Baobab Resources PLC Amended Level of Acceptances (6734M)
May 08 2015 - 9:43AM
UK Regulatory
TIDMBAO
RNS Number : 6734M
Baobab Resources PLC
08 May 2015
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION
FOR IMMEDIATE RELEASE
8 May 2015
Baobab Resources Plc (the "Company")
De-Listing Proposal
and
Recommended Cash Takeover Offer
by
Redbird Investments Limited
to acquire the entire issued and to be issued ordinary share
capital of
Baobab Resources Plc
not already owned by Redbird or its associated entities
Amended Level of Acceptances
On 1 May 2015 Redbird Investments Limited ("Redbird") announced
that as at 1pm on 1 May 2015, its cash offer for all of the
Company's ordinary shares of 1 pence each ("Shares") not already
owned by Redbird (the "Offer") was closed for acceptance, having
received valid acceptances in respect of 166,345,621 Shares,
including an acceptance in respect of 1,500,000 Shares on behalf of
the Company's Chairman, Jeremy Dowler.
Redbird has since been made aware that additional acceptances,
on behalf of Jeremy Dowler, in relation to a further 3,925,000
Shares were mistakenly submitted and therefore included in the
previously announced level of acceptances. At the request of Mr
Dowler, Redbird has agreed that these additional acceptances be
recalled, such that Mr Dowler has accepted the Offer in respect of
only 1,500,000 Shares in line with his previously announced
intentions.
Furthermore, Redbird has agreed to treat as valid acceptances in
respect of 335,092 Shares received before 1pm on 1 May 2015, which
were incomplete and therefore treated as invalid and therefore not
included in the previously announced level of acceptances. The
Offer remains closed for acceptance.
As a result of the above, Redbird has now received valid
acceptances of the Offer in respect of 162,755,713 Shares
(representing approximately 46.55 per cent. of the issued share
capital of the Company). In addition, as at 27 March 2015, Redbird
owned 140,041,802 Shares, which represents 40.05 per cent. of the
issued share capital of the Company. Accordingly, Redbird either
owned or has received valid acceptances of the Offer in respect of
302,797,515 Shares, representing approximately 86.59 per cent. of
the issued share capital of the Company.
The percentages of Shares referred to in this announcement are
based upon a figure of 349,671,759 Shares in issue on the date of
this announcement.
The full terms and conditions of the Offer and the procedures
for acceptance thereof were set out in the offer document issued by
Redbird on 27 March 2015 (the "Offer Document").
Unless otherwise stated, defined terms used in this announcement
have the meaning ascribed to them in the Offer Document.
Enquiries:
Baobab Resources Plc
Ben James (Managing Director) Tel: +258 21 486 404
Jeremy Dowler (Chairman) Tel: +44 1372 450529
Frank Eagar (Finance Director) Tel: +27 76 753 5377
Canaccord Genuity Limited Tel: +44 20 7523 8000
(NOMAD, broker and financial
adviser to the Independent
Directors)
Henry Fitzgerald-O'Connor
Chris Fincken
GMP Securities Europe Tel: +44 20 7647 2800
LLP (financial adviser
to Redbird)
Richard Greenfield
Andrew Young
Further Information
GMP Securities Europe LLP ("GMP") is acting as financial adviser
to Redbird on the Offer. GMP, which is authorised and regulated in
the United Kingdom by the Financial Conduct Authority, is acting
exclusively for Redbird and no one else in connection with the
Offer and will not regard any other person as its client in
relation to the matters described herein and will not be
responsible to anyone other than Redbird for providing the
protections afforded to clients of GMP, nor for providing advice in
relation to the Offer or any matter or arrangement referred to in
this announcement.
Canaccord Genuity Limited is acting as financial and Rule 3
adviser to the Independent Directors on the Offer. Canaccord
Genuity Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting exclusively
for the Independent Directors and no one else in connection with
the Offer and will not be responsible to anyone other than the
Independent Directors for providing the protections afforded to
clients of Canaccord Genuity Limited nor for providing advice in
relation to matters described in this announcement, nor for
providing advice in relation to the Offer or any other matter or
arrangement referred to in this announcement.
This announcement is for information purposes only and does not
constitute an offer to sell or an invitation to purchase any
securities or the solicitation of an offer to buy any securities,
pursuant to the Offer or otherwise. The Offer is being made solely
by means of the Offer Document and the Form of Acceptance
accompanying the Offer Document, which contain the full terms and
Conditions of the Offer, including details of how the Offer may be
accepted. Any acceptance or other response to the proposals should
be made on the basis of the information in the Offer Document.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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