28th Apr 2011 09:49
28 April 2011 CRYSTAL AMBER FUND LIMITED ("Crystal Amber Fund" or the "Fund") Recommended Cash Offer for Pinewood Shepperton plc ("Pinewood")
Further to yesterday's announcement relating to a recommended cash offer for Pinewood of 200p per share by Peel Acquisitions (Pegasus) Limited ("Peel"), Crystal Amber Fund confirms that it has entered into an irrevocable commitment with Peel to vote in favour of the proposed scheme of arrangement through which the acquisition will be effected. The binding commitment is in respect of the entirety of the Fund's 13,365,861 shares in Pinewood, representing 28.91 per cent of Pinewood's issued share capital. The commitment to vote in favour of the acquisition is irrevocable, except in the event of a third party making an alternative offer at a level not less than 250p (excluding the amount of the announced final dividend of 2.5p per share).
The board of Crystal Amber Fund welcomes the certainty provided by the offer from Peel which, as of 27 April 2011, held 29.78 per cent of the issued share capital of Pinewood.
Richard Bernstein of Crystal Amber Advisers (UK) LLP, Investment Adviser to Crystal Amber Fund, said:
"I am delighted that the Fund has had an outcome that vindicates its activist approach to investment and its long-held belief that there was considerable value to be unlocked in this iconic British asset. I am also pleased that the offer, at 200p, is more than 5% above the level indicated by Pinewood when it first announced it had received an approach. At Crystal Amber Fund's average cost of 135p per share, this price represents a potential profit of £8.7 million if the acquisition is completed, and including dividends, potentially equates to a profit of approximately 50% of the Fund's aggregate investment cost."
For further enquiries please contact:
Crystal Amber Fund Limited
William Collins (Chairman)
Tel: 01481 716 000
Merchant Securities Limited - Nominated Adviser & Joint Broker
David Worlidge/Bidhi Bhoma
Tel: 0207 628 2200
Numis Securities Limited - Joint Broker
Nathan Brown
Tel: 0207 260 1426
Crystal Amber Advisers (UK) LLP - Investment Adviser
Richard Bernstein
Tel: 0207 491 0774
vendorRelated Shares:
Crystal AmberPWS.L