Result of Tender Offer

RNS Number : 0482T

James Halstead PLC

30 November 2011

 



30 November 2011

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF IRELAND AND THE REPUBLIC OF SOUTH AFRICA AND ANY OTHER RESTRICTED JURISDICTION

James Halstead plc ("James Halstead" or the "Company")

Result of Tender Offer

The Company announces that pursuant to the Tender Offer which was announced on 14 November 2011 and which closed at 1.00 p.m. on 29 November 2011, valid tenders were received for 1,087,064 ordinary shares of 5 pence each in the capital of the Company ("Shares"). The Tender Offer Price, calculated as 105 per cent. of the average closing middle market price per Share for the five Business Days immediately preceding today's date, is 474.28 pence per Share. 

Accordingly, Altium Capital Limited ("Altium") will acquire 1,087,064 Shares (the "Tendered Shares") at the Tender Offer Price of 474.28 pence per Share, for a total aggregate consideration of approximately £5.2 million.

Under the terms of the Tender Offer, the purchase of the Tendered Shares will be effected by Altium today. The Tendered Shares purchased by Altium will be subsequently acquired for cancellation (the "Cancellation") by the Company at the Tender Offer Price in accordance with the terms of the Repurchase Agreement previously entered into by the Company and Altium on 14 November 2011.

The consideration payable to Shareholders who have successfully tendered Ordinary Shares under the Tender Offer is expected to be despatched to such Shareholders, or appropriate arrangements made in accordance with the CREST assured payment arrangements, by 14 December 2011.

On completion of the Tender Offer and Cancellation of the Tendered Shares, the Company will have 103,178,794 Shares in issue with voting rights. 

Terms used in this announcement and not otherwise defined herein have the same meanings given in the circular containing the formal terms and conditions of the Tender Offer sent to Shareholders on 14 November 2011. 

Enquiries:

James Halstead:	Telephone: [phone]
Mark Halstead, Chief Executive
Gordon Oliver, Finance Director
Altium:	Telephone: [phone]
Ben Thorne Paul Chamberlain
Hudson Sandler:	Telephone: [phone]
Nick Lyon

Altium Capital Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting for the Company and no-one else in connection with the Tender Offer and will not regard any other person (whether or not a recipient of the Circular) as a client in relation to the Tender Offer and will not be responsible to anyone other than the Company for providing the protections afforded to its customers or for providing advice in relation to the Tender Offer or any matters referred to in this announcement.

 

END

 

 

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