Babcock International Group PLC
26 January 2007
26 January 2007
Babcock International Group PLC
('Babcock')
Babcock announces that it has acquired 15,273,875 International Nuclear
Solutions PLC ('INS') ordinary shares representing 24.5 per cent of INS's entire
issued share capital, from Automated Controls Limited. INS is a specialist
provider of nuclear engineering services in the UK. In May 2006, Babcock
acquired Alstec Group Limited which also operates in the nuclear engineering
services sector.
Babcock acquired the shares for an aggregate cash consideration of £9.6 million
(representing 63 pence per share).
Babcock intends to progress discussions with the board of INS regarding the
possibility of making a cash offer for the balance of the issued share capital
of INS. However, there can be no certainty that an offer will be forthcoming.
A further announcement will be made in due course.
Enquiries
Financial Dynamics Tel: 020 7269 7121
Andrew Lorenz / Susanne Walker
Dealing disclosure requirements:
Under the provisions of rule 8.3 of the Takeover Code (the 'Code'), if any
person is, or becomes, 'interested' (directly or indirectly) in 1% or more of
any class of 'relevant securities' of INS, all 'dealings' in any 'relevant
securities' of that company (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 3.30pm (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acceptances, lapses or is otherwise withdrawn or on which the 'offer period'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 acting together pursuant to an agreement
or understanding whether formal or informal, to acquire an 'interest' in '
relevant securities' of INS, they will be deemed to be a single person for the
purposes of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant
securities' of INS by Babcock or INS, 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 'dealing' under Rule 8, you should consult the Panel.
Babcock ISIN: GB0009697037
INS ISIN: GB00B12QZ964
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.