25th Apr 2005 15:23
Crest Nicholson PLC25 April 2005 25 April 2005 Crest Nicholson plc ("Crest Nicholson", "Crest" or the "Company") Crest Nicholson notes the announcement by Heron Corporation ("Heron") thismorning. The Board continues to believe that the top of the range of 345 to 430 pence pershare indicated by Heron in its announcement of 16 March 2005 significantlyundervalues the Company. The Board believes that there is sufficient informationin the public domain to place an appropriate indicative value on the Company.Given this, and all the other uncertainties linked to Heron's approach, theBoard continues to believe that it is not in shareholders' best interests toprovide Heron with confidential information in relation to the Company. As stated in the Company's announcement of 16 March 2005, Crest has asked Heronfor clarification on a number of fundamental issues including the price of anypossible offer, the parties who would make any offer, sources of funding andtimetable. The Board regrets that Heron has chosen not to clarify its positionin respect of any of these matters in its announcement this morning or earlieror otherwise provided any new initiatives to advance this process. The Board remains focussed on shareholder value and will continue to act in thebest interests of the Company's shareholders. To this end, Crest is prepared tomeet with Heron to assist Heron in improving its position as regards value andin clarifying other key components of its proposal. John Matthews, Chairman of Crest Nicholson, commented: "The Board continues to remain focussed on its fiduciary duties and on thegeneration of value for shareholders. We remain confident that Crest's marketposition in both traditional and urban regeneration schemes and the quality ofits short term and strategic land banks offer our shareholders excellentprospects for future profits and increased value. For any offer for Crest to berecommended by the Board it will need fully to reflect those prospects." Enquiries to: Brunswick Group LLPAndrew Fenwick/ Kate Miller/ Robert GardenerTel: 020 7404 5959 UBS Limited is acting for the Company in connection with the possible offerreferred to in this announcement and no one else and will not be responsible toanyone other than the Company for providing the protections afforded to itsclients or for providing advice in relation to the possible offer, the contentsof this announcement, or any transaction or arrangement referred to herein. Dresdner Kleinwort Wasserstein Limited, which is authorised and regulated by theFinancial Services Authority, is acting as corporate broker to Crest Nicholsonplc in connection with the possible offer referred to in this announcement andfor no-one else and will not be responsible to anyone other than Crest Nicholsonplc for providing the protections afforded to customers of Dresdner KleinwortWasserstein, or for affording advice in relation to the contents of thisannouncement, or any transaction or arrangements referred to herein. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Crest Nicholson