We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Teesland | LSE:TLD | London | Ordinary Share | GB0031695223 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 189.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1812J Valad (Hurst) Limited 04 December 2007 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE IT WOULD BE UNLAWFUL TO DO SO 4 December 2007 Valad (Hurst) Limited ("VHL") Offer update - Recommended Cash Offer for Teesland Plc ("Teesland") DECLARED wholly unconditional 1. Offer declared wholly unconditional in all respects On 3 December 2007, VHL made a recommended cash offer to acquire the entire issued and to be issued ordinary share capital of Teesland, not already owned or otherwise contracted to be acquired by VHL or its associates, for 191 pence per Teesland Share. The Board of VHL is pleased to announce that, as at 1.00 p.m. on 4 December 2007, valid acceptances of the Offer had been received in respect of a total of 33,527,393 Teesland Shares, representing approximately 26.69 per cent. of the issued share capital of Teesland and approximately 96.46 per cent. of the Teesland Shares not currently owned by VHL and its associates. Such acceptances resulted from the release to VHL of the pre-completed Form of Acceptance from Polygon Global Opportunities Master Fund in respect of 33,527,393 Teesland Shares. Therefore, VHL is pleased to announce that the sole condition relating to the Offer, as set out in the Offer Document dated 3 December 2007, has now been satisfied and the Offer is unconditional in all respects. The Offer remains open for acceptance until 7 January 2008 (being 14 days after the first closing date of 24 December 2007) when the Offer will close. Teesland Shareholders who wish to accept the Offer and who have not done so, and who hold Teesland Shares in certificated form are urged to complete, sign and return the Form of Acceptance as soon as possible and, in any event, so as to be received by post or by hand by Capita Registrars at Corporate Actions, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU by 7 January 2008. Teesland Shareholders who hold Teesland Shares in uncertificated form (that is, in CREST) who wish to accept the Offer are urged to accept the Offer by TTE instructions as soon as possible and, in any event, so as to be settled by 7 January 2008. 2. Consideration The consideration due under the Offer in respect of valid acceptances received on or before the date of this announcement will be dispatched by first class post on or before 11 December 2007. Settlement of consideration in respect of any further valid acceptances will be dispatched within 7 days of receipt of such acceptances. 3. Cancellation of listing As a result of VHL acquiring or having agreed to acquire 75 per cent. or more of the voting rights attaching to the Teesland Shares, VHL is taking steps to procure the making of applications by Teesland to the UK Listing Authority and the London Stock Exchange for the cancellation of the listing of Teesland Shares on the Official List and for the cancellation of the trading of Teesland Shares on the London Stock Exchange's market for listed securities, in accordance with the terms of the Offer Document. Cancellation of trading and removal from the Official List is subject to a 20 business day notice period. Accordingly it is anticipated that cancellation of trading in Teesland Shares will become effective on 7 January 2008 and, therefore, the last day of trading in Teesland Shares will be 7 January 2008. It is also anticipated that, after such cancellations, Teesland will be re-registered, in due course, as a private company under the relevant provisions of the Companies Act 1985. Such cancellations will significantly reduce the liquidity and marketability of any Teesland Shares in respect of which acceptances of the Offer are not submitted. 3. Compulsory acquisition It was stated in the Offer Document that VHL intended to exercise its rights pursuant to the provisions of Chapter 3 of Part 28 of the 2006 Act, if such provisions become applicable, to acquire compulsorily any outstanding Teesland Shares. VHL has acquired or received acceptances under the Offer in respect of 90 per cent. or more of the Teesland Shares to which the Offer relates for the purposes of Chapter 3 of Part 28 of the 2006 Act. Accordingly, as soon as reasonably practicable, VHL will be dispatching formal notices pursuant to section 979 of the 2006 Act to acquire compulsorily all of the outstanding Teesland Shares in respect of which valid acceptances have not yet been received. 4. Disclosure of interests in Teesland Shares Save for the information below in this paragraph, neither VHL nor any of the directors of VHL nor, so far as VHL or the directors of VHL are aware, any party acting in concert with VHL for the purposes of the Offer, has an interest in, or has any right to subscribe for, any relevant securities of Teesland, nor are they party to any short positions (whether conditional or absolute and whether in the money or otherwise) relating to relevant securities of Teesland, including short positions under derivatives, agreements to sell or any delivery obligations or rights to require another person to take delivery. Neither VHL nor any director of VHL nor, so far as VHL or the directors of VHL are aware, any person acting in concert with VHL, has borrowed or lent any relevant securities of Teesland. Name Number of Teesland Shares Percentage of issued share capital of Teesland as at 30 November 2007 (%) Valad (Hurst) Limited 82,647,712 65.79 Scarborough (UK) Limited 8,221,992 6.54 Capitalised terms used, but not defined in this announcement have the same meaning as given to them in the offer document dated 3 December 2007 containing the Offer, unless otherwise indicated. Enquiries: Valad (Hurst) Limited Tel: +44 (0)20 7318 2838 Cesidio Di Ciacca UBS Investment Bank (Financial Adviser to VHL) Tel: +44 (0)20 7567 8000 Liam Beere Thomas Onions Teesland Tel: +44 (0)20 7659 6666 Alan Murray Charles Lewis Kaupthing (Financial Adviser to Teesland) Tel: +44 (0)20 3205 5000 Nicholas How Sebastian Monk General UBS is acting exclusively as financial adviser to VHL and for no one else in connection with the Offer and will not be responsible to anyone other than VHL for providing the protections afforded to clients of UBS or for providing advice in relation to the Offer, the contents of this announcement or any other matter referred to therein. Kaupthing, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Teesland and no one else in connection with the Offer and will not be responsible to anyone other than Teesland for providing the protections afforded to its customers or for providing advice in relation to the Offer, the contents of this announcement or any transaction or arrangement referred to therein. This announcement is not intended to and does not constitute, or form any part of, any offer to sell or any solicitation of any offer to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction. Any acceptance or other response to the Offer should be made only on the basis of the information contained or referred to in the Offer Document and the Form of Acceptance. The laws of relevant jurisdictions may affect the availability of the Offer to persons not resident in the United Kingdom. Persons who are not resident in the United Kingdom, or who are subject to the laws of any jurisdiction other than the United Kingdom, should inform themselves about and observe any applicable legal or regulatory requirements of their jurisdiction. Unless otherwise determined by VHL, the Offer is not being made, directly or indirectly, in, into or from or by the use of mails of, or by any means of instrumentality (including, without limitation, telephonically or electronically) of interstate or foreign commerce of, or through any facilities of a national securities exchange of the United States, Canada, Australia or Japan and the Offer is not capable of acceptance by any such use, means, instrumentality or facilities or from or within the United States, Canada, Australia, Japan (or any other jurisdiction if to do so would constitute a violation of the relevant laws of such jurisdiction). Accordingly, copies of this announcement are not being, and must not be, mailed or otherwise forwarded, distributed or sent in, into or from the United States, Canada, Australia, Japan (or any other jurisdiction if to do so would constitute a violation of the relevant laws of such jurisdiction) and persons receiving this announcement (including, without limitation, custodians, nominees and trustees) must not mail or otherwise forward, distribute or send it in, into or from any such jurisdiction. Doing so may render invalid any purported acceptance of the Offer. This announcement has been prepared for the purpose of complying with English law and the City Code and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside England. This information is provided by RNS The company news service from the London Stock Exchange END OUPEAXALEAFXFFE
1 Year Teesland Chart |
1 Month Teesland Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions