Update Regarding Possible Off

RNS Number : 5037O

Irish Continental Group PLC

09 March 2009

 

9 March 2009

Irish Continental Group plc ('ICG' or the 'Company')

Update Regarding Possible Offer 

On 23 October 2008, the Company announced that it had received an approach from Moonduster Limited ('Moonduster') seeking to engage with the other major shareholders of the Company with a view to potentially bringing forward an offer to acquire the Company.

Since the offer period commenced on 23 October 2008 the Independent Directors of the Company have been concerned as to protect and act in the best interest of all shareholders by ensuring that there is a timely and efficient process for the resolution of the uncertainty regarding the future ownership of the Company, yet at the same time being cognisant of the ongoing difficult conditions in the financial markets. 

Taking all of this into account, and notwithstanding that Moonduster is continuing in its efforts to bring forward an offer for the Company, the Independent Directors are concerned at the length of time it is taking for an offer to be announced. Therefore, the Independent Directors believe that it is now appropriate to require Moonduster to bring forward an offer by no later than close of business on 18 March 2009 that is capable of recommendation and execution, subject only to due diligence. In the meantime, the Company is writing to the Irish Takeover Panel informing it that if such an offer is not forthcoming the Company will request the Irish Takeover Panel to exercise its powers pursuant to Rule 35 of the Irish Takeover Rules and impose a deadline for Moonduster to announce an offer.

The Company has also decided to continue to defer a decision on the interim redemption of redeemable shares (first deferred on 23 October 2008) and also to defer a decision on any final redemption of redeemable shares.

Shareholders should note that there continues to be no certainty that any offer will ultimately be forthcoming. A further announcement will be made in due course as appropriate.

Enquiries

Irish Continental Group plc     Telephone    [phone]

John B McGuckian

NCB Corporate Finance        Telephone    [phone]

Liam Booth

Shane Lawlor

The Independent Directors of Irish Continental Group plc 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 take responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.

NCB Corporate Finance Limited, which is authorised in Ireland by the Financial Regulator under the Investment Intermediaries Act 1995, is acting exclusively for Irish Continental Group plc and no one else in connection with the acquisition and will not be responsible to anyone other than Irish Continental Group plc for providing the protections afforded to clients of NCB Corporate Finance Limited nor for providing advice in relation to the acquisition.

 

END

 

 

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