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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Portrait | LSE:PST | London | Ordinary Share | GB0031918716 | ORD 2.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPST RNS Number : 9133N Pitney Bowes MapInfo UK Limited 21 June 2010 Not for release, publication or distribution, in whole or in part, in or into or from the United States, Canada, Australia, Japan or the Republic of South Africa or any other jurisdiction where it would be unlawful to do so 21 June 2010 DIRECTOR'S IRREVOCABLE UNDERTAKING Further to its announcement, on 10 June 2010, of a recommended cash offer for Portrait Software PLC (the "Offer Announcement"), Pitney Bowes MapInfo UK Limited has received notice from Mr. Paul Hewitt, the Non-Executive Chairman of Portrait, that he intends to transfer 650,080 Portrait Shares (representing 0.52% of the existing issued ordinary shares of Portrait), representing his entire beneficial holdings of Portrait Shares, to a bare trust in relation to which the beneficiaries are Mr. Hewitt's children and he is the trustee. Accordingly, Mr Hewitt has notified Pitney Bowes MapInfo UK Limited that he is no longer able to comply with the terms of the irrevocable undertaking to accept the Offer that he has previously given in favour Pitney Bowes MapInfo UK Limited (particulars of which were set out in the Offer Announcement), as they relate to these Portrait Shares but still remains in force as it relates to any Portrait Shares which may be issued to, or acquired by, Mr. Hewitt pursuant to the terms of the Portrait Share Option Scheme. However, Mr. Hewitt (acting as trustee of the above mentioned trust) has given a further irrevocable undertaking to accept the Offer in favour of Pitney Bowes MapInfo UK Limited dated 17 June 2010. This further irrevocable undertaking is on substantially the same terms as the original irrevocable undertaken given by Mr. Hewitt (particulars of which were set out in the Offer Announcement) and relates to the 650,080 Portrait Shares referred to above. Therefore, the total number of irrevocable undertakings to accept, or procure acceptance of, the Offer received from the Portrait Directors and certain Portrait Shareholders remains unchanged and as stated in the Offer Announcement, being 70,010,153 Portrait Shares, representing approximately 56.52 per cent. of the existing issued ordinary shares of Portrait. This disclosure is being made by Pitney Bowes MapInfo UK Limited in accordance with Rule 2.11(d) of the Takeover Code. Terms defined in the Offer Announcement bear the same meanings where used in this announcement. Enquiries Morgan Stanley (financial adviser to Pitney Bowes, Inc. and Pitney Bowes MapInfo UK Limited) Matthew Jarman +44 207 425 8000 Bryce Facktor +1 212 761 4000 Singer Capital Markets Limited (Rule 3 adviser to Portrait) - 020 3205 7500 Shaun Dobson Claes Spang This announcement is not intended to and does not constitute or form any part of an offer to sell or an invitation to purchase or the solicitation of an offer to subscribe for any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Offer or otherwise. The Offer will be made solely through the Offer Document and, in the case of Portrait Shares in certificated form, the Form of Acceptance, which will together contain the full terms and conditions of the Offer, including details of how to accept the Offer. Any acceptance or other response to the Offer should be made only on the basis of the information contained in the Offer Document and, in the case of Portrait Shares in certificated form, the Form of Acceptance. Morgan Stanley is acting as financial adviser exclusively to Pitney Bowes, Inc. and Pitney Bowes MapInfo UK Limited and to no one else in connection with the Offer and accordingly will not be responsible to anyone other than Pitney Bowes, Inc. and Pitney Bowes MapInfo UK Limited for providing the protections afforded to clients of Morgan Stanley nor for giving advice in relation to the Offer or the contents of this document. Singer Capital Markets Limited, which is authorised and regulated by the Financial Services Authority, is acting exclusively for Portrait Software plc and for no-one else in connection with the Offer and is not advising any other person and accordingly will not be responsible to anyone other than Portrait Software plc for providing the protections afforded to clients of Singer Capital Markets Limited nor for giving advice in relation to the Offer or the contents of this document. This information is provided by RNS The company news service from the London Stock Exchange END OUPLLFIDRTITLII
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