24th Nov 2006 09:46
Isotron PLC24 November 2006 DATE: Immediate, Friday 24 November 2006 CONTACT: John Barker, Chief Executive Paul Wynne, Finance Director Isotron plc Tel: 020 7796 4133 (24/11/06) Tel: 01793 891891 (thereafter) Alistair Mackinnon-Musson Michael Wentworth-StanleyNicola Savage James MitfordHudson Sandler JPMorgan CazenoveTel: 020 7796 4133 Tel: 020 7588 2828Email: [email protected] Isotron plc Response to Synergy's Lack of Acceptances The Board of Isotron notes the announcement made earlier today by SynergyHealthcare plc, as to the lack of acceptances Synergy had received in respect ofits hostile Offer for Isotron. Isotron is very encouraged that by the first closing date yesterday, Synergy hadreceived NO material acceptances to the Offer (less than 2%), beyond thoseshareholders who had previously given a legal undertaking to do so prior toSynergy announcing its bid. Isotron also notes that Synergy received less acceptances to the Offer by firstclosing than it had legal undertakings (irrevocables) to accept when itannounced its bid, and since Isotron has had the opportunity of putting itsdefence case to shareholders. The Board of Isotron, who last wrote to its shareholders on Thursday 16 November2006, will be doing so again on or before Monday 11 December 2006. In the meantime, Isotron's Board continues to reiterate its rejection of thehostile Offer by Synergy and urges Isotron shareholders to take no action inrelation to the Offer. Isotron's Board believes Synergy's Offer: o Is low and unacceptable o Has no commercial logic and o Fails to value Isotron and its prospects • Contains no appropriate premium • Means that Isotron shareholders would receive only 39% of the equity of the enlarged entity, despite contributing 50% of the enlarged entity's historic FY net income • Is 21% dilutive to historic FY earnings for Isotron's shareholders • Does not properly value Isotron's uniqueness and exemplary track record Note to Editors: Isotron operates in four main market sectors: • Medical (the sterilisation of medical devices using Gamma Irradiation, Ethylene Oxide (EtO) and Electron Beam technologies) • Biological (the decontamination of packaging and raw materials using Gamma and EtO technology) • Chemical (polymer modification primarily using Electron Beam technology) and • Laboratory Services (microbiology and pathology contract services) Isotron is a multinational, market leading UK based company with plants in theUK, Ireland, Holland, France, Germany, South Africa, Malaysia and Thailand. - ENDS - JPMorgan Cazenove, which is authorised by the Financial Services Authority, isacting exclusively for Isotron and no one else and will not be responsible toanyone other than Isotron for providing the protections offered to clients ofJPMorgan Cazenove or for providing advice in relation to matters referred toherein. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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