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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Workplace Syst. | LSE:WSI | London | Ordinary Share | GB0009250845 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMWSI
RNS Number : 6125U
Wasp Management Software Limited
23 December 2011
Recommended Cash Offer
By
Wasp Management Software Limited ("NewCo")
(a company formed on behalf of Lloyds TSB Development Capital Limited and the members of the Management Team)
to acquire the entire issued and to be issued ordinary share capital of
WorkPlace Systems International plc ("WorkPlace")
(other than those shares contracted to be acquired by NewCo under the terms of the Share Exchange Deed (the "Management Roll-over Shares"))
OFFER UPDATE - FURTHER IRREVOCABLE UNDERTAKINGS
Following the announcement made on Friday 9 December 2011 pursuant to Rule 2.7 of the City Code on Takeovers and Mergers (the "Code") in relation to the recommended cash offer (the "Offer") to be made by NewCo for the entire issued and to be issued share capital of WorkPlace save for the Management Shares (the "Offer Shares") (the "Announcement"), NewCo is pleased to announce that it has received additional irrevocable undertakings from:
a) Mr Michael Bedford:
i) to accept the Offer at such time that the Offer is declared unconditional as to acceptances, or by such final closing date as may be announced by NewCo, in respect of, in aggregate, 3,183,404 Offer Shares, representing approximately 2.0 per cent. of the Offer Shares;
ii) to vote in favour of the Resolution in respect of, in aggregate, 3,183,404 Eligible Voting Shares, representing approximately 2.2 per cent. of the Eligible Voting Shares; and
b) Merchant Investors:
i) to accept the Offer at such time that the Offer is declared unconditional as to acceptances, or by such final closing date as may be announced by NewCo, in respect of, in aggregate, 2,875,000 Offer Shares, representing approximately 1.8 per cent. of the Offer Shares; and
ii) to vote in favour of the Resolution in respect of, in aggregate, 2,875,000 Eligible Voting Shares, representing approximately 2.0 per cent. of the Eligible Voting Shares.
Therefore following the Announcement, NewCo has received additional irrevocable undertakings to accept the Offer in respect of, in aggregate, 6,058,404 Offer Shares, representing approximately 3.8 per cent. of the Offer Shares and to vote in favour of the Resolution in respect of, in aggregate, 6,058,404 Eligible Voting Shares, representing approximately 4.2 per cent. of the Eligible Voting Shares.
When including the irrevocable undertakings and letters of intent signed prior to the Announcement, NewCo now has irrevocable undertakings and letters of intent to accept the Offer in respect of, in aggregate, 133,566,665 Offer Shares, representing approximately 83.8 per cent. of the Offer Shares and to vote in favour of the Resolution in respect of, in aggregate, 121,672,751 Eligible Voting Shares, representing approximately 83.9 per cent. of the Eligible Voting Shares.
The irrevocable undertakings given by Mr Bedford and Merchant Investors will lapse if a firm intention to make an offer to acquire all of the issued and to be issued Workplace Shares which comprises a cash offer in the same or greater proportion per share as set out in the Offer and the value of such offer at the date of its announcement exceeds by more than 10 per cent. the value of the Offer.
Enquiries
For further information, please contact:
020 77 583 NewCo 680 Daniel Sasaki Kunal Dasgupta Barney Quinn Paul Wright 020 72 278 Torch Partners Corporate Finance Limited 830 (financial adviser to LDC & NewCo) Rupert Robson Seth Schelin Thomas Roberts Amaya Gonzalez Lantero 020 75 985 Fairfax I.S. Plc 368 (financial adviser to NewCo & Management Team) Simon Bennett Stuart Gledhill Katy Birkin 020 76 299 Morgan Rossiter 101 (public relations adviser to NewCo) Richard Evans 019 08 251 WorkPlace Systems International Plc 300 Ian Lenagan, Chairman John Herring, Non-executive Director 020 70 634 Mazars Corporate Finance Limited 000 (financial adviser to the Independent Directors) Stephen Skeels Andrew Millington Simon Fitzsimmons 020 31 786 Biddicks 378 (public relations adviser to WorkPlace Systems) Zoe Biddick Sophie McNulty
This information is provided by RNS
The company news service from the London Stock Exchange
END
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