Travelzest plc Closure of formal sale process (8003P)
30 Outubro 2012 - 1:18PM
UK Regulatory
TIDMTVZ
RNS Number : 8003P
Travelzest plc
30 October 2012
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS IN THAT JURISDICTION.
30 October 2012
Travelzest plc
Closure of Formal Sale Process, end of Offer Period,
Negotiations re sale of Canadian Businesses and Assets and trading
update
The Independent Directors of Travelzest plc ("Travelzest" or the
"Company") make the following update announcement to
shareholders.
Closure of Formal Sales Process, end of Offer Period and
Negotiations on the Sale of the Canadian Business and Assets
As announced on 1 May 2012, the Independent Directors,
comprising Nigel Jenkins, Mark Molyneux and Richard Hall initiated
a formal sale process ("FSP") in order to seek a buyer of the
Company, to unlock and crystallise shareholder value through which
the Company might also be able to offer more opportunities for its
employees and other stakeholders.
The Company received indicative proposals in response to the FSP
from a number of parties. The Board decided that the most
attractive proposal received was an indication of interest from a
group supported by Jonathan Carroll, Chief Executive Officer, and
Adrian Cobbold, Chief Financial Officer, and their private equity
backers (together the "Management Team") with a view to the
Management Team acquiring its Canadian businesses and assets. The
Canadian business represents almost all of the revenues and future
profits of the group and if such a sale completed, Travelzest would
become a cash shell with no trading activity. The current proposals
being discussed value the Canadian business at a substantial
premium to the current market capitalisation of the Company. As a
result, the Independent Directors have terminated the FSP with
immediate effect to focus on negotiations with the Management Team
and the Company is no longer in an offer period under the Takeover
Code.
These negotiations are still at an early stage and there can be
no certainty that they will result in a sale that is acceptable to
the Board and shareholders.
The Company will continue to update the market as
appropriate.
The Board of Travelzest makes the following update announcement
to Shareholders.
Trading Update
The trading conditions in the Company's core Canadian markets
have been very encouraging for most of the financial year although
the Company has experienced some delay in bookings in the last six
weeks as our suppliers try to hold their price increases and our
customers wait to see if prices fall. Despite this, the Company
expects to achieve an improved trading result at the EBITDA level
both before and after exceptional items for the full year in
comparison to the previous year. We remain confident that our
leading position in the Canadian travel sector will continue to
provide exceptional opportunities for growth.
The UK businesses, all of which have either been sold, closed or
are due to close, are now a small part of the Group.
- Ends -
Enquiries:
Travelzest plc
Nigel Jenkins - Non-Executive Via Redleaf Polhill
Chairman
+44 (0)20 7566
Redleaf Polhill 6720
Rebecca Sanders-Hewett / Jenny travelzest@redleafpr.com
Bahr
Merchant Securities Limited +44 (0)20 7628
(Nominated Adviser and Broker) 2200
Simon Clements / Virginia
Bull
HW Corporate Finance LLP (Financial
Adviser)
Richard J Hall +44 (0)20 7965
6021
rhall@hwcf.co.uk
Notes to Editors:
Travelzest plc (LSE:TVZ.L) is a dynamic travel group, with a
collection of online travel retailers and specialized merchant
operators. Included in the Travelzest agency family are itravel2000
and The Cruise Professionals,holiday.co.uk and flight.co.uk.
Travelzest is traded on London's AIM Exchange under the symbol
TVZ.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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