PGC Prologic

TIDMPGC

RNS Number : 1965U

Prologic plc

19 December 2011

Prologic plc

Announcement of Strategic Review

Prologic plc ("Prologic" or the "Company"), a leading IT solutions provider to fashion and lifestyle clients, announces that it has appointed Cobalt Corporate Finance to undertake a strategic review of the Company.

In its Interim Results announcement today, the Company reported that it had continued to perform profitably (before restructuring costs) throughout the first half of the current financial year, despite difficult trading conditions in the retail sector. During the six months ended 30 September 2011, the Company completed a restructuring of the business, resulting in a simpler, leaner management structure with clearer lines of responsibility and a cost base reduced by GBP1.12 million on an annualised basis.

Having completed the restructuring of the business, along with the recent launch of two major new software releases, the Board believes that the prospects of the business would be further strengthened by securing additional resources. In that regard, Prologic has appointed Cobalt Corporate Finance to undertake a strategic review of the business. At this stage, all options available to the Company are being considered and as such may or may not result in an offer being made for the Company.

Tom Fischer, CEO of Prologic, commented: "We took definitive action in restructuring the business earlier in the year and while the effect on our trading results is not yet apparent, we expect to see the benefits flowing through towards the end of the current financial year and beyond. Management is now focusing on securing additional resources to further strengthen the Company's prospects and to this end we look forward to working with Cobalt to identify the best way forward for the Company and its stakeholders."

Enquiries:

 
 Prologic plc 
  Tom Fischer, CEO 
  David Parry, Finance Director             01442 876 277 
 Arbuthnot Securities Limited (NOMAD and 
  Broker) 
  Ed Groome 
  Antonio Bossi                             020 7012 2000 
 Cobalt Corporate Finance 
  David Ford 
  Chris Williams                            020 7491 1271 
 Biddicks 
  Zoe Biddick                               020 3178 6378 
 

Disclosure in accordance with Rule 2.10 of the Takeover Code

In accordance with Rule 2.10 of the City Code on Takeovers and Mergers (the "Takeover Code"), Prologic has 10,000,000 ordinary shares of 0.5p each in issue, these being the only relevant securities it has in issue within the meaning of the Takeover Code. The ISIN reference number for these securities is GB00B01JDH34.

Dealing Disclosure Requirements

Under Rule 8.3(a) of the Takeover Code, any person who is interested in 1% or more of any class of relevant securities of Prologic or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified.

An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) Prologic and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 p.m. (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 p.m. (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of Prologic or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Takeover Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of Prologic or of any paper offeror must make a Dealing Disclosure if the person deals in any relevant securities of Prologic or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) Prologic and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 p.m. (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of Prologic or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by Prologic and by any offeror and Dealing Disclosures must also be made by Prologic, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of Prologic and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129.

This information is provided by RNS

The company news service from the London Stock Exchange

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