8th Nov 2007 08:16
Cenkos Securities PLC08 November 2007 For immediate release 8 November 2007 Cenkos Securities plc ("Cenkos") Statement regarding press speculation Cenkos notes the recent press speculation concerning a possible offer for CloseBrothers Group plc ("Close Brothers") and can confirm that in conjunction withanother party it has made an approach to the board of directors of CloseBrothers regarding a possible cash offer for the entire issued share capital ofClose Brothers at a price of 950 pence per ordinary share. Cenkos is interested in acquiring the investment banking and asset managementbusinesses of Close Brothers. It is proposed that the banking division will beacquired by the other party. This proposal is at a very early stage and there can be no certainty that theapproach will lead to an offer for Close Brothers or that if an offer were madeit would be successful. Enquiries: HSBC (Financial adviser to Cenkos) +44 20 7991 8888 Rupert Faure Walker Julian Gray HSBC Bank plc, which is regulated in the United Kingdom by the FinancialServices Authority, is acting for Cenkos and its partner and no one else inrelation to matters described in this announcement and will not be responsibleto anyone other than Cenkos and its partner for providing the protectionsafforded to customers of HSBC Bank plc or for providing advice on mattersdescribed in this announcement. 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 Close Brothers, all "dealings" in any "relevant securities" of that company (including by means of anoption 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. Thisrequirement will continue until the date on which the offer becomes, or isdeclared, unconditional as to acceptances, lapses or is otherwise withdrawn oron which the "offer period" otherwise ends.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 Close Brothers, they will bedeemed 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 "relevantsecurities" of Close Brothers by Close Brothers, or by any of its "associates",must be disclosed by no later than 12.00 noon (London time) on the Londonbusiness 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 Code, which can also be found on theTakeover Panel's website. If you are in any doubt as to whether or not you arerequired to disclose a "dealing" under Rule 8, you should consult the TakeoverPanel. The distribution of this announcement in jurisdictions other than the UnitedKingdom may be restricted by law and therefore persons into whose possessionthis announcement comes should inform themselves about, and observe, suchrestrictions. Any failure to comply with the restrictions may constitute aviolation of the securities laws of any such jurisdiction. This announcementdoes not constitute an offer or an invitation to purchase or subscribe for anysecurities or a solicitation of an offer to buy any securities pursuant to thisannouncement or otherwise in any jurisdiction. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
CNKS.L