Pochin's PLC Offer Update (4914D)
31 Mars 2014 - 8:00AM
UK Regulatory
TIDMPCH
RNS Number : 4914D
Pochin's PLC
31 March 2014
Pochin's PLC ("Pochin's" or the "Company")
Statement re. Possible Offer
Further to the previous announcements regarding the approach by
James Nicholson, Property Development Director, and the members of
the Cedric Pochin concert party (together "the Potential Offeror")
that may or may not lead to a cash offer with a share alternative
being made for the Company, the Independent Directors of Pochin's
can confirm that discussions are on-going and that in accordance
with Rule 2.6(c) of the City Code on Takeovers and Mergers (the
"Code"), the Takeover Panel has consented to a further extension of
the relevant deadline to allow those discussions to progress. The
new deadline either to announce a firm intention to make an offer
for the Company in accordance with Rule 2.7 of the Code or announce
that it does not intend to make an offer (in which case the
announcement will be treated as a statement to which Rule 2.8 of
the Code applies) is 5.00 pm on 28 April 2014. The revised deadline
will only be extended, if requested, with the consent of the Panel
in accordance with Rule 2.6(c) of the Code.
The Independent Directors consider that it remains in the best
interest of shareholders for discussions to continue with the
Potential Offeror.
This announcement is not an announcement of a firm intention to
make an offer under Rule 2.7 of the Code and there can be no
certainty that an offer will be made, nor as to the terms on which
any offer will be made.
A further announcement will be made in due course.
Contact:
Pochin's PLC
John Moss, Chief Executive
Nigel Rawlings, Finance
Director 01606 833 333
SPARK Advisory Partners
Limited
Sean Wyndham-Quin 0203 368 3553
Miriam Greenwood 0113 366 2270
Mark Brady 0113 366 2268
SPARK Advisory Partners Limited which is regulated in the United
Kingdom by The Financial Conduct Authority is acting for the
Company in relation to the matters described in this announcement
and is not advising any other person, and accordingly will not be
responsible to anyone other than the Company for providing the
protections afforded to customers of SPARK Advisory Partners
Limited or for providing advice in relation to the matters
described in this announcement.
The directors of Pochin's accept responsibility for the
information contained in this announcement. To the best of their
knowledge and belief (having taken all reasonable care to ensure
that such is the case), the information contained in this
announcement for which they are responsible is in accordance with
the facts and does not omit anything likely to affect the import of
such information.
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 securities exchange 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
securities exchange 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
securities exchange 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 securities exchange offeror is first
identified. Relevant persons who deal in the relevant securities of
the offeree company or of a securities exchange 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 securities exchange offeror must make a
Dealing Disclosure if the person deals in any relevant securities
of the offeree company or of any securities exchange 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 securities exchange 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
securities exchange offeror, they will be deemed to be a single
person for the purpose of Rule 8.3.
A copy of this announcement will be made available (subject to
certain restrictions relating to persons resident in restricted
jurisdictions)
http://www.pochins.plc.uk/investor-relations/announcements by no
later than 12 noon (London time) on 1 April 2014, being the date
following the date of this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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