26th Aug 2009 12:45
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
Spark Ventures plc ("Spark" or the "Company")
Withdrawal of possible offer by Chamonix Private Equity LLP ("Chamonix")
On 7 August 2009, the board of Spark announced that it had been approached by Chamonix about the possibility of, inter alia, making an offer for the entire issued and to be issued share capital of Spark, and stated that there could be no certainty that an offer would be made for the Company.
Following initial discussions with the board of Spark, Chamonix can confirm that it is no longer considering making an offer for the entire issued and to be issued share capital of Spark.
On 21 August 2009, Chamonix made an alternative conditional indicative cash offer to the board of Spark to acquire its investment portfolio and the Querist management contracts (the "Assets").
Although this offer for the Assets was in excess of the current market valuation of the Company, it was rejected by the board of Spark.
Important Notice
Under Rule 2.8 of the City Code on Takeovers and Mergers ("City Code"), and except with the consent of the Panel, the statement detailed above will prevent Chamonix or anyone acting in concert with it from announcing an offer or possible offer for Spark or taking certain other action within the next six months unless there has occurred an event which is specified as enabling the statement to be set aside. Accordingly, for the purposes of Rule 2.8 of the City Code, Chamonix reserves the right (on behalf of itself and anyone acting in concert with it) to announce an offer or possible offer for Spark and/or to take any other action which would otherwise be restricted under Rule 2.8 of the City Code within the next six months in the event that:
(i) the agreement or recommendation of the board of Spark is forthcoming;
(ii) a third party announces an offer or possible offer for Spark;
(iii) Spark announces a 'whitewash proposal' or a 'reverse takeover' (each as defined in the City Code);or
(iv) there is a material change in circumstances.
The City Code does not place any restrictions on Chamonix's ability to acquire any of the assets of Spark.
26 August 2009
Enquiries:
Chamonix Private Equity LLP
Andrew Hartley
Partner
Tel: 020 7332 9550
Charles Stanley Securities
(Financial Adviser)
Russell Cook / Philip Davies
Tel: 020 7149 6457
Related Shares:
GHS.L