Recommended Offer update - Compulsory acquisition (3121K)

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RNS Number : 3121K

Marwyn Management Partners PLC

13 July 2011

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN

FOR IMMEDIATE RELEASE

13 July 2011

Marwyn Management Partners plc ("MMP")

Recommended Offer update - Compulsory acquisition of remaining Praesepe Shares

On 3 June 2011, the Board of MMP announced its firm intention to make an offer to acquire the entire issued and to be issued ordinary share capital of Praesepe plc (the "Offer").

MMP announces that as at 1.00 p.m. on 12 July 2011 it had received valid acceptances of the Offer in respect of a total of 454,727,035 Praesepe Shares, representing approximately 92.54 per cent. of the shares to which the Offer relates.

Accordingly, having acquired or unconditionally contracted to acquire more than 90 per cent. in value and more than 90 per cent. of the voting rights carried by the Praesepe Shares to which the Offer relates, MMP will be despatching compulsory acquisition notices under sections 974 to 991 of the 2006 Act to holders of Praesepe Shares who have not yet accepted the Offer. The transfer of the compulsorily acquired Praesepe Shares to MMP is expected to take place six weeks after despatch of the compulsory acquisition notices.

The Offer will remain open until further notice. At least 14 days' notice will be given prior to the closing of the Offer to those Praesepe Shareholders who have not then accepted the Offer.

In addition, Praesepe announced today that the Government has increased the maximum stake for Category B3 gaming machines from GBP1 to GBP2 and the maximum number of B3 machines in venues to 20% of the total number of category B3, C and D machines within that venue. These machines are operated in Praesepe's Adult Gaming Centres and Bingo Clubs which should benefit from such an increase in stakes.

Terms used but not defined in this announcement shall have the meaning given to them in the Offer Document posted to Praesepe Shareholders on 3 June 2011.

 
 Enquiries 
 
                                              + 44 (0) 207 004 
 Marwyn Management Partners plc                2700 
 Simon Pincombe 
 
 Singer Capital Markets Limited, financial 
  adviser to MMP                              [phone] 
 Shaun Dobson 
 James Maxwell 
 
 

Singer Capital Markets Limited ("Singer"), which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for MMP and no one else in connection with the Offer and this announcement and will not be responsible to anyone other than MMP for providing the protections afforded to clients of Singer nor for providing advice in connection with the Offer or this announcement or any matter referred to herein.

This information is provided by RNS

The company news service from the London Stock Exchange

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