Offer Update and Cancellation of Trading on AIM (0329Q)

TIDMCTN

RNS Number : 0329Q

ClearStream Technologies Group PLC

12 October 2011

ClearStream Technologies Group plc

("ClearStream")

Cancellation of trading on AIM

Update on Offer

Update on Offer

The Board notes the announcement made earlier today by Hastings Investment Ireland Limited, a wholly owned subsidiary of C. R. Bard, Inc., ("Bidco") that the offer by Bidco for the shares of ClearStream (the "Offer"), has been declared unconditional as to acceptances.

Bidco further announced that as at 1p.m. on 11 October 2011, Bidco had received valid acceptances from ClearStream shareholders in respect of a total of 43,189,402 ClearStream shares, representing approximately 85.87 per cent. of the issued ordinary share capital of ClearStream at that date.

The Board notes that all of the conditions to the Offer as set out in the offer document dated 20 September 2011 have now been satisfied or waived and, accordingly, the Offer has been declared unconditional in all respects.

Bidco also stated its intention to exercise its rights pursuant to the provisions of section 204 of the Irish Companies Act 1963 to acquire compulsorily the remaining ClearStream Shares in respect of which acceptances have not been acquired or agreed to be acquired pursuant to the Offer on the same terms as the Offer.

Cancellation of Admission to Trading on AIM

In relation to the above, and at the request of Bidco, ClearStream is applying to the London Stock Exchange for the cancellation of admission to trading of ClearStream Shares on AIM ("Cancellation").

The London Stock Exchange has agreed that shareholder consent in general meeting of ClearStream, which would otherwise be required pursuant to AIM Rule 41, will not be required as the application for Cancellation has been made by ClearStream after the Offer has been declared wholly-unconditional and after Bidco has become the beneficial owner of, or has received valid acceptances in respect of, more than 75 per cent. of the issued share capital of ClearStream.

Cancellation of the AIM quote is expected to be effective from 7.00am on 10 November 2011 or as soon as practicable thereafter.

Cancellation will significantly reduce the liquidity and marketability of any ClearStream shares that have not been accepted to the Offer. Following the Cancellation, there will be no future market for a ClearStream shareholder to realise their investment in ClearStream. Shareholders are still able to buy and sell ClearStream shares prior to the Cancellation.

Enquiries:

 
 finnCap                            Tel: [phone] 
 Financial adviser to ClearStream 
 Marc Young 
 Charlotte Stranner 
 

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