24th Mar 2009 07:00
24 March 2009
The Innovation Group plc ("Innovation" or "the Group")
Statement re Possible Offer
The board of directors of The Innovation Group plc (LSE: TIG) announces it has received from CETP II Participations S.a r.l. SICAR (a company owned by Carlyle Europe Technology Partners II, L.P. and CETP II Co-Investment. L.P.) an expression of interest at 15p per share which may or may not lead to an offer being made for the Group. The expression of interest is predicated on certain pre-conditions and assumptions.
These discussions are at a very preliminary stage and shareholders should be aware that there is no certainty that an offer will be forthcoming and no certainty as to the terms on which any offer might be made.
A further announcement will be made in due course. The Group will in early April 2009 release a trading update for the half year to 31 March 2009.
Shareholders are advised to take no action at this stage.
In accordance with Note 7 of Rule 2.4 of the City Code on Takeovers and Mergers, this announcement has been made with the agreement of the potential offeror.
In accordance with Rule 2.10 of the City Code on Takeovers and Mergers, Innovation confirms that it has 650,018,142 ordinary shares of 2 pence each in issue.
The International Securities Identification Number for the Innovation ordinary shares is GB0006872096.
Enquiries
Innovation - +44 (0) 1489 898 300
Andy Roberts, Chairman
Hassan Sadiq, Chief Executive Officer
Financial Dynamics - +44 (0) 20 7831 3113
Juliet Clarke
Erwan Gouraud
Investec - +44 (0) 20 7597 4000
Andrew Pinder
Rowena Murray
Patrick Robb
Investec, which is authorised and regulated by the Financial Services Authority in the United Kingdom, is acting exclusively for Innovation and no one else in connection with matters described in this announcement and will not be responsible to anyone other than Innovation for providing the protections afforded to clients of Investec nor for providing advice in relation to matters described in this announcement.
Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of Innovation, all "dealings" in any "relevant securities" of that Group (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") 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 is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Innovation, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of Innovation or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.
"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.
Related Shares:
Team Internet