Application for cancellation

RNS Number : 1646Z

Arc International PLC

16 September 2009

 



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

FOR IMMEDIATE RELEASE 

16 September 2009

ARC International plc

("ARC" or the "Company")

Application for cancellation of listing of ordinary shares on the Official List and of admission to trading on the London Stock Exchange's market for listed securities

Abigail (UK) announced on 15 September that it had received valid acceptances of the Offer in respect of 130,786,589 ARC Shares, representing approximately 84.68 per cent. of ARC's issued ordinary share capital and that it had declared the Offer unconditional in all respects. 

Since Abigail UK has, pursuant to the Offer, acquired or agreed to acquire ARC Shares carrying 75% or more of the voting rights of ARC, it has requested that ARC applies to the UK Listing Authority for the cancellation of the listing of all of the ordinary shares of 0.1 pence each in the capital of ARC (each an "Ordinary Share") on the Official List and to the London Stock Exchange for the cancellation of admission to trading of Ordinary Shares on the London Stock Exchange's main market for listed securities ('Delisting and Cancellation'). 

A notice period of not less than 20 business days prior to Delisting and Cancellation commenced on 15 September 2009, being the date of Abigail UK's announcement that it had declared the Offer unconditional in all respects.  It is intended that Delisting and Cancellation will take effect on or shortly after 8.00 am (London time) on 14 October 2009.

Following Delisting and Cancellation, the Ordinary Shares will have significantly reduced liquidity and marketability.  As a result, Shareholders are recommended to accept the Offer as soon as possible.

Capitalised terms used but not defined in this announcement have the same meaning as given to them in the offer document published by Abigail UK on 21 August 2009.

A copy of this announcement is available to view on ARC's website at: www.arc.com.

For further information, please contact:

Arbuthnot Securities Limited (Joint financial adviser to Abigail (UK) and Virage Logic)	Tel: [phone]
Nick Tulloch
James Steel
Jefferies International Limited (Joint financial adviser and corporate broker to ARC)	Tel: [phone]
Mark Fisher (Investment Banking) Sarah McNicholas (Investment Banking)
Chris Snoxall (Corporate Broking)

 

END

 

 

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