12th Jan 2016 11:04
12 January 2016
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO, OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
ISG plc ("ISG" or the "Company")
ISG reiterates its rejection of the offer from Cathexis UK Holdings Limited ("Cathexis") at 143 pence per share (the "Offer")
The Board of ISG notes the announcement made by Cathexis earlier today that the Offer has been extended to 1.00pm (London time) on 25 January 2016. The Board also notes the very low level of acceptances to the Offer (785,366 shares equating to 1.58% of the Company's current issued share capital), a clear indication that shareholders agree with the Board in its rejection of the Offer.
As previously communicated in the document posted to shareholders on 30 December 2015, the Board of ISG, together with its advisers, has carefully considered the merits of the Offer and has unanimously rejected it as significantly undervaluing the Company:
· Cathexis' inadequate Offer fails to reflect the recent growth and future potential of ISG's core fit out businesses.
· Cathexis is an astute investor which has bought its ISG shares at times when the share price has been low and now sees further value in your ISG shares at your expense.
· Cathexis is not paying an adequate premium for control of your Company and your dividend is at risk if it seizes control of your Company.
ALL ISG SHAREHOLDERS ARE ADVISED TO CONTINUE TO TAKE NO ACTION WHATSOEVER AND TO IGNORE THE OFFER.
Enquiries:
ISG plc
David Lawther, Chief Executive Officer | 020 7392 5250 |
Jonathan Houlton, Group Finance Director |
Numis
Michael Meade | 020 7260 1000 |
Stuart Ord | |
Ben Stoop | |
Instinctif | |
Matthew Smallwood, Helen Tarbet | 020 7457 2020 |
Disclaimer
Numis Securities Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for ISG and no one else in connection with the Offer and the contents of this announcement and will not be responsible to anyone other than ISG for providing the protections afforded to its clients nor for providing advice in connection with the Offer or any matter referred to herein.
Publication on Website
A copy of this announcement will be available on the Company's website (www.isgplc.com) by no later than 12 noon (London time) on 13 January 2016. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.
Responsibility statement
The Directors of ISG accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Directors, who have taken all reasonable care to ensure such is the case, the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
Related Shares:
ISG.L