1st Nov 2006 07:00
LPA Group PLC01 November 2006 LPA Group Plc (the "Company")1 November 2006 The following has been extracted from a letter sent to shareholders yesterdayevening. "Unsolicited Tender Offer SHAREHOLDERS ADVISED TO TAKE NO ACTION On Thursday, 26 October, your Board received notice of a tender offer fromAndrew Perloff for up to 3,095,968 shares, representing 28.39% of our issuedshare capital, at 25p per share. Your Board has had no direct contact with Mr Perloff or anyone connected withhim. We are concerned that he is seeking to gain effective control of yourcompany without launching a full offer for the company. Shareholders should note that the tender offer document, issued by his adviser,John East & Partners, on behalf of Mr Perloff, includes no mention whatsoever ofthe reasons behind this tender offer. Shareholders should be aware that in the interim statement published on 22 June2006, the unaudited balance sheet as at 31 March 2006 showed equityshareholders' funds of £6.02 million, equating to 55.2p per share. This figure does not take into account any uplift through the revaluation of ourfreehold property assets. Our 1.5 acre headquarters site at Saffron Walden, forexample, is located in an area zoned for residential development and is believedby the Board to be worth substantially more than its current book value. As announced in our formal response today to the tender offer, your Board willnot be accepting in respect of its shareholdings, which total 1,169,540 shares(10.73% of the issued share capital). The Group's financial year closed on 30 September and your Board will be writingto you again shortly to update you on current trading, and to give you moredetails of our forward order book. In the meantime, I strongly urge shareholders to follow our lead and to ignorethis opportunistic tender offer." Enquiries: Peter Pollock Chief Executive 01799 512844Stephen Brett Finance Director 01799 512860James Glancy Teather & Greenwood Limited 020 7426 9000Robert Naylor Teather & Greenwood Limited 020 7426 9000 Gareth David College Hill 020 7457 2020 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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