities, namely: * a mechanical and electrical business which would increase bundling capacity; * a business with existing contracts in nuclear decommissioning; and * a high-end cleaning business in order to consolidate the Group's investment in the DBI Group. Although there are no current negotiations in respect of any of the alternativeacquisition opportunities identified above and there is thus no certainty thatany of these opportunities will be executed, the Directors believe that each ofthe above acquisition opportunities would, if completed, strengthen the Group'sproduct offering and would have the potential to add significant shareholdervalue in the next 12 months. ENDS For further information please contact Cape PLCMartin May, Chief Executive +44 (0)1924 876 276 Caliburn PartnershipSimon Mordant +61 (0) 2 9229 1410 Bell Pottinger Corporate & FinancialNick Lambert +44 (0)20 7861 3232 / +44 (0)7811 358 764 Notes to editors * Cape PLC is the parent company of a number of service providing organizations operating primarily in the oil and gas, petrochemical and power generation industries. * In the year to 31 December 2006, Cape reported turnover of £295.5 million * Cape currently employs c. 8,200 people in 23 countries worldwide * Cape specialises in the provision of scaffolding, insulation, fire protection, specialist cleaning and other essential services to major industrial clients in the energy sector * Cape's ability to provide specialist cleaning services was enhanced by the acquisition of DBI Group Limited in October 2006 * On 22 March 2007, Cape announced the placing, subject to shareholder approval at an EGM to be held on 23 April 2007, of 26,923,077 ordinary shares at £2.60 per share to raise approximately £70m (before expenses) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
CIU.L