Directors' Irrevocable Undertakings
June 24 2010 - 12:17PM
UK Regulatory
TIDMCHLD
RNS Number : 2199O
Chloride Group PLC
24 June 2010
For immediate release
24 June 2010
Chloride Group PLC ("Chloride" or "the Company")
Directors' Irrevocable Undertakings
As disclosed in the announcement, dated 8 June 2010, made jointly by the boards
of directors of ABB Ltd ("ABB") and Chloride (the "Press Announcement"), ABB has
received irrevocable undertakings (the "Irrevocable Undertakings") dated 8 June
2010 from Mr. Gary Bullard and from Mr. Neil Warner, both directors of Chloride,
in respect of all of the Chloride Shares in which Mr. Bullard and Mr. Warner and
their respective family members are beneficially interested:
· to vote in favour of the Scheme and the resolutions to be proposed at the
Court Meeting and the General Meeting; and
· if the Acquisition is subsequently structured as a Takeover Offer, to
accept any Takeover Offer made by ABB.
Following ABB's receipt of the Irrevocable Undertakings and their disclosure in
the Press Announcement, Mr. Bullard and Mr Warner have both notified Chloride
and ABB of discrepancies in the original calculation of their total interests
for the purposes of the Irrevocable Undertakings. These discrepancies have
arisen as a result of the double counting of Chloride Shares owned by Mr.
Bullard's and Mr. Warner's family members. Accordingly, Mr. Bullard and Mr.
Warner have each notified ABB that they will no longer be able to procure
compliance with the terms of the Irrevocable Undertakings in respect of the
number of Chloride Shares referred to (in error) in those Irrevocable
Undertakings.
In the case of Mr. Bullard, the correct number of Chloride Shares beneficially
owned by Mr. Bullard and his family members that are subject to the terms of his
Irrevocable Undertaking is 45,000 Chloride Shares (representing approximately
0.017 per cent. of the existing issued share capital of Chloride), and not
65,000 Chloride Shares as stated in the Press Announcement.
In the case of Mr. Warner the correct number of Chloride Shares beneficially
owned by Mr. Warner and his family members that are subject to the terms of his
Irrevocable Undertaking is 258,389 Chloride Shares (representing approximately
0.098 per cent. of the existing issued share capital of Chloride), and not
274,555 Chloride Shares as stated in the Press Announcement.
This disclosure is being made by each of Mr. Bullard and Mr. Warner jointly with
ABB in accordance with Rule 2.11(d) of the Takeover Code.
Therefore, the total number of Chloride Shares over which irrevocable
undertakings have been given to ABB is 361,207 Chloride shares (representing
approx. 0.137 per cent. of the existing issued share capital of Chloride).
Capitalised terms used in this announcement but not defined have the meanings
given to them in the Press Announcement.
Enquiries
Chloride
Jon Messent
+44(0)20 7881 1440
Hudson Sandler
Andrew Hayes
+44(0)20 7796 4133
Kate Hough
This information is provided by RNS
The company news service from the London Stock Exchange
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