9th Jan 2006 07:01
Gleeson(M J)Group PLC09 January 2006 9 January 2006 MJ GLEESON GROUP plc ("Gleeson" or "Company") Statement re press speculation The Board of Gleeson confirms that it has formally rejected an outline proposalfrom a third party not connected with the Board or management of the Company toacquire the entire issued share capital of the Company (the "Proposal"). Thethird party is an AIM quoted investment holding company with no active employeesor connection with the construction, housebuilding or property sectors (the"Vehicle"). The Proposal, which was conditional and subject, inter alia, to due diligence,comprised shares in the Vehicle and a partial cash alternative (subject tofunding) at 345p per Gleeson share. The Proposal envisaged that the Board of thecombined company would comprise Gleeson's current Chairman and Chief Executive,its new Financial Director, and four non executive directors, two of whom wouldbe nominated by Gleeson. Assuming full acceptance of the share element of theProposal, Gleeson shareholders would have owned in aggregate approximately 97per cent. of the combined group's issued share capital. EnquiriesMJ Gleeson Group plc 020 8644 4321Dermot Gleeson (Chairman)Terry Massingham (Chief Executive) Close Brothers Corporate Finance Limited 020 7655 3100Peter Alcaraz / Gareth Davies Bankside Consultants Limited 020 7367 8851Charles Ponsonby Close Brothers Corporate Finance Limited ("Close Brothers") which is regulatedin the United Kingdom for the conduct of investment business by the FinancialServices Authority, is acting for MJ Gleeson Group plc as financial adviser inconnection with the matters described herein and no-one else and will not beresponsible to anyone other than MJ Gleeson Group plc for providing theprotections afforded to customers of Close Brothers, nor for providing advice inrelation to the matters described herein. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MJGleeson