21st Nov 2006 15:20
NTL Inc21 November 2006 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA OR JAPAN 21 November 2006 NTL INC. ("ntl") STATEMENT RE ITV PLC ("ITV") ntl has noted BSkyB's acquisition of a stake in ITV, which provides BSkyB withmaterial influence over ITV, Freeview and the UK media. ntl also notes ITV's subsequent announcement that it has rejected an initialapproach made prior to BSkyB's stakebuilding exercise. ITV has made no effort toengage in further discussions with ntl since that initial approach. Regardless of public statements by BSkyB, its holdings in ITV will reducecompetition and raise plurality concerns in the UK media market. This is clearlynot in the public interest.ntl is considering all of its options in light of these developments. Enquiries ntlRichard Williams Tel: +44 (0)20 7299 5479M: Communications Tel: +44 (0)20 7153 1530Nick MilesNick FoxLisa Gordon Notes This announcement does not constitute an offer to sell or an invitation topurchase any securities or the solicitation of an offer to buy any securities Responsibility The directors of ntl accept responsibility for the information contained in thisannouncement and, to the best of their knowledge and belief (having taken allreasonable care to ensure that such is the case), the information contained inthis announcement is in accordance with the facts and, where appropriate, doesnot omit anything likely to affect the import of such information. Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the"Takeover Code"), if any person is, or becomes, "interested" (directly orindirectly) in 1% or more of any class of "relevant securities" of ITV or ntl,all "dealings" in any "relevant securities" of that company (including by meansof an option in respect of, or a derivative referenced to, any such "relevantsecurities") must be publicly disclosed by no later than 3.30 pm (London time)on the London business day following the date of the relevant transaction. This requirement will continue until the date on which any offer becomes, or isdeclared, unconditional as to acceptances, lapses or is otherwise withdrawn oron which the "offer period" otherwise ends.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 ITV or ntl, they will bedeemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Takeover Code, all "dealings" in"relevant securities" of ITV or ntl by ITV or ntl or by any of their respective"associates", must be disclosed by no later than 12.00 noon (London time) on theLondon 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 Takeover Code, which can also befound on the Panel's website. If you are in any doubt as to whether or not youare required to 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:
ITV