ISG PLC Response to Mandatory Offer (5486N)
February 01 2016 - 2:00AM
UK Regulatory
TIDMISG
RNS Number : 5486N
ISG PLC
01 February 2016
1 February 2016
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 OR REGULATIONS OF THAT
JURISDICTION
ISG plc ("ISG" or the "Company")
Response to Mandatory Offer of 171p per share
The Board of ISG notes the announcement by Cathexis UK Holdings
Limited ("Cathexis") that its revised offer of 171p per share is
now a mandatory offer for ISG, which is only conditional on
Cathexis receiving acceptances to give it, and persons acting in
concert with it, ISG shares carrying, in aggregate, more than 50%
of the Company's voting rights (the "Mandatory Offer").
The Board of ISG continues to strongly advise all shareholders
to take no action and, in particular, not to sell their ISG shares.
Shareholders will note that Cathexis acquired a small number of
shares on Friday and it is possible that Cathexis will seek to
continue acquiring ISG shares in the market at up to 171p (the
level of the Mandatory Offer) which not only risks a change in
control but could also, separately, place the Company's dividend at
risk for all shareholders.
The Board will be issuing its formal response to the Mandatory
Offer once the next offer document has been posted.
The Board reminds shareholders of the previous very low level of
shareholder acceptance (1.7%) of Cathexis' unsolicited offer of
143p per share and the very small incremental purchase of 0.6% of
ISG shares on Friday.
ALL ISG SHAREHOLDERS ARE ADVISED TO TAKE NO ACTION
WHATSOEVER.
Enquiries:
ISG plc
David Lawther, Chief Executive Officer 020 7392 5250
Jonathan Houlton, Group Finance Director
Numis
Michael Meade 020 7260 1000
Stuart Ord
Ben Stoop
Instinctif
Matthew Smallwood, Helen Tarbet 020 7457 2020
Disclaimer
Numis Securities Limited, which is authorised and regulated in
the United Kingdom by the Financial Conduct Authority, is acting
exclusively for ISG and no one else in connection with the
Mandatory Offer and the contents of this announcement and will not
be responsible to anyone other than ISG for providing the
protections afforded to its clients nor for providing advice in
connection with the Mandatory Offer or any matter referred to
herein.
Publication on Website
A copy of this announcement will be available on the Company's
website (www.isgplc.com) by no later than 12 noon (London time) on
2 February 2016. The content of the website referred to in this
announcement is not incorporated into and does not form part of
this announcement.
Responsibility statement
The Directors of ISG accept responsibility for the information
contained in this announcement. To the best of the knowledge and
belief of the Directors, who have taken all reasonable care to
ensure 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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