Hasgrove PLC Result of Tender Offer (5436H)

TIDMHGV

RNS Number : 5436H

Hasgrove PLC

21 June 2013

21 June 2013

Hasgrove plc

('Hasgrove' or the 'Company')

Result of Tender Offer

Further to the announcement made by the Company on 10 May 2013 of the proposed return of cash to Shareholders by Tender Offer, the Board of the Company is pleased to announce the result of the Tender Offer. The Tender Offer closed in accordance with its published timetable at 5.00 p.m. on Wednesday 19 June 2013.

A total of 17,965,615 Ordinary Shares were validly tendered pursuant to the Tender Offer which equates to 143.72 per cent. of the 12,500,000 Ordinary Shares available to Tender. Shareholders should note that the figure for tendered shares includes an additional 135,000 Ordinary Shares that the Company has been required to issue to satisfy the exercise of Options as set out in the section entitled 'Option Exercise' in Part 1 of the circular to Shareholders dated 10 May 2013 ("Circular").

Since the aggregate number of Ordinary Shares tendered by Shareholders exceeded 12,500,000, all tenders made by Shareholders will be scaled back pro rata to the number of Ordinary Shares they chose to tender save for Small Shareholders who hold 50,000 Ordinary Shares or fewer who will receive their full entitlement under the Tender Offer. In aggregate, a total of 2,406,244 Ordinary Shares tendered have been accepted in full on the basis that they are held by Small Shareholders. The remaining 15,559,371 Ordinary Shares have been scaled back and will receive 64.87252196% of the number of Ordinary Shares submitted for Tender.

Based on the Tender Offer price of 82 pence per Ordinary Share, the total number of the Ordinary Shares to be purchased pursuant to the Tender Offer is 12,499,968 Ordinary Shares at a total cost payable by the Company, before expenses, of GBP10.25 million.

All Ordinary Shares repurchased pursuant to the Tender Offer will be cancelled. Following such cancellation, the number of Hasgrove shares in issue is expected to be 11,354,173 Ordinary Shares. Following the cancellation of an additional 1,163,149 Ordinary Shares on or after 14 July 2013 in relation to the sale of Interel (details of which are set out in Part 1 of the Circular) there will be 10,191,024 Ordinary Shares in issue.

The timetable for completion of the Tender Offer, Cancellation of Reserves, Cancellation of Admission of its Ordinary Shares to Trading on AIM and Re-registration as a Private Limited Company are set out below:

 
 Court hearing to confirm the Cancellation of Reserves    3 July 
-------------------------------------------------------  ------------ 
 Effective Date for the Cancellation of Reserves          4 July 
-------------------------------------------------------  ------------ 
 Completion of the purchase of the Ordinary Shares        5 July 
  pursuant to the Tender Offer 
-------------------------------------------------------  ------------ 
 Last day of dealings in the Ordinary Shares on AIM       Close of 
                                                           business 
                                                           on 11 July 
-------------------------------------------------------  ------------ 
 Cancellation of Admission to AIM                         7:00am on 
                                                           12 July 
-------------------------------------------------------  ------------ 
 Cheques issued/CREST accounts credited for Tender        12 July 
  Offer proceeds in respect of Ordinary Shares sold 
-------------------------------------------------------  ------------ 
 CREST accounts credited/share certificates issued        12 July 
  for revised holdings of Ordinary Shares following 
  the sale of Ordinary Shares under the Tender Offer 
-------------------------------------------------------  ------------ 
 Despatch of certificates in respect of Ordinary Shares   12 July 
-------------------------------------------------------  ------------ 
 Re-registration of Hasgrove as a private limited         12 July 
  company 
-------------------------------------------------------  ------------ 
 

All references to time in this document are to London time and the dates and times given are based on the Company's current expectations and may be subject to change. Any changes to the expected timetable will be announced via a Regulatory Information Service. All dates are in 2013.

Words and expressions used in the announcement have the same meaning as the announcement by the Company on 10 May 2013.

For further information please contact:

 
 Hasgrove plc 
 Paul Sanders, Group Chief Executive     0161 927 3222 
 
 Peel Hunt LLP (Nominated adviser and 
  broker) 
 Richard Kauffer/Daniel Harris           020 7418 8900 
 
 College Hill 
 Adrian Duffield/Rozi Morris             020 7457 2020 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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