Re Formal Sale Process

RNS Number : 7345E

TEG Group (The) PLC

06 June 2012

 

 

For release	07:00	Date: 6 June 2012

The TEG GROUP PLC (TEG/L)

("TEG" or "the Company")

Re: Formal Sale Process

End of Offer Period

During January 2012, the Group received a significant number of preliminary expressions of interest from potential purchasers and as a result, the Board decided it should conduct a formal sale process in order to explore the expressions of interest.  On 26 January 2012, the Company announced the commencement of a formal sale process with a view to identifying appropriate partners for the Company or major strategic investors. The deadline for receipt of indicative proposals from interested parties was 14 March 2012.

The Company received indicative proposals which were carefully considered.  Potential offerors were provided with access to management but following further discussions and consideration the Board did not believe a transaction could be completed in a reasonable period of time and this would lead to further shareholder uncertainty. 

As a consequence, the Board has decided to terminate the formal sale process and to resume normal business with immediate effect, and the Company is no longer deemed to be in an offer period under the Takeover Code.

ENDS

Contact:
The TEG Group Plc	Tel: [phone]
Michael Fishwick, Chief Executive	www.theteggroup.plc.uk
KPMG Corporate Finance (Financial Adviser to TEG) Chris Belsham N+1 Brewin (Nomad & Broker)	Tel: [phone] Tel : [phone]
Andrew Craig/Ben Wright
Peckwater PR	Tel: [phone]
Tarquin Edwards	[e-mail]

 

END

 

 

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