8th Nov 2007 09:14
Close Brothers Group PLC08 November 2007 8 November 2007 Close Brothers Group plc ("Close Brothers") Statement regarding possible offer The Board of Close Brothers notes this morning's announcement by CenkosSecurities plc regarding a takeover approach to the Company. The Board confirmsthat an approach was received on 7 November 2007 from a consortium of CenkosSecurities and Landsbanki at a level of 950 pence per share in cash. Theindicative offer was highly conditional, and no discussions have been held withthe consortium. The Directors consider that this offer is wholly inadequate and accordingly haverejected the approach. The Board does not propose to pursue discussions with theconsortium. Enquiries David Waller, The Maitland Consultancy +44 (0) 20 7379 5151 Justin Clark, Close Brothers Group plc +44 (0) 20 7655 3784 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 Close Brothers, all "dealings" in any"relevant securities" of that 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until the date on which the offer becomes, or is declared,unconditional as to acceptances, lapses or is otherwise withdrawn or on whichthe "offer period" otherwise ends.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 Close Brothers, they will be deemed to bea single person for the purpose of Rule 8.3 Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of Close Brothers by Close Brothers, or by any of their respective"associates", must be disclosed 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 inverted commas 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:
Close BrosCNKS.L