Strategic Review - Update

RNS Number : 8718I

Timestrip PLC

19 March 2010

 

Timestrip plc

("Timestrip" or the "Company")

Strategic Review - update

Further to the announcement of yesterday, the Company confirms that it is considering all options open to it which may or may not include an offer for the Company.  

Accordingly the Company is now deemed to be in an Offer Period under the terms of The City Code on Takeovers and Mergers. The Directors wish to clarify that they have not received an offer for the Company and are not currently in any discussions that may lead to an offer for the Company.

A further announcement will be made if and when appropriate.

In accordance with Rule 2.10 of the City Code on Takeovers and Mergers (the "Code"), the Company confirms that it has 496,812,376 ordinary shares of 0.02 pence each in issue and admitted to trading on the AIM market of the London Stock Exchange under the UK ISIN code GB00B067M199.

For more information please contact:

Timestrip plc

Jonathan Steinberg, Non-Executive Director                                        01462 440700

Paul Freedman, Joint CEO                                                                  

Geoff Nash / Ed Frisby, FinnCap, NOMAD                                        020 7600 1658

Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the Code, if any person is, or becomes "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of Timestrip, all "dealings" in any "relevant securities" of Timestrip (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 3.30 p.m. (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until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends.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 act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Timestrip they will be deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of Timestrip 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.takeoverpanel.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 a "dealing" under Rule 8, you should consult the Panel.

 

END

 

 

STRGGUACWUPUGPB