17th Nov 2006 07:00
Universe Group PLC17 November 2006 UNIVERSE GROUP PLC 17 November 2006 Universe Group plc Update on sale of Paris bureaux and Group Strategic Review The Board of Universe Group plc ("Universe" or "the Company") announces that,further to the statement made at the time of the interim results announcement on8 September 2006, negotiations continue to secure the sale of the Company'sParis based Bureau de Change business. The Board anticipates that furtherdetails will be announced shortly. The Board also announces that it has received a number of unsolicited approachesto acquire the Company. The Board has given careful consideration to theseproposals but finds that the indicated valuation in each case significantlyundervalues the business, which continues to perform in line with managementexpectations. The Company emphasises that it has received no firm proposals. However, in light of the expressions of interest that have been received, andgiven the continuing disappointing share price performance, the Board isconducting a strategic review of the business and the opportunities available tothe Company, including means of improving the Company's balance sheet. This mayor may not involve the Company seeking an offer to be made for the issued and tobe issued share capital of the Company. However, there can be no certainty thatthis process will lead to an offer being made for the Company nor as to theterms of any such offer. It is anticipated that this review will be completed before 31 December 2006following which the Board will make a further statement. For further information: Universe Group plc 023 8068 9200Ray Mackie, Executive Chairman Charles Stanley Securities 020 7149 6000Russell Cook Dealing Disclosure Requirements: 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) inone per cent. or more of any class of "relevant securities" of Universe Groupplc, all "dealings" in any "relevant securities" of Universe Group plc(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 3.30pm (London time) on the London business day following the date of the relevanttransaction. This requirement will continue until the date on which any offer,if made, becomes, or is declared, unconditional as to acceptances, lapses or isotherwise withdrawn or the date on which the "offer period" otherwise ends. Iftwo or more persons act together pursuant to an agreement or understanding,whether formal or informal, to acquire an "interest" in "relevant securities" ofUniverse Group plc, they will be deemed to be a single person for the purpose ofRule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of Universe Group plc by an offeror or Universe Group plc, or by anyof 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 relevanttransaction. 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 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. In accordance with Rule 2.10 of the Code, Universe Group plc confirms that, asat the close of business on 17 November 2006, it had in issue 65,622,396Ordinary Shares of 5 pence each. The ISIN reference for the Ordinary Shares is GB0009483594. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
UNG.L