Offer Update

RNS Number : 1199Q

600 Group PLC

09 October 2013

 



600 Group PLC ("600 Group" or the "Company")

Statement re. Possible Offer

Further to the announcement made on 11 September 2013 regarding the approach by Qingdao D&D Investment Group Co., that may or may not lead to a cash offer being made for the Company.

The Board of 600 Group can confirm that discussions are on-going and that in accordance with Rule 2.6(c) of the City Code on Takeovers and Mergers (the "Code"), the Takeover Panel has consented to an extension of the relevant deadline to allow those discussions to progress. The new deadline either to announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer (in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies) is 5.00 pm on 6 November 2013. The revised deadline will only be extended, if requested, with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

This announcement is not an announcement of a firm intention to make an offer under Rule 2.7 of the Code and there can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.

A further announcement will be made in due course.

 Contact:

600 Group PLC Paul Dupee (Chairman) - 0207 409 5044 Nigel Rogers (Chief Executive) - 0113 200 8482
SPARK Advisory Partners Limited Miriam Greenwood - 0203 368 3553 Sean Wyndham-Quin - 0113 370 8975
finnCap Ltd - Nominated Adviser and Broker - 020 7220 0500 Ed Frisby (Corporate Finance) Julian Blunt(Corporate Finance) Tony Quirke (Corporate Broking)

SPARK Advisory Partners Limited which is regulated in the United Kingdom by The Financial Conduct Authority is acting for the Company in relation to the matters described in this announcement and is not advising any other person, and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to customers of SPARK Advisory Partners Limited or for providing advice in relation to the matters described in this announcement.

finnCap Ltd which is regulated in the United Kingdom by The Financial Conduct Authority is acting for the Company in relation to the matters described in this announcement and is not advising any other person, and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to customers of finnCap Ltd or for providing advice in relation to the matters described in this announcement.

The directors of 600 Group accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they are responsible is in accordance with the facts and does not omit anything likely to affect the import of such information.

Disclosure requirements of the Takeover Code (the "Code")

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any  securities exchange  offeror  (being any offeror other than an offeror  in respect of which it has been announced that its offer is, or is likely to be,  solely  in  cash) must make  an Opening Position Disclosure  following the commencement of  the  offer period and, if later, following  the  announcement  in which   any securities exchange offeror is first identified.  An Opening Position Disclosure must contain details of  the person's  interests  and  short positions in,  and  rights to subscribe for, any relevant securities of  each of (i)  the offeree company and  (ii)  any  securities exchange offeror(s).  An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made  by no later than 3.30 pm  (London time)  on the 10th  business day  following  the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following  the announcement  in which  any  securities exchange offeror  is  first identified.  Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror  prior to the deadline for making  an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror.  A Dealing Disclosure must contain details of the dealing concerned and of the person's  interests  and  short positions in,  and  rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror, save to the extent that these details have previously been disclosed under Rule 8.  A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time)  on the business day following  the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire  or control an interest in relevant securities  of  an  offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

A copy of this announcement will be made available (subject to certain restrictions relating to persons resident in restricted jurisdictions) at http://www.600group.com/news/regulatory_announcements/ by no later than 12 noon (London time) on 10 October 2013, being the date following the date of this announcement.

 

END

 

 

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