2IL Orthopaedics Limited Offer Declared Unconditional as to Acceptances (3038T)

TIDMCRG

RNS Number : 3038T

2IL Orthopaedics Limited

11 December 2012

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR IN PART), DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

11 December 2012

RECOMMENDED CASH OFFER

By

2IL ORTHOPAEDICS LIMITED

For

CORIN GROUP PLC

OFFER DECLARED UNCONDITIONAL AS TO ACCEPTANCES

Introduction

On 12 November 2012, the Boards of 2IL Orthopaedics Limited ("2IL") and Corin Group PLC ("Corin") announced that they had reached an agreement on the terms of a recommended cash offer to be made by 2IL for the entire issued and to be issued ordinary share capital of Corin (the "Offer").

Offer Becoming Unconditional as to Acceptances

As at at 1 p.m. on 11 December 2012, 2IL has received valid acceptances of the Offer in respect of a total of 37,289,797 Corin Shares, representing approximately 87.15 per cent. of the existing issued share capital of Corin. Accordingly, the Offer has become unconditional as to acceptances.

Acceptance of the Offer

Corin Shareholders who have not yet accepted the Offer are encouraged to do so without delay. Acceptances of the Offer should be received in accordance with the instructions contained in the Offer Document and (and in the case of shares held in certificated form) the Form of Acceptance.

The Offer Document and Form of Acceptance (in the case of Corin Shareholders holding Corin Shares in certificated form) have been sent to Corin Shareholders in hard copy and are available on the Corin website (www.coringroup.com), subject to restrictions relating to persons in certain overseas jurisdictions.

Squeeze-out and De-listing

Upon declaring the Offer wholly unconditional, 2IL will seek to de-list the Corin Shares as soon as reasonably practicable.

Terms used but not defined in this announcement shall have the meaning given to them in the Offer Document dated 14 November 2012.

 
 Enquiries 
 
 Panmure Gordon, financial adviser    + 44 (0)20 7886 
  to 2IL                               2500 
 Hugh Morgan 
 Giles Stewart 
  Callum Stewart 
 
 

Panmure Gordon, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for 2IL and no one else in connection with the Offer and this announcement and will not be responsible to anyone other than 2IL for providing the protections afforded to clients of Panmure Gordon nor for providing advice in connection with the Offer or this announcement or any matter referred to herein.

Overseas jurisdictions

The Offer is not and will not be made, directly or indirectly, in or into, or by use of the mails, or by any means or instrumentality (including, without limitation, by means of telephone, facsimile, telex, internet or other forms of electronic communication) of interstate or foreign commerce of, or any facilities of a securities exchange of, the United States, Canada, Australia or Japan, and the Offer will not be capable of acceptance by any such use, means, instrumentality or facility or from within the United States, Canada, Australia or Japan. Accordingly, copies of this announcement and any other related document will not be, and must not be, directly or indirectly, mailed or otherwise distributed or sent in or into the United States, Canada, Australia or Japan and persons receiving such documents (including custodians, nominees and trustees) must not distribute or send them in, into or from such jurisdictions as doing so may violate the laws of such jurisdictions and may make invalid any purported acceptance of the Offer by persons in any such jurisdiction.

This announcement has been prepared for the purpose of complying with English law and the Takeover Code, and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside the UK.

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

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 bidder must make a Dealing Disclosure if the person deals in any relevant securities of the Offeree company or of any paper bidder. 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 bidder, 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 bidder, they will be deemed to be a single person for the purpose of Rule 8.3.

Details of the Offeree and bidder 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 bidder was first identified. If you are in any doubt as to whether you are required to make a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on [phone].

This information is provided by RNS

The company news service from the London Stock Exchange

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