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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
New Star | LSE:NSAM | London | Ordinary Share | GB00B1VJF742 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.90 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 4444L New Star Asset Management Group PLC 12 January 2009 12 January 2009 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. New Star Asset Management Group PLC ("New Star" or the "Company") Statement regarding press speculation New Star notes yesterday's press speculation concerning a possible sale of the Company. On 3 December 2008 New Star announced that it had reached agreement in principle with its lenders with respect to a capital restructuring (the "Restructuring"). On 9 December 2008, New Star announced that it had received a number of expressions of interest from third parties in acquiring the Company's business and that it was considering possible strategic alternatives to the Restructuring, including a sale of the Company's business. New Star also confirmed that it was not then engaged in discussions with any party regarding an offer for the Company's ordinary shares. New Star confirms that it has received indicative proposals from a number of third parties with respect to the Company's business, including a possible offer for the Company's ordinary shares, conditional upon, inter alia, the Restructuring taking effect. These expressions of interest are being considered. All approaches made, whether in respect of the Company's business or in respect of the Company's ordinary shares, are at a preliminary stage and there can be no certainty that any transaction will be forthcoming or as to the terms of any such transaction. Given the Company's current and proposed capital structure (following the completion of the Restructuring), it is not certain that any such transaction will lead to a significant return, if any, to current shareholders. There can be no assurance that any offer for the Company's ordinary shares, if forthcoming, would be at or above the level of the Company's current share price. In the meantime, New Star is committed to and continues to pursue the implementation of its Restructuring. Further announcements will be made in due course, as appropriate. Enquiries: UBS Investment Bank 020 7567 8000 Jim Renwick John Humphrey Rahul Luthra Citigate Dewe Rogerson Anthony Carlisle 020 7638 9571 (office) and 07973 611888 (mobile) UBS Limited ("UBS Investment Bank") is acting as financial adviser to New Star and is not acting for any other person in relation to the matters referred to in this announcement. UBS will not be responsible to anyone other than New Star for providing the protections afforded to its clients nor for providing advice in relation to the contents of this announcement. 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 the Company, 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 the Company, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of the Company by the offeror, 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 price 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 of 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 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 Panel. In accordance with Rule 2.10 of the City Code on Takeovers and Mergers, the Company confirms that it has 268,580,859 ordinary shares of 25 pence each in issue as at the close of business on 9 January 2009. The ISIN reference for these securities is GB00B1VJF742. This information is provided by RNS The company news service from the London Stock Exchange END SPCEAPFFFELNEFE
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