Scheme Becomes Effective (6115J)
01 Juillet 2011 - 2:50PM
UK Regulatory
TIDMCHU
RNS Number : 6115J
Chaucer Holdings PLC
01 July 2011
1 July 2011
RECOMMENDED CASH ACQUISITION
OF
CHAUCER HOLDINGS PLC
BY
440 TESSERA LIMITED
A WHOLLY-OWNED SUBSIDIARY OF THE HANOVER INSURANCE GROUP,
INC.
(to be implemented by way of a scheme of arrangement
under Part 26 of the Companies Act 2006)
Scheme becomes effective
Further to the announcement made on 28 June 2011, the Directors
of Chaucer Holdings plc ("Chaucer") are pleased to announce that,
the Court having confirmed the necessary Reduction of Capital, the
scheme of arrangement under Part 26 of the Companies Act 2006 to
implement the acquisition of Chaucer by 440 Tessera Limited (a
wholly-owned subsidiary of The Hanover Insurance Group, Inc.)
("BidCo") has become effective in accordance with its terms.
The listing of Chaucer Shares on the Official List of the UK
Listing Authority will be cancelled and consequently the Chaucer
Shares will cease to be admitted to trading on the London Stock
Exchange, both with effect from 8 a.m. (London time) on 4 July
2011.
Elections for Loan Notes have been validly made with respect to
15,495,695 Chaucer Shares.
Settlement of the cash consideration in respect of the
Acquisition Price, and the issue of certificates in respect of the
Loan Notes issued pursuant to the Loan Note Alternative should be
effected by BidCo by no later than 15 July 2011.
Unless the context otherwise requires, terms defined in the
Scheme Circular published by Chaucer on 11 May 2011, as amended and
supplemented by the Supplementary Scheme Circular dated 20 May
2011, shall have the same meaning in this announcement.
Enquiries
Chaucer Tel: +44 (0) 20 7397 9700
Bob Stuchbery, Chief Executive
Kinmont Tel: +44 (0) 20 7087 9100
(Joint financial adviser to Chaucer)
John O'Malley
Mat Thackery
Willis Capital Markets & Advisory Tel: +44 (0) 20 3124
6000
(Joint financial adviser to Chaucer)
Michiel Bakker
John Philipsz
Numis Securities Limited Tel: +44 (0) 20 7260 1000
(Corporate broker to Chaucer)
Oliver Hemsley
Charles Farquhar
Citigate Dewe Rogerson Tel: +44 (0) 20 7638 9571
(PR adviser to Chaucer)
Justin Griffiths
Sarah Gestetner
Disclosure requirements
Under Rule 8.3(a) of the Code, any person who is, or becomes,
"interested" (directly or indirectly) in one per cent. 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. An "Opening Position Disclosure" by a
person to whom Rule 8.3(a) of the Code 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
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 one per cent. 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 of the
Code. A "Dealing Disclosure" by a person to whom Rule 8.3(b) of the
Code 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 an offeree company or a
paper offeror, they will be deemed to be a single person for the
purpose of Rule 8.3 of the Code.
"Opening Position Disclosures" must also be made by the offeree
company and by any paper offeror and "Dealing Disclosures" must
also be made by the offeree company, by any paper offeror and by
any persons acting in concert with any of them (see Rules 8.1, 8.2
and 8.4 of the Code).
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.
Terms in quotation marks are defined in the Code, which can also
be found on the Panel's website. If you are in any doubt as to
whether or not you are required to disclose a "dealing" under Rule
8 of the Code, you should contact an independent financial adviser
authorised by the FSA under FSMA or consult the Panel's website at
www.thetakeoverpanel.org.uk or contact the Panel on telephone
number +44 (0) 20 7638 0129.
A copy of this announcement will be available on the Chaucer
website at www.chaucerplc.com by no later than 12 noon (London
time) on 2 July 2011.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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