10th Feb 2009 10:02
Date: 10 February 2009
On behalf of: Avanti Communications Group plc ("Avanti" or "the Company")
Statement re: Share Price Movement
The Board of Avanti notes the recent movement in its share price and confirms that it has received an unsolicited preliminary approach regarding a possible offer for the Company. The Board of Avanti has rejected this approach.
The Board of Avanti believes that the Company has excellent prospects as an independent group.
Enquiries:
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Avanti Communications Group plc |
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David Williams / Nigel Fox |
020 7749 1600 |
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Cenkos Securities |
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Ivonne Cantu/Max Hartley |
020 7397 8924 |
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Redleaf Communications Ltd |
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Emma Kane/ Samantha Robbins/ Paul Dulieu |
020 7566 6700 |
Relevant Securities in Issue
In accordance with Rule 2.10 of the City Code on Takeovers and Mergers, Avanti Communications Group plc confirms that it has 30,922,065 ordinary shares of 1 penny each in issue. The International Securities Identification Number for the ordinary shares is GB00B1VCNQ84.
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until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends.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 Company by the offeror or the offeree company, 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:
AVN.L