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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Perrigo Company plc | TG:PIG | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.31 | 1.25% | 25.06 | 24.98 | 25.14 | 24.78 | 24.73 | 24.78 | 501 | 22:50:09 |
RNS Number:7418K BC Property Securities Limited 06 May 2003 Property Income & Growth Fund Limited (the "Company") & BC Property Securities Limited (the "Subsidiary") Approach from ING Real Estate The directors (the "Board" or "Directors") of Property Income & Growth Fund Limited and BC Property Securities Limited (together the "Group") note the announcement earlier today by ING Barings on behalf of ING Real Estate Investment Management (UK) Limited ("ING Real Estate") that ING Real Estate is contemplating making the following inter-conditional offers, for which they would seek the recommendation of the Directors of the Group: * 17.5p per ordinary share, plus the 0.5p Special Dividend declared in connection with the Land Race Limited ("Land Race") offer; and * 100p in cash for each zero dividend preference ("ZDP") share of the Subsidiary. It should be noted that the announcement by ING Real Estate does not constitute an announcement of a firm intention to make an offer for the Company, as defined under Rule 2.5 of The City Code on Takeovers and Mergers, and that it is not certain that a firm offer from ING Real Estate will be forthcoming. The making of any offer by ING Real Estate is subject to a number of pre-conditions including the satisfactory outcome of their further due diligence into the Group. ING Real Estate has also indicated that any offers, if made, would, inter alia, be conditional on receiving valid acceptances in respect of both 75% of the ordinary shares of the Company and 75% of the ZDP shares of the Subsidiary. The Directors have also been informed by ING Real Estate that a condition of the offers will be the amendment at separate meetings of the Subsidiary's ordinary shareholders and ZDP shareholders of the Articles of Association of the Subsidiary to enable ING Real Estate to acquire, compulsorily, all the remaining ZDP shares in issue if acceptances have been received in respect of 75% of the ZDP shares of the Subsidiary. The offer for the ordinary shares of the Company on behalf of Land Race is the only formal offer that has been received to date by the Company. The Land Race offer is subject to certain conditions, including a minimum acceptance condition of 75%, which may be waived. The Board notes the announcement by Land Race on 24 April 2003 that valid acceptances had been received (by 3.00pm on that date) in respect of 61.2 per cent. of the Company's ordinary shares and that the Land Race offer has been extended until 3.00 p.m. on Thursday, 8 May 2003. Ordinary shareholders should note that there is no obligation for Land Race to extend its offer beyond that time should the acceptance condition not have been satisfied, or waived, by then. Ordinary shareholders who have already accepted the Land Race offer may not withdraw their acceptance of that offer before 3.00pm on 15 May 2003. The Directors of the Group and our advisers are actively considering the revised terms and conditions of the approach announced this morning by ING Real Estate and working with the advisers of ING Real Estate to establish, if possible, the terms and conditions for offers for the Company's ordinary shares and the ZDP shares of the Subsidiary which could be recommended to shareholders. The Directors of the Group will communicate further with shareholders as soon as is practicable. Enquiries: Hugh Field 020 7678 8000 Hoare Govett Limited The Directors accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case) the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. Hoare Govett Limited, which is regulated in the United Kingdom by The Financial Services Authority, is acting exclusively for the Group and for no-one else in connection with the unsolicited approach and will not be responsible to anyone other than the Group for providing the protections afforded to customers of Hoare Govett Limited or for providing advice in relation to the unsolicited approach. This information is provided by RNS The company news service from the London Stock Exchange END OUPBXGDUGXGGGXL
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