10th Sep 2009 07:00
10 September 2009
Redstone plc
("Redstone" or the "Group")
Statement re recent share price movement
The Board of directors of Redstone plc (AIM:RED) notes the recent share price movement. The Board confirms that it has received an early stage approach which may or may not lead to an offer being made for all or parts of the Group. Shareholders should be aware that there is no certainty that an offer will be made and no certainty as to the price or terms on which any offer might be made.
As previously disclosed, the Group is currently exploring potential ways to further reduce indebtedness to a more sustainable level which the Board expects to achieve through a combination of further asset disposals, cost reductions and/or potentially raising new funds.
A further announcement will be made in due course.
Enquiries:
Redstone plc
Tel: +44 (0)845 200 2200
Alan Coppin, Executive Chairman
Tim Perks, Chief Financial Officer
Investec Bank UK
Tel: +44 (0)20 7957 5000
Andrew Pinder
Tim Pratelli
ICIS
Tel. +44 (0)20 7651 8688
Tom Moriarty
Caroline Evans-Jones
Investec, which is authorised and regulated by the Financial Services Authority in the United Kingdom, is acting exclusively for Redstone and no one else in connection with matters described in this announcement and will not be responsible to anyone other than Redstone for providing the protections afforded to clients of Investec nor for providing advice in relation to matters described in this announcement.
In accordance with Rule 2.10 of The City Code on Takeovers and Mergers, Redstone confirms that, as at the close of business on 9 September 2009, its issued share capital consisted of 145,732,516 ordinary shares of 10 pence each with ISIN GB00B1VGFJ71.
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 Redstone, all "dealings" in any "relevant securities" of that 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until the date on which any offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends.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 Redstone, 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 Redstone 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:
CTP.L