Toscafund Asset Management LLP Further re Offer (6510E)

TIDMASOG

RNS Number : 6510E

Toscafund Asset Management LLP

11 February 2015

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

11 FEBRUARY 2015

For immediate release

RECOMMENDED CASH OFFER FOR AVANTA SERVICED OFFICE GROUP PLC BY TOSCA VEHICLE LIMITED

NOTICE OF COMPULSORY ACQUISITION

On 21 November 2014, Tosca Vehicle Limited ("TVL") announced that it intended to make a cash offer for the entire issued and to be issued share capital of Avanta Serviced Office Group plc ("Avanta" or the "Company") not already owned or agreed to be acquired by, TVL, to be implemented by means of a takeover offer within the meaning of Part 28 of the Companies Act 2006. This offer was subsequently revised and, on 2 December 2014, TVL and the Board of Avanta announced that they had reached agreement in relation to an increased cash offer which was recommended by the Board of Avanta (the "Offer").

On 2 January 2015, TVL announced that the Offer was unconditional in all respects.

TVL today announces that as at 1 p.m. on 10 February 2015 valid acceptances in respect of 97.9 per cent. of the shares to which the Offer relates had been received. TVL announces that it now intends to exercise the right given to it by section 979 of the Companies Act 2006 to compulsorily acquire any remaining Avanta Shares.

Terms used but not defined in this announcement shall have the meaning given to them in the Offer Document dated 10 December 2014.

Enquiries:

 
Toscafund Asset Management LLP     Tel: +44(0) 207 
 Nigel Gliksten                     845 6100 
Whitman Howard Limited (financial  Tel: +44(0) 207 
 adviser to TVL)                    659 1250 
 Ranald McGregor-Smith 
 Nick Lovering 
 

Whitman Howard Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority. Whitman Howard Limited is acting as financial adviser exclusively for Toscafund and TVL and no-one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters referred to in this announcement and will not be responsible to anyone other than Toscafund and TVL for providing the protections afforded to clients of Whitman Howard Limited, nor for providing advice in relation to any matter referred to herein.

This announcement is for information purposes only. It is not intended to and does not constitute, or form part of, an offer or invitation or the solicitation of any offer to sell or purchase any securities or the solicitation of any offer to otherwise acquire, subscribe for, sell or otherwise dispose of any security pursuant to the Offer or otherwise. The Offer will be made solely by means of the Offer Document and, in respect of Avanta Shares held in certificated form, the Form of Acceptance, which will contain the full terms and conditions of the Offer, including details of how the Offer may be accepted. Any decision in respect of, or other response to, the Offer should be made only on the basis of the information contained in those documents.

This announcement does not constitute a prospectus or prospectus equivalent document.

Ends

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