Update on possible offer for Cattles plc

 

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RNS Number : 7224S 
Cattles PLC 
15 September 2010 
 

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15 September 2010 
                                  Cattles plc 
              Update on possible offer for Cattles plc ("Cattles") 
As has previously been announced, Cattles has been in discussions for some time 
with representatives of its key financial creditors concerning a consensual 
restructuring of its liabilities. 
On 2 June 2010 Cattles announced that one of the options being discussed with 
those representatives included a proposal under which a newly incorporated 
company would make an offer, at a nominal value of up to 1p per share, to 
acquire the entire issued share capital of Cattles (to be effected by a 
shareholder scheme of arrangement). 
Cattles has been informed by the advisers to the steering committees of the 
bondholder creditors of Cattles (which Cattles understands hold approximately 
one third of the nominal value of the outstanding bonds) that such steering 
committees and their advisers have ceased and do not intend to re-instigate 
negotiations with Cattles' other key financial creditors in respect of any 
solvent restructuring of Cattles. 
Notwithstanding the above, Cattles believes that it remains in the interests of 
all parties to reach an agreement.  Therefore, Cattles and its advisers continue 
to engage in ongoing constructive discussions with representatives of certain of 
its key financial creditors still with a view to achieving a consensual 
restructuring of Cattles' liabilities, including an offer to acquire the share 
capital of Cattles at up to 1p per share. 
A further announcement will be made when appropriate. A copy of this 
announcement will also be made available on Cattles' website www.cattles.co.uk 
by no later than 12.00 noon (London time) on 16 September 2010. 
For further information, please contact: 
Paul Marriott, Financial Dynamics 020 7269 7252 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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