Update on Tender Offer

RNS Number : 1562Z

Sagentia Group PLC

12 March 2012

 



12 March 2012

Sagentia Group plc

("Sagentia" or the "Company")

Update on Tender Offer and Buy-Back Authority

On Monday 5 March 2012, Sagentia announced its results for the year ended 31 December 2011.  The Company also announced its intention to seek shareholder approval at its forthcoming Annual General Meeting for a proposed Tender Offer to return up to £8.0 million of cash, to those shareholders who wish to participate in the Tender Offer, at a price of 80 pence per share.

Following consultation with a number of the Company's shareholders, the Board has concluded that there is unlikely to be a material level of participation in the Tender Offer and accordingly will not be seeking shareholder approval for the tender offer to proceed.  Shareholder approval will however be sought for the Company to renew and increase its existing authority to enable the Company to purchase up to 15 per cent. of its issued share capital in the market, subject to usual price parameters and relevant conditions related to the waiver of obligations under Rule 9 of the City Code on Takeovers and Mergers.  If approved, the Board intends to exercise this authority at its discretion and subject to prevailing market conditions, while continuing to pursue acquisitions which it considers value-enhancing for shareholders.

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For further information:

Sagentia Group plc
Martyn Ratcliffe, Chairman
Brent Hudson, Chief Executive	Tel: [phone]
Neil Elton, Finance Director	www.sagentiagroup.com

Numis Securities Limited
Nominated Adviser: Oliver Cardigan / Simon Willis Corporate Broking: James Serjeant	Tel: [phone]

Media enquiries:

Abchurch
Henry Harrison-Topham / Jamie Hooper	Tel: [phone]
[e-mail]	www.abchurch-group.com

 

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