Statement re Possible Offer
02 Junho 2010 - 3:00AM
UK Regulatory
TIDMPNE
RNS Number : 9163M
Preston North End PLC
02 June 2010
Preston North End plc
Statement re. Possible Offer
The board of directors of Preston North End plc ("the Company") confirms that
following receipt of the winding up petition served by HM Revenue and Customs on
14 May 2010 and the suspension of the Company's shares from trading on AIM the
Company has been looking for ways to resolve its financial difficulties. The
Board can now confirm that it is in discussions which may or may not lead to an
offer being made for the Company, by Deepdale PNE Holdings Limited ("DPNE"), a
newly incorporated company associated with Guild Ventures Limited and controlled
by Trevor Hemmings, which would value the Company's Ordinary Shares at GBP0.05
each. Guild Ventures Limited is the largest shareholder of the Company with a
holding of 923,765 shares representing approximately 28.02% of the ordinary
share capital of the Company.
Whilst these discussions are ongoing, there can be no certainty that an offer
will be made or as to the terms on which any offer would be made. A further
announcement will be made in due course, if and when appropriate.
In accordance with Rule 2.10 of the City Code on Takeovers and Mergers, the
Company confirms that, as at the close of business on 1 June 2010, its relevant
securities in issue consisted of 3,295,679 ordinary shares.
The Company's ordinary shares continue to remain suspended from trading on AIM.
The ISIN reference number for the ordinary shares of GBP1 each is GB0007015182.
This announcement is being made with the agreement and approval of DPNE.
For further information, please contact:-
+---------------------+---------------------+---------------------+
| | | |
| Kevin Abbott | Preston North End | Tel: 0844 856 1964 |
| | plc | |
| | | |
+---------------------+---------------------+---------------------+
| | | |
| Katy Mitchell | WH Ireland Limited | Tel: 0161 832 2174 |
| | | |
+---------------------+---------------------+---------------------+
Disclosure requirements of the Takeover Code (the "Code")
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any
class of relevant securities of an offeree company 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) the offeree company 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 pm (London time) on the 10th business day following the
commencement of the offer period and, if appropriate, by no later than 3.30 pm
(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 the offeree company 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 Code, any person who is, or becomes, interested in 1%
or more of any class of relevant securities of the offeree company or of any
paper offeror must make a Dealing Disclosure if the person deals in any relevant
securities of the offeree company 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) the offeree company 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 pm
(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 an offeree company 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 the offeree company and by any
offeror and Dealing Disclosures must also be made by the offeree company, 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 the offeree 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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