||ORD 27 7/9P
||EPS - Basic
||Market Cap (m)
Real-Time news about Viridian Grp. (London Stock Exchange): 0 recent articles
|rekcor: Viridian Group PLC - Statement re Possible Offer RNS
RNS Number:0229K Viridian Group PLC 05 October 2006
For immediate release
Not for release, publication or distribution, in whole or in part, in, into or from any jurisdiction where to do so would constitute a breach of the relevant laws in that jurisdiction.
5 October 2006
Viridian Group PLC ("Viridian" or "the Company")
Statement re: Possible offer
Viridian notes today's rise in the share price of the Company and announces that it is considering an approach which may or may not lead to an offer for the Company.
Rule 2.10 In accordance with Rule 2.10 of the City Code on Takeovers and Mergers, Viridian confirms that it has in issue 122,600,823 ordinary shares of 27 7/9 pence each. The International Securities Identification Number for these shares is
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of Viridian all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which any offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Viridian, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of Viridian by Viridian or any potential offeror or any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.
"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.
This information is provided by RNS
The company news service from the London Stock Exchange
|slydini: Brokerage RW Baird has raised its stance on Northgate Information Solutions (LSE: NIS.L - news) saying the software and outsourcing firm was well placed to buy IT unit SX3 from Northern Ireland's main utility Viridian .
"We understand that Viridian is close to selling its IT division SX3 and we believe that Northgate (LSE: NTG.L - news) would be well positioned as a possible acquirer," analyst Ian Spence wrote in a research note.
"At the right price -- around 90 million pounds -- we believe that this deal would be financially and strategically sound and would provide a boost to the share price."
RW Baird now has an "outperform" rating on Northgate shares, up from "neutral". It also raised its price target on the stock to 80 pence per share from 70p. Northgate shares closed at 67-3/4p on Monday.
|redd: Could find no news but given the improving fundamentals there is good support for a rerating to a much higher share price.|
|maut too: MRS Stock talk : Viridian reliant on power mkts
Much of Viridian's growth prospects
are contingent on the way that Northern
Ireland and Republic of Ireland open
their electricity markets to
competition, says Dresdner Kleinwort
"We believe the current share price
factors in a large proportion of the
potential upside without reflecting the
related uncertainty," it says.
It has a reduce, price target of 525p
on Viridian. Shares -0.9% at 555p.
1457 GMT Dec 23 2003|
|ashtongray: Looks an exaggerated response imo, especially if the money not now required in the ROI is used to fund a share buy back program, which would help underpin the share price. I'm in @554 and if we do see 520, would look to add.|
VIRIDIAN, the UK's smallest privatised utility which used to be called Northern Ireland Electricity, has worked hard in recent years to reinvent itself as a business with prospects beyond the grasping reach of the price-conscious and profit-dampening regulator.
Recent developments suggest that the company may be retrenching. It has sold its half share in nevada, the telecoms business, to its joint venture partner Energis, and it has also sold Open & Direct, its fledgeling financial services business. Difficulties at the Sx3 back-office outsourcing group in the second half of last year also add to the impression that the company is falling back on its regulated business.
Management is keen to dispel the impression that it is turning back the clock, however. It says it is simply diverting its attentions to a different sort of non-regulated business. It also reckons, with some justification, that the newly deregulated power market in the Republic of Ireland offers better opportunities than either telecoms or financial services. And when the Huntstown generator comes on stream next month Viridian will have sizeable supplies of electricity to sell into the Republic's industrial market.
At the same time Sx3 has been restructured and is showing signs of recovery. Half the £10 million targeted cost savings have been achieved and Viridian says it will be profitable in the second half.
Moreover, Viridian has also resolved the regulatory review and is now at the beginning of a pricing period which will see earnings in the main Northern Ireland electricity business stay stable until 2007. There is also the possibility of further upside from incentive schemes, under discussion with the regulator.
Viridian's size and out-of-the-way location mean there is only a passing chance that the generator will attract bid interest. But the dividend looks safe and with the yield on the shares at 6.6 per cent there is room for share price growth. Buy.|
|ainsoph: Davy stockbrokers have upgraded forecasts on basis of first year hit is now 3.6% instead of proposed 16.7%. They also say 'share price can appreciate on the removal of regulatory and dividend risk'
now up 12p intraday or 2.44% - volumes around daily average.
Viridian share price data is direct from the London Stock Exchange