Offer Update - Withdrawal

 

TIDMTLR 
 
RNS Number : 2459S 
Hallwood Financial Limited 
14 May 2009 
 

Regulatory Announcement 
Company: Hallwood Financial Limited 
Headline:  Offer Update 
Released: 13 May 2009 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR 
FROM THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, SWITZERLAND, SOUTH AFRICA 
OR JAPAN OR ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO 
Second Revised Cash Offer by Hallwood Financial Limited for the entire issued 
and to be issued ordinary share capital of The Local Radio Company plc not 
already owned by Hallwood 
Further to UKRD's announcement on 12 May 2009 that the Second Revised UKRD Offer 
at 4 pence per TLR Share had been declared unconditional, Hallwood regretfully 
announces that Hallwood's Second Revised Offer, which was announced on 5 May 
2009, is withdrawn. 
Such withdrawal is effected with the consent of the Panel, owing to the fact 
that it is no longer possible for Hallwood's Second Revised Offer to obtain 
acceptances in respect of TLR Shares which, together with TLR Shares acquired or 
agreed to be acquired before or during the Second Revised Offer, carry in 
aggregate more than 50 per cent. of the voting rights normally exercisable at a 
general meeting of TLR. 
Hallwood is not going to accept UKRD's offer of 4 pence per TLR Share. 
Commenting on the withdrawal, Anthony Gumbiner, Chairman of Hallwood and 
Non-executive Chairman of TLR, said, "It would be ungracious of me not to 
congratulate UKRD on its victory and I wish UKRD well. To fight and win a 
contested takeover battle is no small thing especially in the middle of the 
recession. I will do all I can to make the Board transition as easy as 
possible." 
13 May 2009 
For further information, please contact: 
Hunton & Williams     Tel: [phone] 
(Legal Adviser to Hallwood) 
Paul 
Tetlow 
Capitalised terms used in this Announcement have the same meanings as in 
Hallwood's announcement of the Second Revised Offer on 5 May 2009. 
The release, publication or distribution of this Announcement in jurisdictions 
other than the UK may be restricted by law and therefore any persons who are nor 
resident in the UK or who are subject to the laws of any jurisdiction other than 
the UK should inform themselves about, and observe, any applicable 
requirements. Any failure to comply with the applicable requirements may 
constitute a violation of the securities laws of any such jurisdiction. This 
Announcement has been prepared for the purpose of complying with English law and 
the City Code and the information disclosed herein 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. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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