Offer Update

RNS Number : 7320F

The MedicX Fund Limited

28 May 2013

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE")

FOR IMMEDIATE RELEASE

28 MAY 2013

MEDICX FUND LIMITED ("MEDICX" OR THE "COMPANY")

POSSIBLE OFFER FOR ASSURA GROUP LIMITED ("ASSURA")

The Board of MedicX notes the announcement released today by Assura regarding the rejection of the proposal made by MedicX regarding a possible offer for Assura.

As noted in the announcement released by MedicX on 17 May 2013, following Assura's earlier announcement regarding a possible offer, MedicX had approached Assura with the support of Assura's two largest shareholders, Invesco (whose irrevocable was conditional on Assura Board recommendation) and Somerston, who between them hold 48% of Assura's issued share capital. The announcement stated that MedicX would only proceed with an offer for Assura were it to be recommended by the Board of Assura.

Given today's announcement by the Assura Board, MedicX confirms that it is no longer exploring an offer for Assura.

The Board of MedicX expresses its regret that, since MedicX approached Assura regarding a possible offer, the Board of Assura has failed to engage with MedicX in any meaningful way.

The Board of MedicX continues to believe that, on the right terms, a combination of MedicX and Assura would have created substantial value for the shareholders of both companies.

MedicX continues to examine a range of value enhancing acquisitions and will continue to exercise its price discipline in any acquisitions it makes. MedicX remains confident in its prospects for future growth.

For the purposes of Rule 2.8 of The Code, MedicX reserves the right (on behalf of itself and anyone acting in concert with it) to announce an offer or possible offer for Assura 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:

1.    the agreement or recommendation of the Board of Assura is given to the making of such an announcement or the taking of any such other action; or 

2.    a third party announces an offer for Assura; or 

3.    Assura announces a 'whitewash proposal' or a 'reverse takeover' (each as defined in the City Code on Takeovers and Mergers); or

4.    the Takeover Panel determines that there has been a material change of circumstances

Further announcements will be made as appropriate.

Enquiries:

MedicX Group

Keith Maddin, Chairman

Mike Adams, Chief Executive Officer

Mark Osmond, Chief Financial Officer

Tel: [phone]

MedicX Fund Limited

David Staples

Tel: [phone]

Buchanan Communications

Charles Ryland / Sophie McNulty

Tel: [phone]

Canaccord Genuity Limited

Edward Arkus

Tel: [phone]

Andrew Zychowski

Tel: [phone]

A copy of this announcement will be available, subject to certain restrictions, at www.medicxfund.com by no later than 12 p.m. (London time) on 29 May 2013.

Canaccord Genuity Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as financial adviser to MedicX and no-one else and will not be responsible to anyone other than MedicX for providing the protections afforded to clients of Canaccord Genuity Limited or for advising any such person in relation to any matter referred to herein.

 

END

 

 

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