Hampson Industries PLC Statement re. Suspension (8833I)
July 31 2012 - 2:00AM
UK Regulatory
TIDMHAMP
RNS Number : 8833I
Hampson Industries PLC
31 July 2012
7am on 31 July 2012
Hampson Industries PLC
Suspension of Trading in Shares
End of Offer Period
Update on strategic review
As stated in previous announcements, the Board of Directors (the
"Board") of Hampson Industries PLC (the "Company" and, together
with its subsidiaries, the "Group") has been reviewing and
assessing the strategic options available to the Group.
The Company is due to publish its Report and Accounts for the
year ended 31 March 2012 by no later than today, 31 July 2012, as
required by Disclosure and Transparency Rule (DTR) 4.1.3. However,
due to the status and nature of the remaining financing and
strategic options available to the Group and following detailed
discussions with the Group's auditors, the Board has concluded that
the Company will not be in a position to publish those accounts
within that required timeframe. Accordingly, the Company has
requested an immediate suspension of trading in its shares.
As part of the process of reviewing the strategic options
available to the Group, the Board initiated a formal sale process
for the Company on 14 February 2012. Discussions have been held
with a number of potential acquirers to solicit an offer for the
shares in the Company but it has not been possible to progress
matters to a position where the Board is satisfied as to the
deliverability of a transaction involving an offer for the shares
in the Company. The Board has therefore today terminated the formal
sale process. As a consequence, the Company hereby confirms that it
is no longer in an offer period for the purposes of The City Code
on Takeovers and Mergers.
The Group continues actively to review its remaining financing
and strategic options with the objective of achieving a disposal of
its US and non-US operations with the support of its lenders. In
that context, the Group is entering into a period of exclusivity
with a third party in relation to a potential disposal of the
Group's US operations. In addition, the Group has entered into
covenant waivers in respect of its finance facilities (which are
anticipated to provide adequate working capital headroom for the
Group's operations) until 28 September 2012, to provide time to
implement either the disposals or a financial restructuring of the
Group's operations.
The Board does not expect the conclusion of any of the options
currently open to the Group to result in there being any value
remaining for existing shareholders.
Further announcements will be made as appropriate.
Enquiries:
M:Communications
Ann-marie Wilkinson / Maria Souvorov +44 207 920 2330
This information is provided by RNS
The company news service from the London Stock Exchange
END
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