ENK PLC Director Disclosure and Offer Update (4932M)

TIDMENK

RNS Number : 4932M

ENK PLC

18 September 2012

Director Disclosure and Offer Update

18 September 2012 - ENK PLC ("ENK" or the "Company") (AIM, ASX: ENK) announces that the remaining Independent Directors of the Company, namely Robert Gregory, Mark Hanlon, and Neil Herbert have elected to accept the unconditional offer from DMCI Holdings Inc. and D&A Income Limited (the "Joint Offerors") in relation to the shares of which they are the beneficial owner as set out below. In electing to accept the Offer the directors have taken into consideration the fact that the Joint Offerors, as at 14 September 2012, own or have received valid acceptances in respect of a total of 229,783,653 shares, representing approximately 87.7 per cent. of the entire issued share capital of ENK.

 
     Director              Number of       Percentage of issued 
                             Shares            share capital 
--------------------  --------------  ------------------------- 
     Robert Gregory        1,235,000               0.47 
--------------------  --------------  ------------------------- 
     Mark Hanlon            776,800                0.30 
--------------------  --------------  ------------------------- 
     Neil Herbert           900,000                0.34 
--------------------  --------------  ------------------------- 
     Total                 2,911,800               1.11 
--------------------  --------------  ------------------------- 
 

Accordingly, all the Independent Directors of ENK have now elected to accept the Offer in respect of their entire beneficial holdings in ENK.

Delisting

At the request of the Joint Offerors, the Company has applied for its shares to be delisted from AIM. The Company will also apply for the delisting of its shares on the ASX. The last day of dealings on AIM will be 15 October 2012 and the cancellation of trading in shares on AIM is expected to take effect at 7.00 a.m. (London time) on 16 October 2012.

Once the Company's ordinary shares have been delisted from trading on AIM and the ASX no dealing facility will be offered and, following the cancellation, any transaction in ENK Shares would need to be negotiated privately directly between the buyer and seller. As a result, the liquidity and marketability of ENK Shares will be significantly reduced.

Offer Timetable

The Offer will remain open until 1.00 p.m. (London time) on Friday, 28 September 2012. Acceptances of the Offer by Shareholders must be received by 1.00 p.m. (London time) on 28 September 2012. Acceptances by CDI holders must be received by 7.00 p.m. (Sydney time) on Wednesday, 26 September 2012.

Recommendation

The Independent Directors do not believe that it would be in the best interests of ENK Shareholders to remain in a minority equity position in the company as it is the Joint Offerors' intention to delist ENK from AIM and the ASX, which will significantly reduce liquidity and the ability for shareholders to sell their shares.

Accordingly, the Independent Directors strongly recommend that Shareholders and CDI holders accept the Offer as soon as possible and in any event by no later than the closing dates of the Offer set out above.

Details on how to accept the Offer are set out in full in the Offer Document dated 24 August 2012. If you do not have one, you may request a copy of the Offer Document and Form of Acceptance by contacting Computershare UK on 0870 889 4064 or Computershare Australia on 1300 609 184 or [phone], if telephoning from outside Australia. Terms defined in the Offer Document have the same meanings in this announcement.

For more information or to view a copy of this document, please visit www.enk.co.uk or contact:

Robert Gregory, Managing Director, ENK Tel: [phone]

Mark Hanlon, Finance Director, ENK Tel: [phone]

David Rhodes, Endeavour Tel: [phone]

Chris Sim, Neil Elliot, Investec Tel: [phone]

   Tim Blythe or Robert Kellner, Blythe Weigh Communications                   Tel: [phone] 

This information is provided by RNS

The company news service from the London Stock Exchange

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