Directors' Irrevocable Undertakings

 

TIDMCHLD 
 
RNS Number : 2199O 
Chloride Group PLC 
24 June 2010 
 

 
For immediate release 
 
 
24 June 2010 
 
 
Chloride Group PLC ("Chloride" or "the Company") 
 
 
                      Directors' Irrevocable Undertakings 
 
 
As disclosed in the announcement, dated 8 June 2010, made jointly by the boards 
of directors of ABB Ltd ("ABB") and Chloride (the "Press Announcement"), ABB has 
received irrevocable undertakings (the "Irrevocable Undertakings") dated 8 June 
2010 from Mr. Gary Bullard and from Mr. Neil Warner, both directors of Chloride, 
in respect of all of the Chloride Shares in which Mr. Bullard and Mr. Warner and 
their respective family members are beneficially interested: 
 
·      to vote in favour of the Scheme and the resolutions to be proposed at the 
Court Meeting and the General Meeting; and 
 
·      if the Acquisition is subsequently structured as a Takeover Offer, to 
accept any Takeover Offer made by ABB. 
 
Following ABB's receipt of the Irrevocable Undertakings and their disclosure in 
the Press Announcement, Mr. Bullard and Mr Warner have both notified Chloride 
and ABB of discrepancies in the original calculation of their total interests 
for the purposes of the Irrevocable Undertakings. These discrepancies have 
arisen as a result of the double counting of Chloride Shares owned by Mr. 
Bullard's and Mr. Warner's family members. Accordingly, Mr. Bullard and Mr. 
Warner have each notified ABB that they will no longer be able to procure 
compliance with the terms of the Irrevocable Undertakings in respect of the 
number of Chloride Shares referred to (in error) in those Irrevocable 
Undertakings. 
 
In the case of Mr. Bullard, the correct number of Chloride Shares beneficially 
owned by Mr. Bullard and his family members that are subject to the terms of his 
Irrevocable Undertaking is 45,000 Chloride Shares (representing approximately 
0.017 per cent. of the existing issued share capital of Chloride), and not 
65,000 Chloride Shares as stated in the Press Announcement. 
 
In the case of Mr. Warner the correct number of Chloride Shares beneficially 
owned by Mr. Warner and his family members that are subject to the terms of his 
Irrevocable Undertaking is 258,389 Chloride Shares (representing approximately 
0.098 per cent. of the existing issued share capital of Chloride), and not 
274,555 Chloride Shares as stated in the Press Announcement. 
 
This disclosure is being made by each of Mr. Bullard and Mr. Warner jointly with 
ABB in accordance with Rule 2.11(d) of the Takeover Code. 
 
Therefore, the total number of Chloride Shares over which irrevocable 
undertakings have been given to ABB is 361,207 Chloride shares (representing 
approx. 0.137 per cent. of the existing issued share capital of Chloride). 
 
Capitalised terms used in this announcement but not defined have the meanings 
given to them in the Press Announcement. 
 
 
Enquiries 
 
Chloride 
Jon Messent 
                 [phone] 
 
Hudson Sandler 
Andrew Hayes 
                                [phone] 
Kate Hough 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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