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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sheffield Utd | LSE:SUT | London | Ordinary Share | GB0002181484 | 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% | 6.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 6894V Sheffield United PLC 30 May 2008 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION For immediate release: 30th May 2008 Sheffield United plc (the "Company") The board of Sheffield United plc ("the Board") held a meeting on Thursday 29th May 2008 to consider an approach made by Scarborough Group Holdings Limited ("Scarborough"). For some time now, Scarborough has provided financial support to the Company. As a result of this continued investment, entities controlled by Kevin McCabe and members of his family ("the Concert Party") control 75.17% of the Company's share capital. This statement is issued to eliminate further press speculation as to Scarborough's intentions towards the Company. Scarborough has proposed to the Board that it underwrites an equity fundraising for the Company. It is intended that all shareholders should be given the opportunity to participate in the fundraising. In addition, Scarborough has proposed to the Board that it makes a cash offer ("the Offer") for all the shares not owned by the Concert Party and that accepting shareholders will receive, in addition to the cash consideration, a "certificate of recognition" and a memento of their position as shareholders in the Company. Upon the Offer being declared wholly unconditional, it is the Board's understanding that Scarborough will seek to delist the Company from AIM and to re-register the Company as a private company. Delisting will substantially reduce the annual costs incurred by the Company although Scarborough has proposed that an Annual Meeting of past shareholders should be called for the foreseeable future. Scarborough has also informed the Board that should the Offer be declared wholly unconditional and the delisting of the Company is successful, it is Scarborough's intention to restructure the Company to separate the Company's property interests from the football club to ensure that the current difficulties being experienced in the UK commercial property market do not unnecessarily burden the football club. The Board acknowledges the approach and the proposals made by Scarborough and confirms that it has agreed in principle to undertake an equity fundraising, the terms of which are currently being discussed by the Board. The Board further confirms that it is in discussions with Scarborough which may or may not lead to an offer for the Company. However the Board stresses that the discussions in relation to the Offer are at an early stage and no formal offer for the Company has been put to the Board by Scarborough or any other party. Furthermore, there can be no guarantee that any formal offer for the Company will be forthcoming. A further announcement will be made when appropriate. Shareholders will be kept informed of any relevant developments and, in the meantime, should await further advice from the Board. This announcement does not constitute an announcement of, or form any part of, any offer or invitation to subscribe for, underwrite or otherwise acquire, or any solicitation of any offer to purchase or subscribe for securities. Enquiries: Sheffield United PLC Jason Rockett +44 (0)870 787 1960 Simon Capper KBC Peel Hunt (Nominated adviser and broker) David Davies +44 (0)20 7418 8900 Oliver Stratton Tavistock Communications Jeremy Carey +44 (0)20 7920 3150 Scarborough Group Holdings Limited Scott McCabe +44(0)1723 500 208 Simon McCabe Seymour Pierce Limited Roger Clement +44 (0)20 7107 8000 Rule 2.10 - Relevant Securities in Issue In accordance with Rule 2.10 of The City Code on Takeovers and Mergers, Sheffield United plc confirms that, as of 30th May 2008, it had 278,508,014 ordinary shares of 10 pence each in issue which are admitted to trading on AIM. The International Securities Identification Number (ISIN) reference for these securities is GB0002181484. Rule 8 - 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 the Company, 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 Takeover 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 Takeover Panel. This information is provided by RNS The company news service from the London Stock Exchange END OFDMGGFKVGLGRZM
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