27th Apr 2006 17:12
Lookers PLC27 April 2006 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN 27th April 2006 Lookers plc ("Lookers" or "the Company") Lookers response to Pendragon acceptance announcement Lookers notes the announcement this afternoon by Pendragon that it received only21% acceptances for its offer for the Company. Ken Surgenor, Chief Executive, said : "Shareholders have recognised the growthpotential of Lookers and rejected Pendragon's offer. We appreciate theirsupport. Lookers is a people business and I would like to thank all of mycolleagues for their hard work and commitment during a period of uncertainty.We can now fully focus on delivering continued out-performance in what is a verydynamic sector." Enquiries: Ken SurgenorDavid DysonLookers plc 0161 291 0043 Andrew ThomasN M Rothschild & Sons Limited 0161 827 3800 Andrew HayesNick LyonJames HillHudson Sandler 020 7796 4133 Christopher WilkinsonNumis Securities 020 7776 1530 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 Lookers or Pendragon, all "dealings" in any "relevant securities" of that company (including by means of anoption in respect of, or a derivative referenced to, any such "relevantsecurities") must be publicly disclosed by no later than 3:30pm (London time) onthe London business day following the date of the relevant transaction. Thisrequirement will continue until the date on which the offer becomes, or isdeclared, unconditional as to acceptances, lapses or is otherwise withdrawn oron which the "offer period" otherwise ends. If two or more persons act togetherpursuant to an agreement or understanding, whether formal or informal, toacquire an "interest" in "relevant securities" of Lookers or Pendragon, theywill be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of Lookers or Pendragon by Lookers or Pendragon, or by any of theirrespective "associates", must be disclosed by no later than 12:00 noon (Londontime) on the London business day 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. N M Rothschild & Sons Limited ("Rothschild"), which is authorised and regulatedby the Financial Services Authority in the United Kingdom, is acting for Lookersin connection with the offer and no one else and will not be responsible toanyone other than Lookers for providing the protections offered to clients of NM Rothschild & Sons Limited nor for providing advice in relation to the offer. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
LOOK.LPDG.L