23rd Nov 2007 15:59
Montagu Private Equity LLP23 November 2007 Statement regarding Biffa plc Montagu Private Equity LLP ("Montagu") and Hg Pooled Management Limited("HgCapital") note the recent speculation surrounding Biffa plc ("Biffa").Montagu and HgCapital confirm that they approached the board of Biffa on 4September with a view to securing a recommendation for a possible cash offer forBiffa. Any offer, if made, would be at a significant premium to the share priceimmediately prior to the approach on 4 September. However, the board of Biffahas rejected this approach. Given Montagu's and HgCapital's knowledge of the sector, the approach envisageda short period of confirmatory due diligence. In addition, Montagu and HgCapitalhave held detailed discussions with HSBC and HBOS regarding a deliverable debtpackage that takes into account current market conditions. Both banks haveprovided confidential letters of support. Montagu and HgCapital are committed to pursuing an investment in Biffa and thebid vehicle formed for the purpose of making any offer currently holds a 2.4%stake in Biffa. However, there can be no certainty that any further proposalwill be made to the board of Biffa or that any offer or transaction will result. A further announcement will be made if appropriate. Enquiries: MaitlandPeter Ogden Tel: +44 20 7379 5151 Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if anyperson is, or becomes, "interested" (directly or indirectly) in 1% or more ofany class of "relevant securities" of Biffa, all "dealings" in any "relevantsecurities" of Biffa (including by means of an option in respect of, or aderivative referenced to, any such "relevant securities") must be publiclydisclosed by no later than 3.30 pm (London time) on the London business dayfollowing the date of the relevant transaction. This requirement will continueuntil the date on which the offer becomes, or is declared, unconditional as toacceptances, lapses or is otherwise withdrawn or on which the "offer period"otherwise ends. If two or more persons act together pursuant to an agreement orunderstanding, whether formal or informal, to acquire an "interest" in "relevantsecurities" of Biffa, they will be deemed to be a single person for the purposeof Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of Biffa by Montagu, HgCapital or Biffa, 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 virtue of any option inrespect 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:
BIFF.L