PGI Acquisitions Ltd Offer Update (5678R)

TIDMFWEB

RNS Number : 5678R

PGI Acquisitions Ltd

28 October 2013

Not for release, publication or distribution, in whole or in part, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of THAT jurisdiction

For immediate release

28 October 2013

PGI Acquisition's offer for Fiberweb - entry into cost cover agreement

On 28 October 2013, Polymer Group, Inc. ("PGI") entered into a cost cover agreement with Fiberweb plc ("Fiberweb") in relation to the appointment of professional advisers by Fiberweb prior to the effective date of the scheme of arrangement in respect of third party professional adviser costs and expenses incurred by Fiberweb in connection with PGI's long term financing arrangements post completion of the acquisition of Fiberweb. Pursuant to the agreement, PGI agreed (subject to certain exceptions) to indemnify and to reimburse Fiberweb for any such costs and expenses.

A copy of the cost cover agreement will be available at www.polymergroupinc.com under the Investor Relations section.

This announcement is for information purposes only, and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction.

This announcement has been prepared for the purpose of complying with the City Code on Takeovers and Mergers 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 United Kingdom.

This information is provided by RNS

The company news service from the London Stock Exchange

END

OUPNKFDNPBDDAKB