Update on Possible Offer and Property Disposal


 

TIDMNDH 
 
RNS Number : 5626P 
Network Data Holdings PLC 
26 March 2009 
 

 
 
26 March 2009 
 
 
 
 
NETWORK DATA HOLDINGS PLC 
 
 
("Network Data" or the "Company") 
 
 
Update on Possible Offer and Property Disposal 
 
 
 
 
Further to the announcement made on 28 January 2009, confirming that the Company 
had received a preliminary approach which might or might not lead to an offer 
for the Company, the Board of Network Data has held discussions with a number of 
interested parties regarding the possibility of an offer. It has become apparent 
that a number of parties are interested in acquiring the broker network owned by 
the business, but none of the discussions have resulted in an acceptable 
potential offer for the Company. Accordingly, the Board announces that no offer 
has been made for the Company's ordinary shares and it is no longer in 
discussions with any party regarding the possibility of an offer for the 
Company's ordinary shares, therefore the Company is no longer in an offer 
period. 
 
 
The Board has concluded that in light of the financial position of the Company 
and the current difficult trading conditions in the mortgage broking market, it 
is in the best interests of the Company to pursue the approaches for the 
mortgage broking business. 
 
 
The Board also announces that whilst discussions continue with a number of 
interested parties regarding the possibility of an offer for its head office, 
Botleys Mansion, it has been informed by the party that made an offer for the 
property, as announced on 24 October 2008, that they are not able to complete 
the purchase of the property at the present time.  Accordingly, the Board does 
not anticipate an early disposal of the property. 
 
 
The company has sought the agreement of its bankers to continue to support the 
Company whilst it seeks an orderly disposal of both the mortgage network 
business and the property with a view to repaying debt and realising value for 
its shareholders. 
 
 
Further announcements will be made in due course 
 
 
 
 
Enquiries: 
 
 
Richard Griffiths 
Chief Executive, Network Data Holdings 
Tel: 01932 875 728 
 
 
John Riddell 
Noble & Company 
Tel: 020 7763 2200 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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