Response to Announcement & Strategic Review Update

RNS Number : 2644W

K3 Business Technology Group PLC

26 January 2012

 



AIM: KBT

K3 Business Technology Group plc

("K3" or the "Company")

Announcement by Mr P J Claesson and strategic review update

The Board of K3 (the "Board") notes the announcement made by Mr Claesson earlier today and confirms that, following discussions with the Company, Mr Claesson could not agree a proposal for the Company at a level which, in the opinion of the Board (excluding Mr Claesson) properly reflected the underlying value of the Company and its prospects.

The Board wishes to make clear that the strategic review is continuing.

Further announcements will be made as appropriate.

For further information, please contact:

K3 Business Technology Group plc Andy Makeham, Chief Executive David Bolton, Chief Finance Officer	Tel: [phone]
Deloitte Corporate Finance Financial Adviser to K3 Jonathan Hinton/James Lewis/Andrew Westbrook	Tel: [phone]
finnCap Nominated Adviser and Broker to K3 Charles Cunningham/Henrik Persson (corporate finance) Tom Jenkins (corporate broking)	Tel: [phone]
Biddicks Financial PR to K3 Katie Tzouliadis/Sophie McNulty	Tel: [phone]

A copy of this announcement will be made available on the Company's website at www.k3btg.com as soon as possible.

Disclosure requirements of the Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10^th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any paper offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on [phone].

 

END

 

 

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