Information  X 
Enter a valid email address

Rensburg plc (RBG)

  Print   

Monday 28 February, 2005

Rensburg plc

Pre-Conditional Offer

Rensburg plc
28 February 2005

                                                              28th February 2005

                             FOR IMMEDIATE RELEASE

                           RENSBURG PLC ('RENSBURG')

                    PRE-CONDITIONAL OFFER PROPOSAL - UPDATE

The Board of Rensburg notes today's RNS announcement by Rathbone Brothers plc 
('Rathbones').  Rathbones final offer of 0.74 new Rathbones shares for each
Rensburg share plus a special dividend of 50 pence, which was received after
discussions between the two parties and full exchange of information, was
discussed by the Board of Rensburg last Friday, 25th February 2005.  The
unanimous view of the Rensburg Board as advised by Fenchurch Advisory Partners
and Rothschild was that this offer which at the close of business on Friday 25th
February 2005 represented 656 pence per Rensburg ordinary share, significantly
undervalues Rensburg.  Accordingly, the Board of Rensburg had no hesitation in
rejecting the offer and informed Rathbones as such on Friday evening.

The Board of Rensburg is in advanced discussions with Investec plc ('Investec')
about revising the terms of the acquisition of Carr Sheppards Crosthwaite
Limited ('Carr Sheppards Crosthwaite') which was announced on 10th December
2004.  It is intended that as part of the revised proposal the ongoing
shareholding of Investec in the enlarged Rensburg Group will be below 50%.
Further details will be announced as soon as practicable.

Mike Burns, Chief Executive of Rensburg said:

'We have decided to continue with our transformational combination with Carr
Sheppards Crosthwaite which we are confident will enhance the interests of our
shareholders, clients and staff. The enlarged group will be well placed to grow
revenues, benefit from cost savings and continue to develop as an independent
group.'

Enquiries:

Rensburg                         0151 227 2030

Christopher Clarke, Chairman

Michael Burns, Chief Executive

Fenchurch Advisory Partners      020 7961 0735

Malik Karim

Rothschild                       0207 280 5000

Jonathan Eddis

Numis Securities                 020 7776 1500

Christopher Wilkinson

gcg hudson sandler               020 7796 4133

Nick Lyon/Wendy Baker

Fenchurch Advisory Partners Limited ('Fenchurch Advisory Partners'), which is
authorised and regulated by the Financial Services Authority in the UK, is
acting for Rensburg and no one else in connection with the matters referred to
herein and will not be responsible to any person other than Rensburg for
providing the protections afforded to the clients of Fenchurch Advisory Partners
or for providing advice in relation to the matters referred to herein or the
contents of this announcement.

N M Rothschild & Sons Limited ('Rothschild'), which is authorised and regulated
by the Financial Services Authority in the UK, is acting for Rensburg and no one
else in connection with the matters referred to herein and will not be
responsible to any person other than Rensburg for providing the protections
afforded to the clients of Rothschild or for providing advice in relation to the
matters referred to herein or the contents of this announcement.

Numis Securities Limited ('Numis Securities'), which is authorised and regulated
by the Financial Services Authority in the UK, is acting for Rensburg and no one
else in connection with the matters referred to herein and will not be
responsible to any person other than Rensburg for providing the protections
afforded to the clients of Numis Securities or for providing advice in relation
to the matters referred to herein or the contents of this announcement.


                      This information is provided by RNS
            The company news service from the London Stock Exchange                                             

a d v e r t i s e m e n t