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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
MWB | LSE:MBE | London | Ordinary Share | GB00B0S53N07 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 100.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMBE
RNS Number : 9437X
Pyrrho Investment Limited
15 February 2013
FORM 8 (OPD)
PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER
Rule 8.1 of the Takeover Code (the "Code")
1. KEY INFORMATION (a) Identity of the person whose positions/dealings are Gallant Victor Holdings Limited being disclosed: ---------------------------------------------------------- ---------------------------------------------------------- (b) Owner or controller of interests and short Pyrrho Investments Limited positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient ---------------------------------------------------------- ---------------------------------------------------------- (c) Name of offeror/offeree in relation to whose MWB Business Exchange Plc relevant securities this form relates: Use a separate form for each offeror/offeree ---------------------------------------------------------- ---------------------------------------------------------- (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: ---------------------------------------------------------- ---------------------------------------------------------- (e) Date position held/dealing undertaken: 14 February 2013 ---------------------------------------------------------- ---------------------------------------------------------- (f) Has the discloser previously disclosed, or are they Opening Position Disclosure made by Pyrrho Investments today disclosing, under the Code in Limited on 9 January 2013 respect of any other party to this offer? ---------------------------------------------------------- ---------------------------------------------------------- 2. POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
Class of relevant security: Ordinary 0.1 pence shares -------------------------------------------------- --------------------------------------- Interests Short positions -------------------------------------------------- ------------------- ------------------ Number % Number % -------------------------------------------------- ------------ ----- ------------- --- (1) Relevant securities owned and/or controlled: 10,846,046 16.7 Nil -------------------------------------------------- ------------ ----- ------------- --- (2) Derivatives (other than options): Nil Nil -------------------------------------------------- ------------ ----- ------------- --- (3) Options and agreements to purchase/sell: Nil Nil -------------------------------------------------- ------------ ----- ------------- --- TOTAL: 16.7 16.7 Nil -------------------------------------------------- ------------ ----- ------------- ---
All interests and all short positions should be disclosed.
Details of any open derivative or option positions, or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
(b) Rights to subscribe for new securities (including directors' and other executive options)
Class of relevant security in relation to which subscription right exists: None ---------------------------------------------------------------------------- ----- Details, including nature of the rights concerned and relevant percentages: None ---------------------------------------------------------------------------- -----
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(c) Irrevocable commitments and letters of intent Details of any irrevocable commitments or letters of intent procured by the party to the offer making the disclosure or any person acting in concert with it (see Note 3 on Rule 2.11 of the Code) --------------------------------------------------------------- Pursuant to the irrevocable undertaking given previously by MWB Property Limited (MWBPL) to Marley Acquisitions Limited (MAL) in connection with the offer made by MAL on 17 January 2013 (the Regus Irrevocable Undertaking), MWBPL has irrevocably undertaken to MAL that if (i) there is a higher offer for MWBPL's shareholding in MWB Business Exchange Plc during the eight week period expiring at 23:59 (London-time) on 14 February 2013 (the Marketing Period) and (ii) MAL does not make a revised offer prior to 00.01 (London-time) on the fourth Business Day following the expiry of the Marketing Period which is at least GBP500,000 more than the amount payable to MWBPL pursuant to the highest offer made during the Marketing Period (a Revised Offer), MWBPL will accept the highest offer made during the Marketing Period in respect of its holding of 48,863,129 ordinary shares in MWB Business Exchange Plc. Gallant Victor Holdings Limited (GVHL), MWBPL and MWB Group Holdings Plc (MWB) have entered into a framework agreement under which MWBPL and MWB have irrevocably undertaken to GVHL that if (i) its offer is the highest offer made during the Marketing Period and (ii) the amount of consideration offered pursuant to its offer to MWBPL is equal to, or greater than, GBP35,000,000, and (iii) MAL does not make a Revised Offer, MWBPL shall, and MWB shall procure that MWBPL shall, fulfil the obligation described above to MAL under the Regus Irrevocable Undertaking given to MAL in respect of the offer by GVHL. The framework agreement will cease to be binding if the offer by GVHL fails, lapses or is withdrawn (other than in connection with a switch to a Scheme of Arrangement with the consent of the Panel and the joint administrators to MWB and MWB Serviced Office Holdings Limited). --------------------------------------------------------------- 3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE (a) Purchases and sales Class of relevant security Purchase/sale Number of securities Price per unit --------------------------- -------------- --------------------- --------------- (b) Derivatives transactions (other than options) Class of relevant Product description Nature of dealing Number of reference Price per unit security e.g. CFD e.g. opening/closing a securities long/short position, increasing/reducing a long/short position ------------------------- -------------------- ------------------------- ------------------------- --------------- (c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying Class of Product Writing, Number of Exercise Type Expiry date Option money relevant description purchasing, securities price per e.g. paid/ security e.g. call selling, to which unit American, received per option varying etc. option European unit relates etc. ------------- ------------- ------------- ------------- -------------- ------------- ------------ ------------- (ii) Exercising Class of relevant security Product description Number of securities Exercise price per unit e.g. call option --------------------------- -------------------- --------------------- ------------------------ (d) Other dealings (including subscribing for new securities) Class of relevant security Nature of dealing Details Price per unit (if applicable) e.g. subscription, conversion --------------------------- ------------------------------- -------- -------------------------------
The currency of all prices and other monetary amounts should be stated.
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
(a) Indemnity and other dealing arrangements Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer: If there are no such agreements, arrangements or understandings, state "none" --------------------------------------------------------------------------------------------- None --------------------------------------------------------------------------------------------- (b) Agreements, arrangements or understandings relating to options or derivatives Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state "none" ----------------------------------------------------------------------------------------------- None ----------------------------------------------------------------------------------------------- (c) Attachments Is a Supplemental Form 8 (Open Positions) attached? NO ---------------------------------------------------- --- Date of disclosure: 14 February 2013 --------------------- ---------------------------------------------- Contact name: Paul Cummins, Gallant Victor Holdings Limited --------------------- ---------------------------------------------- Telephone number: +852 2376 0686 --------------------- ----------------------------------------------
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at monitoring@disclosure.org.uk. The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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