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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Punch Graphix | LSE:PGX | London | Ordinary Share | GB00B07LVS05 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 122.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4282Q Punch Graphix PLC 31 January 2007 31 January 2007 Punch Graphix plc ("Punch Graphix" or the "Company") Offer Update The independent committee of the directors of Punch Graphix (the "Committee") notes the announcement issued by Punch International N.V. ("Punch International") on 31 January 2007, detailing the level of acceptances for its unsolicited offer for Punch Graphix (the "Offer") as at 1.00 pm on 30 January 2007 (the "First Closing Date") and declaring the Offer unconditional in all respects. The statement confirmed that by the First Closing Date, Punch International had received valid acceptances of the Offer in respect of a total of 10,286,853 ordinary shares of 10p each in Punch Graphix ("Ordinary Shares"), representing approximately 10.0 per cent. of the issued Ordinary Shares. Prior to the commencement of the Offer period, Punch International owned 50,391,316 Ordinary Shares, representing approximately 49.0 per cent. of the issued Ordinary Shares. Therefore, at the First Closing Date, Punch International owned or had received valid acceptances of the Offer in respect of a total of 60,678,169 Ordinary Shares, representing approximately 59.0 per cent of the issued Ordinary Shares. Punch International has declared the Offer unconditional in all respects. In accordance with the rules of the City Code on Takeovers and Mergers, Punch International has extended the period during which the Offer remains open for acceptance until 1.00 pm on 13 February 2007. The Committee, which has been so advised by Altium Capital Limited, continues to believe that the Offer does not adequately reflect the full value and prospects of Punch Graphix. However, as outlined in the Committee's response document dated 22 January 2007, the Committee is of the view that there are risks attached to remaining as a minority shareholder in Punch Graphix, particularly now that Punch International controls in excess of 50 per cent. of the Company's voting rights. Accordingly, the Committee recommends that Punch Graphix shareholders who do not wish to take these risks should accept the Offer and take the certainty of the cash price offered by Punch International. The members of the Committee who own Ordinary Shares intend to accept the Offer in respect of their own shareholdings amounting to, in aggregate, 38,847 Ordinary Shares, representing approximately 0.04 per cent of the issued Ordinary Shares. Punch Graphix shareholders who are prepared to accept the ongoing risks are advised to consider carefully their own personal circumstances before deciding whether or not to accept the Offer. In providing advice to the Committee, Altium Capital Limited has taken into account the commercial assessments of the Committee. Commenting, Geoff White, Chairman of Punch Graphix and a member of the Committee said: "It is a matter of regret that Punch International has been able to gain control of Punch Graphix with an offer that clearly fails to reflect the Company's true worth. However, we recognise that remaining a minority shareholder in the Company may be an unattractive alternative." For further information, please contact: The Committee Tel: +32 (0) 3 443 19 26 Geoff White Ben Van Assche Altium Capital Limited Tel: +44 (0) 20 7484 4040 David Hart Tim Richardson The Hogarth Partnership Tel: +44 (0) 20 7357 9477 John Olsen Barnaby Fry The directors of Punch Graphix, other than Guido Dumarey, accept responsibility for the information contained in this announcement (other than the opinions of the Committee contained in this announcement, for which the independent directors comprising the Committee alone accept responsibility). To the best of the knowledge and belief of the directors of Punch Graphix other than Guido Dumarey (who have taken all reasonable care to ensure that such is the case), the information contained herein for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information. The independent directors comprising the Committee accept responsibility for their opinions contained in this announcement. To the best of the knowledge and belief of the independent directors (who have taken all reasonable care to ensure that such is the case), the information contained herein for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information. Neither Guido Dumarey (Non-executive Director) nor Jan Smits (Chief Financial Officer) are members of the Committee and are, therefore, not party to the conclusions it has reached with regards to the Offer. Mr Dumarey is not a member of the Committee by virtue of his position as managing director and president of the board of directors of Punch International. Mr Smits is not a member of the Committee as he has recently had discussions with Punch International in relation to his potential future employment. Altium Capital Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Punch Graphix plc and for no one else in connection with the Offer and is not advising any other person or treating any other person as its client in relation thereto and will not be responsible to anyone other than Punch Graphix plc for providing the protections afforded to clients of Altium Capital Limited, or for giving advice to any other person in relation to the Offer, the contents of this announcement or any other matter referred to herein. This information is provided by RNS The company news service from the London Stock Exchange END OUPEAPFFDDKXEEE
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