Update on sale process (1251U)

TIDMBSLA

RNS Number : 1251U

Blacks Leisure Group PLC

16 December 2011

Blacks Leisure Group plc

("Blacks Leisure")

Update on sale process

Blacks Leisure Group plc ("Blacks Leisure" or the "Company") notes the recent announcement made by Sports Direct International plc ("Sports Direct") confirming that Sports Direct does not intend to make an offer for the Company.

A further announcement will be made in due course, if appropriate.

Enquiries:

 
 Blacks Leisure           Tel: [phone] 
 Peter Williams 
 
 Citigate Dewe Rogerson   Tel: [phone] 
  Simon Rigby 
 Kevin Smith 
 
 KPMG LLP                 Tel: [phone] 
 David McCorquodale 
 
 Singer Capital Markets   Tel: [phone] 
  Ltd 
 Jonathan Marren 
 

A copy of this document will be published on the Company's website at www.blacksleisure.co.uk as soon as possible.

Disclosure requirements of the Takeover Code (the "Code")

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified.

An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10(th) business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any paper offeror is first identified.

Relevant persons who deal in the relevant securities of the offeree company or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any paper offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on [phone].

The Directors of Blacks Leisure Group plc, whose names are set out above, accept responsibility for the information contained in this document. To the best of the knowledge and belief of such Directors (having taken all reasonable care to ensure that such is the case), the information contained herein is in accordance with the facts and does not omit anything likely to affect the import of such information.

KPMG Corporate Finance, a division of KPMG LLP which is authorised and regulated by the Financial Services Authority for investment business activities, is acting for Blacks Leisure as financial adviser in relation to the formal sale process for Blacks Leisure and is not acting for any other person in relation to such sale . KPMG Corporate Finance will not be responsible to anyone other than Blacks Leisure for providing the protections afforded to its clients or for providing advice in relation to the contents of this document or any possible offer for Blacks Leisure or arrangement referred to herein.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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