Ablon Group Limited Update on possible offer for the Company (0487Y)
February 15 2013 - 12:57PM
UK Regulatory
TIDMABL
RNS Number : 0487Y
Ablon Group Limited
15 February 2013
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION
For Immediate Release 15 February 2013
Ablon Group Limited ("Ablon" or the "Company")
Update in relation to the announcement of a possible offer for
the Company
The Company made an announcement on 6 February 2013 relating to
a preliminary approach from CPI Group, a.s. ("CPI") and the
resignation of certain directors. As noted in that announcement,
CPI has indicated that it is considering a possible offer for the
entire issued and to be issued share capital of the Company at
22.50 p per ordinary share in cash, valuing the Company's entire
issued share capital at GBP30.8 million.
The board of directors of the Company (the "Board") has not yet
received notice of a firm offer for shares in the capital of the
Company from CPI or any other person. However, the Board has been
considering its response were an offer to be made at 22.50 p per
ordinary share in cash and believes that an offer at such price
would not fairly reflect the underlying value of the Company and
its assets, as more accurately reflected in the most recent Interim
Management Statement of 15 November 2012.
Nevertheless, the Board remains keen to examine all available
options, and is of the opinion that an offer at a fair price may be
in the interests of the Company as a whole and looks forward to
advising shareholders further were such an improved offer to be
made.
In accordance with Rule 2.6(a) of the Code, CPI must, by not
later than 5.00 p.m. on 6 March 2013, being the 28(th) day
following the date of the announcement on 6 February 2013, either
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. This
deadline will only be extended with the consent of the Panel in
accordance with Rule 2.6(c) of the Code.
Each member of the Board accepts responsibility for the
information contained in this announcement and, to the best of each
member of the Board's knowledge and belief (having taken all
reasonable care to ensure that such is the case), the information
contained in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such
information.
A further announcement will be made by the Board in due course,
as appropriate.
Enquiries:
Alex Borrelli / Adrienn Lovro
Ablon Group Limited
+44 7747 020 600/+36 1 225 6600
Roland Cornish/Emily Staples
Beaumont Cornish Limited
+44 207 628 3396
Beaumont Cornish Limited ("Beaumont Cornish") which is
authorised and regulated in the United Kingdom by The Financial
Services 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 Beaumont Cornish or for providing advice in relation
to the matters described in this announcement.
A copy of this announcement will be made available (subject to
certain restrictions relating to persons resident in restricted
jurisdictions) at http://www.ablon-group.com by no later than 12
noon (London time) on 18 February 2013, being the business date
following the date of this announcement.
About ABLON Group Limited
Founded in 1993 in Budapest (Hungary), ABLON and its
subsidiaries (together the "ABLON Group") has properties at 33
locations, of which there are 15 completed projects and 23
development projects in Budapest, Prague, Bucharest and Warsaw. Its
portfolio comprises a diversified mix of office, residential,
retail, logistics and hotel developments valued at EUR385 million
as at 30 June 2012. The ABLON Group had, as at 30 June 2012,
202,000 square metres of existing and income generating office,
residential, hotel, retail and logistics assets (at 15 locations)
in Budapest and Prague, with a significant development land bank
comprising a further 1,159,600 square metres (at 23 locations) in
Budapest, Prague, Bucharest and Warsaw. ABLON's shares are traded
on the Main Market of the London Stock Exchange under the ticker
'ABL'.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEAXASFSLDEFF
Ablon (LSE:ABL)
Historical Stock Chart
From Sep 2024 to Oct 2024
Ablon (LSE:ABL)
Historical Stock Chart
From Oct 2023 to Oct 2024