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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Real Hotel Grp | LSE:RHG | London | Ordinary Share | GB00B3D2NR11 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 1.875 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:6539U James Reed & Partners PLC 24 November 2005 FOR IMMEDIATE RELEASE 24 November 2005 This announcement is not for release, publication or distribution in or into or from the United States, Canada, Australia, or Japan or any other jurisdiction if to do so would constitute a violation of the relevant laws of such jurisdiction Recommended Increased Offers by Altium Capital Limited on behalf of James Reed & Partners plc for Reed Health Group plc Summary * The boards of James Reed & Partners plc ("James Reed & Partners" or "JRP") and the Independent Directors of Reed Health Group plc ("Reed Health") are pleased to announce that they have reached agreement on the terms of the Recommended Increased Offers for the entire issued and to be issued share capital of Reed Health. * The Recommended Increased Offers are being made on the following basis: for each Reed Health Ordinary Share 57.5p in cash for each Reed Health "B" Share 57.5p in cash A Loan Note Alternative will also be made available. * The Independent Directors have irrevocably undertaken to accept the Recommended Increased Offers in respect of their own personal holdings of, in aggregate, 285,294 Reed Health Ordinary Shares representing approximately 0.48 per cent of the entire issued share capital, and voting rights, of Reed Health. * The Recommended Increased Offers value the existing issued share capital of Reed Health at approximately #34.3 million and represent: o a premium of approximately 57.5 per cent. to the Closing Price of 36.5p per Reed Health Ordinary Share on 7 November 2005, being the last trading day prior to the Announcement of the Original Offers; and o a premium of approximately 36.3 per cent. to the average Closing Price of 42.2p per Reed Health Ordinary Share for the six month period ended 7 November 2005, being the last trading day prior to the Announcement of the Original Offers. * In aggregate, James Reed & Partners owns, or has received irrevocable undertakings to accept the Recommended Increased Offers in respect of approximately 85.5 per cent. of the issued share capital of Reed Health. Commenting on the Recommended Increased Offers, James Reed said: "We are delighted that the Independent Directors are recommending that Reed Health Shareholders accept our Recommended Increased Cash Offers, which we strongly believe represent full and fair value for Reed Health Shareholders. The Recommended Increased Cash Offers provide Reed Health Shareholders with the certainty of realising their investment for cash at a significant premium to the prevailing share price prior to the Announcement of our Original Offers." Commenting on the Recommended Increased Offers, Barry Hartop, Chairman of Reed Health, said "These increased offers represent good value to Reed Health Shareholders and certainty in view of the volatility of the markets in which Reed Health operates." This summary should be read in conjunction with, and is subject to, the full text of the attached announcement. The Offers will be subject to the full terms and conditions set out in the Recommended Increased Offer Document and the Further Forms of Acceptance. Enquiries: James Reed & Partners plc James Reed / Derek Beal Tel: 020 8274 4467 Reed Health Group plc Barry Hartop / Trevor Goul-Wheeker Tel: 020 7845 4700 Altium Capital Limited (Financial Advisers to James Reed & Partners) Garry Levin / Tim Richardson / Marc Milmo Tel: 020 7484 4040 Investec (Financial Advisers to Reed Health) James Grace / Gary Clarence Tel: 020 7587 5970 Smithfield Consultants (PR Advisers to James Reed & Partners) Reg Hoare / Katie Hunt Tel: 020 7360 4900 Weber Shandwick (PR Advisers to Reed Health) Louise Robson Tel: 020 7067 0700 This announcement does not constitute, or form part of, any offer for, or any solicitation of any offer for, securities. Any acceptance or other response to the Recommended Increased Offers should be made only on the basis of information referred to in the Recommended Increased Offers Document which JRP intends to despatch in due course to Reed Health Shareholders and, for information only, to holders of options under the Reed Health Share Option Schemes. Altium Capital Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for James Reed & Partners as financial adviser within the meaning of the Rules of the Financial Services Authority and for no one else in connection with the Recommended Increased Offers. Altium Capital Limited 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 James Reed & Partners for providing the protections afforded to clients of Altium Capital Limited, or for giving advice to any other person in relation to the Recommended Increased Offers, the contents of this announcement or any other matter referred to herein. Investec, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Reed Health and the Independent Directors as financial adviser within the meaning of the Rules of the Financial Services Authority and for no one else in connection with the Recommended Increased Offers. Investec 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 Reed Health and the Independent Directors for providing the protections afforded to clients of Investec, or for giving advice to any other person in relation to the Recommended Increased Offers, the contents of this announcement or any other matter referred to herein. The Recommended Increased Offers will not be made, directly or indirectly, in or into the United States, or by use of the United States mails, or by any means or instrumentality (including, without limitation, facsimile transmission, telex, telephone or e-mail) of United States interstate or foreign commerce, or any facility of a United States national securities exchange nor will it be made in Canada, Australia or Japan. Accordingly, this announcement and copies of this announcement must not be mailed or otherwise distributed or sent in, into or from the United States, Canada, Australia or Japan and persons receiving this announcement must not distribute or send it in, into or from the United States, Canada, Australia or Japan. The availability of the Recommended Increased Offers to persons who are not resident in the United Kingdom may be affected by the laws of their relevant jurisdiction. Such persons should inform themselves of, and observe, any applicable legal or regulatory requirements of their jurisdiction. Further details in relation to overseas shareholders will be contained in the Recommended Increased Offers Document. The James Reed & Partners Directors accept responsibility for the information contained in this announcement other than Paragraph 3 - Background to the recommendation of the Independent Directors and Paragraph 4 - Recommendation. To the best of the knowledge and belief of the James Reed & Partners Directors (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement 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 accept responsibility for the information contained in Paragraph 3 - Background to the recommendation of the Independent Directors and Paragraph 4 - Recommendation. 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 in this announcement for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information. FOR IMMEDIATE RELEASE 24 November 2005 This announcement is not for release, publication or distribution in or into or from the United States, Canada, Australia, or Japan or any other jurisdiction if to do so would constitute a violation of the relevant laws of such jurisdiction Recommended Increased Offers by Altium Capital Limited on behalf of James Reed & Partners plc for Reed Health Group plc 1. Introduction On 8 November 2005, James Reed & Partners announced the terms of cash offers, to be made by Altium on behalf of James Reed & Partners, to acquire the entire issued and to be issued share capital of Reed Health. On 17 November 2005, James Reed & Partners announced that it had acquired 10,849,816 Reed Health Ordinary Shares at a price of 57.5p per Reed Health Share which was above the price of the Original Ordinary Offer. James Reed & Partners therefore announced its intention to increase its Original Offers to 57.5p per Reed Health Share. The JRP Directors and the Independent Directors now announce that they have agreed the terms of the Recommended Increased Offers. The Recommended Increased Offers will be made by Altium on behalf of James Reed & Partners. 2. The Recommended Increased Offers The Recommended Increased Offers, which will be subject to the terms and conditions set out in the Original Offer Document, the Recommended Increased Offer Document and the Further Forms of Acceptance, will be made on the following basis: (a) The Recommended Increased Ordinary Offer: For each Reed Health Ordinary Share 57.5p in cash (b) The Recommended Increased 'B' Ordinary Offer: For each Reed Health 'B' Share 57.5p in cash The Recommended Increased Offers value the whole of the issued ordinary share capital of Reed Health at approximately #34.3 million. The Recommended Increased Offers represent a premium of approximately: *57.5 per cent. to the Closing Price of 36.5p for each Reed Health Ordinary Share on 7 November 2005, the last trading day prior to the Announcement of the Original Offers; *36.3 per cent. to the average Closing Price of 42.2p for each Reed Health Share for the six month period prior to and including 7 November 2005, the last trading day prior to the Announcement of the Original Offers. The Reed Health 'B' Shares are not traded on the London Stock Exchange or listed on the Official List, but their class rights are identical to those of the Reed Health Ordinary Shares, save for certain restrictions on transfer. The Recommended Increased Offers include the Loan Note Alternative, details of which will be set out in the Recommended Increased Offer Document. The Recommended Increased Offers will be subject to the conditions and certain further terms to be set out in Appendix I of the Recommended Increased Offer Document (which will incorporate the conditions and certain further terms set out in the Original Offer Document) and in the Further Forms of Acceptance. 3. Background to the recommendation of the Independent Directors On 15 August 2005, JRP approached the Independent Directors about the possibility of JRP acquiring Reed Health for 55p per Reed Health Share. This approach was subject to a number of pre-conditions and the Independent Directors could not reach agreement with James Reed & Partners on the terms on which the Independent Directors could recommend an offer of 55p per Reed Health Share. On 26 September 2005, James Reed & Partners withdrew from discussions. On 8 November 2005, JRP announced unrecommended offers of 55p per Reed Health Share. Following approaches to a number of alternative potential acquirers and following further discussions between JRP and the Independent Directors and after discussions between the Independent Directors and Reed Health's largest institutional shareholder, the Independent Directors and James Reed & Partners agreed the terms of the Recommended Increased Offers. In considering whether to recommend the terms of the Recommended Increased Offers, the Independent Directors have taken into account a number of factors including: * The Recommended Increased Offers represent a premium of approximately: * 57.5 per cent. to the Closing Price of 36.5 pence for each Reed Health Ordinary Share on 7 November 2005, being the last trading day prior to the Announcement of the Original Offers; and * 36.3 per cent. to the average Closing Price of 42.2 pence for each Reed Health Ordinary Share for the six month period prior to and including 7 November 2005, being the last trading day prior to the Announcement of the Original Offers. * In the period following the approach on 15 August 2005, the Independent Directors and Investec approached a number of alternative potential acquirers of Reed Health. However, there was no certainty as to whether or not an alternative offer would be made. Furthermore, if an alternative offer were to be made, there was no certainty of the value or timing of any such offer nor was it certain that the Reed Family would accept any such alternative offer in respect of the 55.3 per cent. of the issued share capital of Reed Health owned (or controlled) by them. No alternative offers have been forthcoming and the Recommended Increased Offers represent certainty for Reed Health Shareholders. * JRP has received irrevocable undertakings to accept its Recommended Increased Offers or owns, in aggregate, approximately 85.5 per cent. of the issued share capital of Reed Health. Accordingly, should the Recommended Increased Offers become or be declared unconditional in all respects, JRP will be able to convene an extraordinary general meeting of Reed Health and pass the necessary special resolution to enable Reed Health to apply to the London Stock Exchange and the FSA for the cancellations, respectively, of the trading of Reed Health Ordinary Shares on the London Stock Exchange and of the listing of the Reed Health Ordinary Shares on the Official List. JRP has stated that it intends to seek to cancel the listing and trading of the Reed Health Ordinary Shares within 20 business days of the Recommended Increased Offers becoming or being declared unconditional in all respects. * The markets in which Reed Health operates have been difficult and volatile. These difficulties were highlighted in the Preliminary Statement for the year to 30 June 2005 announced on 27 September 2005 which stated: "the potential for providing specialist staff for the social care and health markets is substantial and we believe that both local and national government will continue to outsource to private sector partners. However, these markets are undergoing a fundamental transition and will remain volatile for the foreseeable future. Gross margins will be increasingly depressed by competitive and contractual pressures and will demand a substantial improvement in business efficiency within the Group to enhance gross margin conversion into profit". Since the time of making this statement, the markets in which Reed Health operates have become even more challenging and this is particularly true for the Social Care, Doctors and Nurses businesses. After a positive start in the first quarter of the year, trading in October has been impacted by the National Health Service deficits and has been below the Independent Directors' expectations. While management are taking action to compensate for the current trading environment and it is too early for the Independent Directors to predict the outcome for the year to 30 June 2006, the Independent Directors' expectations for the year have a greater degree of caution than was the case at the time of the Preliminary Statement on 27 September 2005. 4. Recommendation The Independent Directors, who have been so advised by Investec, consider the terms of the Recommended Increased Offers to be fair and reasonable. In providing its advice, Investec has taken into account the Independent Directors' commercial assessment. Accordingly, the Independent Directors, who have been so advised by Investec, recommend Reed Health Shareholders to accept the Recommended Increased Offers, as they have irrevocably undertaken to do in respect of their own personal holdings of 285,294 Reed Health Ordinary Shares representing, in aggregate, approximately 0.87 per cent. of the Reed Health Ordinary Shares and approximately 0.48 per cent. of the entire issued share capital, and of the voting rights, of Reed Health. The Independent Directors are making no recommendation to Reed Health Shareholders in respect of the Loan Note Alternative. 5. James Reed & Partners interests in Reed Health James Reed and other Reed Family members and their respective family trusts have irrevocably undertaken to accept the Original Offers and elect for the Loan Note Alternative in respect of their entire beneficial and non-beneficial holdings of 5,377,171 Reed Health Ordinary Shares, representing approximately 16.4 per cent. of the Reed Health Ordinary Shares and 26,827,500 Reed Health 'B' Shares, representing approximately 99.9 per cent. of the Reed Health 'B' Shares, which together represent approximately 54.0 per cent. of the entire issued share capital, and of the voting rights, of Reed Health. In addition, James Reed & Partners has received an irrevocable undertaking from Personal Pension Management Limited, the trustee of the Alec Reed pension fund, to accept the Original Ordinary Offer and elect for the Loan Note Alternative in respect of its entire holding of 750,000 Reed Health Ordinary Shares, which represents approximately 2.3 per cent. of the Reed Health Ordinary Shares, and approximately 1.3 per cent. of the entire issued share capital, and of the voting rights, of Reed Health. James Reed & Partners has also received an irrevocable undertaking from Eagle Trustees Limited, the trustee of the Reed Executive plc employee benefit trust, to accept the Original Ordinary Offer in respect of its holding of 1,964,577 Reed Health Ordinary Shares, which represents approximately 6.0 per cent. of the Reed Health Ordinary Shares and approximately 3.3 per cent. of the entire issued share capital, and of the voting rights, of Reed Health. Accordingly, in aggregate, JRP has received irrevocable undertakings to accept the Original Offers in respect of 8,091,748 Reed Health Ordinary Shares and 26,827,500 Reed Health 'B' Shares, which represents approximately 24.7 per cent. of the Reed Health Ordinary Shares, approximately 99.9 per cent. of the Reed Health 'B' Shares and altogether represents approximately 58.5 per cent. of the entire issued share capital and voting rights of Reed Health. JRP has also received irrevocable undertakings from the Independent Directors to accept the Recommended Increased Ordinary Offer in respect 285,294 Reed Health Ordinary Shares representing, in aggregate, approximately 0.87 per cent. of the Reed health Ordinary Shares and approximately 0.48 per cent. of the entire issued share capital, and voting rights, of Reed Health. All of the irrevocable undertakings referred to above will remain binding even in the event of a higher competing offer being made by a third party for Reed Health unless the Revised Increased Offers lapse or are withdrawn. In accordance with the terms of the irrevocable undertakings received by James Reed & Partners , the undertakings to accept the Original Offers constitute undertakings to accept the Recommended Increased Offers. In addition, since the Announcement of the Original Offers, James Reed & Partners has acquired, in aggregate, 15,780,125 Reed Health Ordinary Shares representing approximately 48.1 per cent. of the Reed Health Ordinary Shares and 26.5 per cent. of the entire issued share capital and the voting rights of Reed Health. Therefore, James Reed & Partners either owns, or holds irrevocable undertakings to accept the Recommended Increased Offers in respect of a total of 50,984,667 shares in Reed Health, representing, in aggregate, approximately 85.5 per cent. of the existing issued share capital of Reed Health. 6. Background to and reasons for the Recommended Increased Offers Reed Health was a company formed on the de-merger of the health recruitment business of Reed Executive Plc. It was admitted to the Official List in July 2001 with the objectives of focusing exclusively on the healthcare staffing markets and giving greater autonomy and flexibility to its management to take advantage of the considerable opportunities then perceived to exist in those markets. The Reed Family has retained a majority and controlling shareholding in Reed Health since its admission to the Official List. Over the last three years, shareholder value in Read Health has substantially diminished. It is due to this and the current indifferent market sentiment towards Reed Health, that the JRP Directors believe that the benefits to Reed Health of maintaining its listing have been significantly eroded and that the financial, managerial and regulatory costs of so doing are an unnecessary burden on Reed Health. Moreover, the JRP Directors believe that the acquisition of Reed Health by JRP will enable Reed Health Shareholders to realise their investment in Reed Health for cash, at a significant premium at a time when the market for Reed Health's services has become increasingly competitive, resulting in ongoing pressures on margin and profitability. Upon completion of the Offers, the JRP Directors intend to continue to provide specialist staff for the social care and health markets, away from the constraints of the public market. There is no present intention for any major changes to be introduced to the Reed Health business or for the redeployment of any fixed assets of Reed Health. The Recommended Increased Offers of 57.5p in cash for each Reed Health Ordinary Share and 57.5p in cash for each Reed Health 'B' Share value the issued share capital of Reed Health at approximately #34.3 million. The Recommended Increased Offers represent a premium of approximately 57.5 per cent. over the Closing Price for Reed Health Ordinary Shares of 36.5p on 7 November 2005, being the last business day prior to the Original Offers Announcement. 7. Reed Health management and employees If the Recommended Increased Offers become or are declared unconditional in all respects, the existing employment rights, including pension rights, of all Reed Health's employees will be fully safeguarded. 8. General The Recommended Increased Offer Document and Further Forms of Acceptance, containing further details of the Recommended Increased Offers, will be sent to Reed Health Shareholders today. The Reed Health Shares will be acquired by James Reed & Partners pursuant to the Recommended Increased Offers fully paid and free from all liens, equitable interests, charges, encumbrances, rights of pre-emption and other third party rights and/or interests of any nature whatsoever and together with all rights now or hereafter attaching thereto, including the right to receive and retain all dividends, interest and other distributions declared, made or payable on or after 8 November 2005. In the event that the Recommended Increased Offers are declared or become unconditional in all respects, Reed Health Shareholders will not be entitled to the proposed final dividend of 0.25p per Reed Health Share. Enquiries: James Reed & Partners plc James Reed / Derek Beal Tel: 020 8274 4467 Reed Health Group plc Barry Hartop / Trevor Goul-Wheeker Tel: 020 7845 4700 Altium Capital Limited (Financial Advisers to James Reed & Partners) Garry Levin / Tim Richardson / Marc Milmo Tel: 020 7484 4040 Investec (Financial Advisers to Reed Health) James Grace / Gary Clarence Tel: 020 7587 5970 Smithfield Consultants (PR Advisers to James Reed & Partners) Reg Hoare / Katie Hunt Tel: 020 7360 4900 Weber Shandwick (PR Advisers to Reed Health) Louise Robson Tel: 020 7067 0700 Appendix II to this announcement contains definitions of certain terms used in this announcement. This announcement does not constitute, or form part of, any offer for, or any solicitation of any offer for, securities. Any acceptance or other response to the Recommended Increased Offers should be made only on the basis of information referred to in the Recommended Increased Offers Document which JRP intends to despatch in due course to Reed Health Shareholders and, for information only, to holders of options under the Reed Health Share Option Schemes. Altium Capital Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for James Reed & Partners as financial adviser within the meaning of the Rules of the Financial Services Authority and for no one else in connection with the Recommended Increased Offers. Altium Capital Limited 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 James Reed & Partners for providing the protections afforded to clients of Altium Capital Limited, or for giving advice to any other person in relation to the Recommended Increased Offers, the contents of this announcement or any other matter referred to herein. Investec, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Reed Health and the Independent Directors as financial adviser within the meaning of the Rules of the Financial Services Authority and for no one else in connection with the Recommended Increased Offers. Investec 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 Reed Health and the Independent Directors for providing the protections afforded to clients of Investec, or for giving advice to any other person in relation to the Recommended Increased Offers, the contents of this announcement or any other matter referred to herein. The Recommended Increased Offers will not be made, directly or indirectly, in or into the United States, or by use of the United States mails, or by any means or instrumentality (including, without limitation, facsimile transmission, telex, telephone or e-mail) of United States interstate or foreign commerce, or any facility of a United States national securities exchange nor will it be made in Canada, Australia or Japan. Accordingly, this announcement and copies of this announcement must not be mailed or otherwise distributed or sent in, into or from the United States, Canada, Australia or Japan and persons receiving this announcement must not distribute or send it in, into or from the United States, Canada, Australia or Japan. The availability of the Recommended Increased Offers to persons who are not resident in the United Kingdom may be affected by the laws of their relevant jurisdiction. Such persons should inform themselves of, and observe, any applicable legal or regulatory requirements of their jurisdiction. Further details in relation to overseas shareholders will be contained in the Recommended Increased Offer Document. The JRP Directors accept responsibility for the information contained in this announcement other than Paragraph 3 - Background to the recommendation of the Independent Directors and Paragraph 4 - Recommendation. To the best of the knowledge and belief of the JRP Directors (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement 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 accept responsibility for the information contained in Paragraph 3 - Background to the recommendation of the Independent Directors and Paragraph 4 - Recommendation. 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 in this announcement for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information. Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the City Code, if a person is, or becomes, "interested" (directly or indirectly) in one per cent. or more of any class of "relevant securities" of Reed Health, 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 p.m. (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 Reed Health, 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 Reed Health by JRP or Reed Health, 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. Appendix I - Sources and bases of information In this announcement: (i) The value placed by the Recommended Increased Offers on the whole of the existing issued ordinary share capital of Reed Health is based on the 59,644,772 Reed Health Shares disclosed in the Rule 2.10 announcement made by Reed Health on 8 November 2005 as being in issue, split into: Reed Health Ordinary Shares - 32,802,377 Reed Health 'B' Shares - 26,842,395 (ii) Information concerning the Original Offers has been extracted from the Original Offer Document. Appendix II - Definitions The definitions described in the Announcement of the Original Offers apply other than as set out below, unless the context requires otherwise. 'Announcement the announcement dated 8 November 2005 by James Reed & Partners of the Original of its firm intention to make the Original Offers Offers' 'Further Forms the revised forms of acceptance, election and authority relating of to the Recommended Increased Offers which will accompany the Acceptance' Recommended Increased Offer Document 'Original Offer the offer document issued on 10 November 2005 on behalf of James Document' Reed & Partners and making the Original Offers 'Original the original offers of 55p per Reed Health Share made by Altium Offers' on behalf of James Reed & Partners by means of the Original Offer Document 'Original Offer 55p per Reed Health Share Price' 'Recommended the increased recommended offers, including the Loan Note Increased Alternative, to be made by Altium on behalf of James Reed & Offers' Partners, to acquire all of the issued and to be issued Reed Health Shares on the terms and subject to the conditions to be set out in the Recommended Increased Offer Document and the Further Forms of Acceptance 'Recommended the revised offer document to be issued by Altium on behalf of Increased Offer James Reed & Partners to Reed Health Shareholders in respect of Document' the Recommended Increased Offers 'Recommended 57.5p per Reed Health Share Increased Offer Price' 'Recommended the increased cash offer of 57.5 pence per Reed Health Ordinary Increased Share Ordinary Offer' 'Recommended the increased cash offer of 57.5 pence per Reed Health 'B' Increased 'B' Ordinary Share Ordinary Offer' This information is provided by RNS The company news service from the London Stock Exchange END OUPBIBFTMMBTBFA
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