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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Latitude | LSE:LTR | London | Ordinary Share | GB0009587568 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 6503H Latitude Resources plc 06 November 2008 6 November 2008 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 SUCH JURISDICTION. Latitude Resources plc ('Latitude' or the 'Company') Update on Latitude's response to mandatory cash offer The Independent Directors of Latitude (being all of the directors of Latitude other than Jonathan Rowland) announce that they are in the process of preparing a response to a mandatory cash offer (the 'Offer') made by Clos du Mesnil Limited ("CdM") to acquire the entire issued and to be issued ordinary shares of the Company which are not already owned or otherwise contracted to be acquired by CdM. A document containing the full terms and condition of the Offer was posted to Latitude's shareholders today. The Offer, which values each ordinary share of Latitude at 4p and Latitude's entire issued share capital at approximately £10.78 million, is being made solely because CdM is required to do so under the rules of the Takeover Code following its acquisition of 80,575,000 ordinary shares of 1 pence each in the capital of Latitude on 20 October 2008. The Independent Directors will expect to publish their response to the Offer by 14 November 2008, but in the meantime, advise Latitude's shareholders to take no action regarding the Offer until they have had the opportunity to consider the Independent Directors' response to the Offer. Further announcements will be made as appropriate. For further information please contact: Latitude Resources plc Andrew Myers (Non-executive Director) Phone: +44 (0) 20 7087 7971 Fax: +44 (0) 20 7734 3870 Email: info@latituderesources.com Evolution Securities Limited Robert Collins/Neil Elliot Phone: +44 (0) 20 7071 4300 Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Takeover Code (the 'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of Latitude, all 'dealings' in any 'relevant securities' of that company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3:30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of Latitude, they will be deemed to be a single person for the purpose of Rule 8.3. Under provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant securities' of Latitude by the offeror, Latitude or by any of their respective 'associates', must be disclosed by no later than 12:00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk. 'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the prices of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue or any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on the Takeover Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, you should consult the Takeover Panel. This information is provided by RNS The company news service from the London Stock Exchange END OUPEQLFBVFBEFBV
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