Exercise of Option Agreement (0999K)

TIDMMAN

RNS Number : 0999K

Manroy PLC

11 July 2011

11 July 2011

MANROY PLC

("MANROY" OR THE "COMPANY")

EXERCISE OF MANROY USA OPTION AGREEMENT

Further to its announcement released on 1 July 2011, Manroy plc (AIM:MAN), the UK's leading machine gun manufacturer, announces that Caledonian Heritable Limited ("Caledonian") has notified the Company that it elects to receive its consideration of US$2.5 million (GBP1.6 million) payable for the exercise of the option agreement by Manroy to acquire a 49 per cent. stake in Manroy USA LLC ("MUSA") and a 50 per cent. share in the factory premises occupied by MUSA, in ordinary shares of 5p each in the Company to be issued at 75p per share ("Ordinary Shares").

As Caledonian is a member of the concert party, which is currently interested in 39.2 per cent. of the Company's issued share capital, the Company intends to seek a waiver of the obligations of the concert party under Rule 9 of the City Code on Takeovers and Mergers (the "Whitewash"), which would require approval of the Company's independent shareholders at a general meeting. Any allotment of Ordinary Shares would be deferred until the business day immediately following expiry of five days following approval of the Whitewash by independent shareholders.

A further announcement will be made in due course

For further information please contact:

 
 Manroy Plc                         Tel: [phone] 
  Glyn Bottomley, Chief Executive 
  Paul Carter, Finance Director 
 Arbuthnot Securities Limited       Tel: [phone] 
  Tom Griffiths 
  Ed Groome 
 Tavistock Communications           Tel: [phone] 
  Baron Phillips 
  Simon Compton 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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