5th Feb 2008 17:33
Angle PLC05 February 2008 ANGLE plc5 February 2008 Not for release, publication or distribution in whole or in part, in or into theUnited States, Canada, Australia, Japan or the Republic of Ireland ANGLE plc ("ANGLE" or the "Company") Statement re. Possible Offer Further to the announcement made on 31 January 2008 in which the Board of ANGLE("the Board") confirmed that it had received an approach which may or may notlead to an offer being made for the Company, the Board announces that it hascarefully considered the terms of the approach, which envisaged a possibleoffer, the consideration for which was to be all in shares. Coming at a time when ANGLE has moved into profitability and the value of itsportfolio has doubled in the first half of the year, as recently announced inthe Company's Interim Results, the Board believes the approach to beopportunistic and does not believe the nature of the proposed considerationtaken with the level of the approach is sufficiently attractive to recommend itto ANGLE shareholders. The Board has notified the other party that it considers that discussionsregarding the approach are at an end. The Board remains focused on creating shareholder value, principally byenhancing the value of its existing portfolio of investee companies. The Boardremains optimistic as to ANGLE's prospects for the foreseeable future. Ends Contact: Andrew Newland, Chief Executive + 44 (0) 1483 295830ANGLE plc Mark Connelly/ Stewart Wallace + 44 (0) 207 523 8350Collins Stewart Europe Limited Collins Stewart Europe Limited ("Collins Stewart") which is regulated in theUnited Kingdom by The Financial Services Authority is acting for the Company inrelation to the matters described in this announcement and is not advising anyother person, and accordingly will not be responsible to anyone other than theCompany for providing the protections afforded to customers of Collins Stewartor for providing advice in relation to the matters described in thisannouncement. Dealing disclosure requirements Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the"Code"), if any person is, or becomes, "interested" (directly or indirectly) in1% or more of any class of "relevant securities" of the Company, all "dealings"in any "relevant securities" of the Company (including by means of an option inrespect of, or a derivative referenced to, any such "relevant securities") mustbe publicly disclosed by no later than 3.30pm (London time) on the Londonbusiness day following the date of the relevant transaction. This requirementwill continue until the date on which the offer becomes, or is declared,unconditional as to acceptances, lapses or is otherwise withdrawn or on whichthe "offer period" otherwise ends. If two or more persons act together pursuantto an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of the Company, they will be deemed to be asingle person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of the Company by the Company or by any of its 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 price or securities.In particular, a person will be treated as having an "interest" by virtue of theownership or control of securities, or by virtue of any option in respect of, orderivative referenced to, securities. Terms in quotation marks are defined in the Code, which can 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:
Angle