28th May 2008 13:53
28 May 2008
THUS: response to Cable & Wireless announcement
The Board of THUS Group plc ("THUS" or the "Company") notes the announcement made by Cable & Wireless plc regarding a possible offer for the Company.
THUS is confident in its future as an independent group, which offers an attractive combination of strong growth and future cash flow generation. The Board remains focused on delivering maximum value for shareholders and will evaluate any proposal from any third party against the value that the Company can deliver as an independent group.
There can be no assurance that any offer for the Company will be forthcoming. The Board urges shareholders to take no action at this time.
A further announcement will be made in due course.
Enquiries:
|
Smithfield (PR adviser to THUS) John Antcliffe |
Telephone: +44 (0)20 7360 4900 |
|
GREENHILL & CO. INTERNATIONAL LLP (Financial adviser to THUS) James Lupton David Wyles |
Telephone: +44 (0)20 7198 7400 |
Dealing Disclosure Requirements
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 the Company, all 'dealings' in any 'relevant securities' of the Company (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until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends.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 the Company, 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 the Company by Cable & Wireless plc or THUS Group plc, 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.
Greenhill is acting exclusively for THUS and for no-one else in connection with any offer and will not be responsible to anyone other than THUS for providing the protections afforded to clients of Greenhill or for providing advice in relation to any offer or any other matters referred to in this announcement.
Related Shares:
CWC.L