30th Jun 2008 07:00
29 June 2008
CABLE AND WIRELESS PLC
UPDATE REGARDING APPROACH TO THUS
Cable and Wireless plc ("Cable & Wireless") confirms that discussions are now taking place between Cable & Wireless and Thus Group plc ("Thus") regarding a possible cash offer at a price of 180 pence per Thus share.
The deadline of 5:00pm on 30 June 2008 for Cable & Wireless either to announce a firm intention to make an offer for Thus under Rule 2.5 of the City Code on Takeovers and Mergers (the "Code") or to announce that it does not intend to make an offer for Thus (subject to the right to set aside such a statement in any of the circumstances specified in its announcement of 6 June 2008), unless the Takeover Panel otherwise agrees, is unaffected and remains in place.
This announcement does not amount to a firm intention to make an offer and accordingly there can be no certainty that any offer will be made. A further announcement will be made in due course if appropriate.
Contacts
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CABLE & WIRELESS |
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Ashley Rayfield |
Director, Investor Relations |
+44 (0)20 7315 4460 |
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Lachlan Johnston |
Director, Public Relations |
+44 (0)20 7315 3613 / +44 (0)7800 021405 |
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FINSBURY |
Rollo Head |
+44 (0)20 7251 3801 |
Dealing disclosure requirements
Under the provisions of Rule 8.3 of the Code, if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of Thus, all "dealings" in any "relevant securities" of Thus (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until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends.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 Thus, 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 Thus by Cable & Wireless or Thus, 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:
CWC.L