5th Dec 2005 14:18
Lookers PLC05 December 2005 5 December 2005 Lookers Plc Statement re media speculation The Board of Lookers ("Lookers" or "the Company") has noted media speculationconnecting Lookers Plc with a possible offer for the shares of Reg Vardy Plc. Lookers confirms that it has been actively engaged in discussions with the Boardof Reg Vardy Plc about a possible cash offer. As part of these discussions, theCompany has made good progress in arranging finance for any such offer. Takingaccount of the announcement earlier today by Pendragon Plc setting out aproposed offer for the shares of Reg Vardy at 800p per share, Lookers iscontinuing to progress discussions with potential funding providers. Itbelieves that there would be no regulatory issues in relation to any offer itmight make. A further announcement will be made in due course. Enquiries: Andrew Hayes/Nick Lyon Tel: 020 7796 4133Hudson Sandler Dealing Disclosure Requirements: Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the"Code"), if any person is, or becomes, "interested" (directly or indirectly) in1% or more of any class of "relevant securities" of Reg Vardy plc, all "dealings" in any "relevant securities" of that company (including by means of an optionin respect of, or a derivative referenced to, any such "relevant securities")must be publicly disclosed by no later than 3:30pm (London time) on the Londonbusiness day following the date of the relevant transaction. This requirementwill continue until the date on which the offer becomes, or is declared,unconditional as to acceptances, lapses or is otherwise withdrawn or on whichthe "offer period" otherwise ends. If two or more persons act together pursuantto an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Reg Vardy plc, they will be deemed to be asingle person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of Reg Vardy plc, or by any of their respective "associates", mustbe disclosed by no later than 12:00 noon (London time) on the London businessday following the date of the relevant transaction. A disclosure table, giving details of the companies in whose "relevantsecurities" "dealings" should be disclosed, and the number of such securities inissue, can be found on the Takeover Panel's website atwww.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a person has long economicexposure, whether conditional or absolute, to changes in the price ofsecurities. In particular, a person will be treated as having an "interest" byvirtue of the ownership or control of securities, or by the virtue of any optionin respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on thePanel's website. If you are in any doubt as to whether or not you are requiredto disclose a "dealing" under Rule 8, you should consult the Panel. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
LOOK.LPDG.L