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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Acp Capital | LSE:APL | London | Ordinary Share | GB00B0T9K295 | 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% | 0.375 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3262G Davenham Group PLC 25 October 2007 Not for release, publication or distribution, in whole or in part, in or into or from any jurisdiction (including the United States) where to do so would constitute a violation of the laws of such jurisdiction --------------------------------------------- PRESS ANNOUNCEMENT EMBARGOED FOR RELEASE AT 7.00 AM 25 October 2007 DAVENHAM GROUP PLC ("DAVENHAM" OR THE "COMPANY") The Board of Davenham announces that it has received an approach from ACP Capital Limited ("ACP") which may or may not lead to an offer being made for the Company. The approach, which indicated a possible cash offer for Davenham at 325p per share (with a possible share alternative), is subject to a number of important pre-conditions (including a refinancing of ACP's existing bridge facility, which ACP has stated that it expects to complete by the end of November 2007). This announcement is not being made with the agreement or approval of ACP. There can be no certainty that an offer will be made nor can there be certainty regarding the terms on which an offer might be made. Having regard to the current position and prospects of the Company, the Board has concluded that the ACP proposal is not one which fairly reflects the value of Davenham. The Board has noted to ACP that it would in any event expect clarification on ACP's pre-condition regarding refinancing. The Board is open to further dialogue with ACP and to any other opportunities which enhance value for Davenham's shareholders. The Company will be making a statement at the time of its forthcoming Annual General Meeting concerning current trading and prospects. Davenham continues to trade in line with the Board's expectations supported by its dedicated teams in Manchester and around the UK. Davenham continues to enjoy the support of its banking syndicate which has been the basis of funding the Company for many years and which has committed to provide the Company's principal facilities until December 2009. The Board believes that the recent tightening in the availability of credit to customers will provide additional attractive lending opportunities for the Company over the coming months. Further announcements will be made as appropriate. In accordance with Rule 2.10 of the City Code on Takeovers and Mergers, the Company confirms that it has 26,021,453 ordinary shares of 1p each in issue and admitted to trading on the London Stock Exchange under the UK ISIN code GB00B0P32071. Davenham's nominated adviser is Hawkpoint Partners Limited (contact names: Lawrence Guthrie / Joseph Ayala). Hawkpoint Partners Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Davenham and no-one else in connection with the approach by ACP and will not be responsible to anyone other than Davenham for providing the protections afforded to clients of Hawkpoint Partners Limited nor for providing advice in relation to the approach by ACP. Dealing disclosure requirements: Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of ACP or Davenham, 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 the 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 ACP or Davenham, 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 ACP or Davenham by ACP or Davenham, or by 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 END OFDBZLLLDBBXFBL
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