23rd Apr 2007 12:27
Candover Investments plc23 April 2007 23 April 2007 Candover Investments plc ('Candover Investments' or the 'Company') Purchase of outstanding C Shares
Not for release, publication or distribution in whole or in part in, into or from the United States, Canada, Japan or Australia
Candover Investments announces that, further to the return of cash described in the circular to shareholders of Candover Investments dated 3 April 2006, JPMorgan Cazenove Limited ('JPMorgan Cazenove') has been appointed to offer to purchase as principal (the 'Offer') all of the outstanding 1,093,460 cumulative irredeemable preference shares of one penny each in the capital of the Company ('C Shares') currently in issue, at a price of 457 pence each (plus an additional amount in respect of the accrued dividend rounded up in aggregate to the nearest penny for each holder of C Shares) and free from all dealing expenses and commissions (the 'Offer Price').
It is currently anticipated that the Offer will be made on 1 May 2007 with settlement on 4 May 2007. The fixed cumulative preferential dividend payable in respect of the C Shares on 30 April 2007 will be unaffected by the Offer.
As authorised by the Company's articles of association, the Directors of Candover Investments intend to accept the Offer, when made, on behalf of holders of C Shares and to effect the transfer of the C shares. Accordingly, the holders of C Shares need take no action in order to complete the transfer of the C Shares to JPMorgan Cazenove upon the Offer being made.
It is expected that Candover Investments will purchase from JPMorgan Cazenove all of the C Shares purchased pursuant to the Offer, following which the C Shares will be cancelled and will not be held as treasury shares. The stamp duty and stamp duty reserve tax arising on both the transfer of the C Shares to JPMorgan Cazenove under the Offer and on the expected transfer from JPMorgan Cazenove to the Company, will be paid by the Company.
Enquiries:
Candover Investments 020 7489 9848
Tian Tan
JPMorgan Cazenove 020 7588 2828
Christopher Smith
This announcement does not constitute or form part of an offer to sell or to buy, or the solicitation of an offer to subscribe for or buy any of the C Shares in connection with the Offer.
This announcement has been issued by and is the sole responsibility of Candover Investments and has been approved solely for the purpose of Section 21 of the Financial Services and Markets Act 2000 by JPMorgan Cazenove Limited, 20 Moorgate, London EC2R 6DA, a company regulated in the United Kingdom by the Financial Services Authority.
JPMorgan Cazenove is acting as financial advisor to the Company in relation to the matters described in this announcement and is not acting for any other person and will not be responsible to any other person for providing the protections afforded to customers of JPMorgan Cazenove nor for advising them on the contents of this announcement or any other matter in relation to the Offer.
The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.
THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM PART OF AN OFFER TO SELL OR TO BUY, OR THE SOLICITATION OF AN OFFER TO SUBSCRIBE FOR OR BUY ANY SECURITIES, NOR THE SOLICITATION OF ANY VOTE OR APPROVAL, NOR SHALL THERE BE ANY SALE, ISSUE OR TRANSFER OF THE SECURITIES REFERRED TO IN THIS ANNOUNCEMENT, IN ANY JURISDICTION IN CONTRAVENTION OF APPLICABLE LAW.
CANDOVER INVESTMENTS PLCRelated Shares:
CDI.L