31st May 2005 12:00
Multi Group PLC31 May 2005 Multi Group Plc ("Multi" or the "Company") Receipt of Letters of Intent On 23 May 2005 the directors of Multi, the AIM listed niche recruitment company,announced that the Company had acquired a strategic investment in Lorien Plc ("Lorien"), an IT resourcing and specialist services company quoted on theOfficial List. Multi had acquired 850,000 ordinary shares of 25 pence each in Lorien at a priceof 35 pence per share (the "Acquisition"). Following the Acquisition, Multi is interested in a total of 850,000 ordinaryshares in Lorien, representing approximately 4.56 per cent. of Lorien's issuedvoting share capital. However, Multi is deemed to be acting in concert with itslargest shareholder, Southwind Limited (together the "Concert Party") in respectof Lorien. Southwind Limited is currently interested in 3,250,000 Lorienshares, representing approximately 17.45 per cent. of Lorien's issued sharecapital and thus the Concert Party is interested in a total of 4,100,000 Lorienshares, representing approximately 22.01 per cent. of Lorien's issued votingshare capital. Multi's directors also announced that they were currently considering thepossibility of making an offer for the entire issued voting share capital ofLorien at or around the price per share paid by Multi for its currentshareholding. In this regard on 27 May 2005 Multi received a letter of intent from UnicornAsset Management Limited ("Unicorn"), which is currently interested in anaggregate of 4,840,860 Lorien Shares, representing approximately 25.99 per cent.of Lorien's issued share capital ( the "Unicorn Shareholding"). Under the terms of the letter of intent, in the event that Multi makes orprocures to be made an offer for the entire issued share capital of Lorien at aprice valuing each Lorien share at not less than 35 pence per share, Unicornintends to procure the acceptance of such an offer in respect of the UnicornShareholding. This intent will lapse in the event that either Multi does notmake such an offer by 5.00pm on 31 July 2005 or it fails to despatch a documentcontaining the terms of such an offer within 28 days of making an announcementpursuant to Rule 2.5 of the City Code on Takeovers and Mergers. The intent willlikewise lapse in the event that a third party makes an offer for the entireissued share capital of Lorien at an amount which is more than 10 per cent.above that offered by Multi. On 31 May 2005 Multi received a letter of intent from Mr Michael Heeley and theMD Heeley No. 1 Life Interest Settlement Trust ("the Heeley Trust"), who arecurrently interested in an aggregate of 1,000,000 Lorien Shares, representingapproximately 5.37 per cent. of Lorien's issued share capital (the "HeeleyShareholding"). Under the terms of the letter of intent, in the event that Multi makes orprocures to be made an offer for the entire issued share capital of Lorien at aprice valuing each Lorien share at not less than 35 pence per share, Mr Heeleyand the Heeley Trust intend to accept and procure the acceptance of such anoffer in respect of the Heeley Shareholding. This intent will lapse in theevent that either Multi does not make such an offer by 5.00pm on 31 July 2005 orit fails to despatch a document containing the terms of such an offer within 28days of making an announcement pursuant to Rule 2.5 of the City Code onTakeovers and Mergers. The intent will likewise lapse in the event that a thirdparty makes an offer for the entire issued share capital of Lorien at an amountwhich is more than 10 per cent. above that offered by Multi. At today's date the Concert Party is interested in an aggregate of 4,100,000Lorien Shares, representing approximately 22.01 per cent. of Lorien's issuedvoting share capital and holds letters of intent to accept an offer, if an offerwere to be made for the entire issued share capital of Lorien, in respect of5,840,860 Lorien shares representing approximately a further 31.36 per cent. ofLorien's issued share capital. It should be noted that nothing in the letters of intent in relation to theUnicorn Shareholding and the Heeley Shareholding obliges Multi to make any offerfor Lorien and accordingly there is no certainty as to whether any such offerwill be made. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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