8th Nov 2006 07:02
Sondex PLC08 November 2006 Sondex plc ("Sondex" or the "Company") Update on the proposed acquisition of Innicor Subsurface Technologies Inc. ("Innicor") and the Firm Placing and Placing & Open Offer Sondex announces today that having regard to the third quarter financial resultsof Innicor released on 7 November 2006 and certain other factors, the board ofdirectors of Sondex no longer believes that the acquisition of Innicor is in thebest interests of Sondex and its shareholders as a whole at the current offerprice of C$3.75 per Innicor share. The acquisition of Innicor is subject to a number of conditions, one of which isthe approval of the acquisition by the shareholders of Sondex at anextraordinary general meeting of Sondex convened for 4.00pm on 16 November 2006. The Firm Placing and Placing & Open Offer are conditional, inter alia, on theacquisition of Innicor becoming unconditional and the approval of shareholdersat the extraordinary general meeting on 16 November 2006. The board of directors of Sondex has determined to amend its recommendation andnow strongly advises that shareholders vote against all the resolutions to beproposed at the extraordinary general meeting on 16 November 2006. Sondex will be writing to its shareholders to update them in the very nearfuture and advises shareholders to take no action until they receive thecircular from the board of directors of Sondex. Ends 8 November 2006 For further information, please contact: Sondex Tel: 01252 862 200Martin Perry (Chief Executive)Chris Wilks (Finance Director) Investec Tel: 020 7597 5970James Grace / Patrick Robb College Hill Tel: 020 7457 2020Nick Elwes / Paddy Blewer www.sondex.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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