Statement re Possible Offer

    RNS Number : 6169G
  Dowgate Capital PLC
  24 October 2008
   

    24 October 2008

    DOWGATE CAPITAL PLC
    Comment on press speculation

    The Board of Dowgate Capital plc ("Dowgate" or the "Company") notes the press speculation that it is in discussions with Daniel Stewart
Securities plc and confirms that it is talks that may or may not lead to an offer being made for the Company. The talks are at an early
stage and are one of a number of options being considered.

    This announcement is not being made with the agreement or approval of Daniel Stewart Securities plc. There can be no certainty that an
offer will be made nor as to the terms on which any offer might be made.

    The Board will keep the market appraised of any developments. 

    Accordingly, under the rules of the Takeover Code, Dowgate is now in an offer period. Dowgate confirms, pursuant to Rule 2.10 of the
City Code on Takeovers and Mergers, that its issued share capital as at 23 October 2008 comprised 41,437,923 ordinary shares of 10 pence
each, of these, 1,950,833 shares are held in treasury.  Accordingly, the number of shares carrying voting rights is 39,737,090. The shares
are traded on AIM under International Securities Identification Number GB00B1VYT114.

    Dealing Disclosure Requirements

    Under the provisions of Rule 8.3 of the Takeover Code ("the Code"), if any person is, or becomes, "interested" (directly or indirectly)
in 1% or more of any class of "relevant securities" of Dowgate, all "dealings" in any "relevant securities" of that company (including by
means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than
3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the
date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer
period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to
acquire an "interest" in "relevant securities" of Dowgate, they will be deemed to be a single person for the purpose of Rule 8.3.

    Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of Dowgate by any offeror, or by any of its
respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the
relevant transaction.

    A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of
such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk. 

    "Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in
the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of
securities, or by virtue of any option in respect of, or derivative referenced to, securities. 

    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, you should consult the Panel.

    For further information please visit www.dowgatecapital.co.uk or contact:

 Tony Rawlinson, Chairman  Dowgate Capital Group plc  Tel: 020 7492 4777
 Neil Badger, Director                                 Tel: 01293 517744
                                                                        
 Philip Secrett                Grant Thornton UK LLP  Tel: 020 7383 5100
 Colin Aaronson                                                         
                                                                        
 Victoria Thomas           St Brides Media & Finance  Tel: 020 7236 1177
 Chris Welsh                                                            





This information is provided by RNS
The company news service from the London Stock Exchange
 
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