Damac Invest Co. LLC Statement re Possible Offer (9426V)
January 18 2013 - 12:29PM
UK Regulatory
TIDMNTA
RNS Number : 9426V
Damac Invest Co. LLC
18 January 2013
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.
NORTHACRE plc ("Northacre")
STATEMENT RE: POSSIBLE OFFER
ANNOUNCEMENT BY DAMAC INVEST CO. LLC ("Damac")
THIS IS AN ANNOUNCEMENT UNDER RULE 2.5 OF THE CITY CODE ON
TAKEOVERS AND MERGERS (THE "CODE") AND IS NOT AN ANNOUNCEMENT OF A
FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE
CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE, NOR AS TO THE TERMS
ON WHICH ANY OFFER WILL BE MADE.
Damac notes the recommended mandatory cash offer by Spadille
Limited ("Spadille") for Northacre plc announced on 17(th) January
2013 (the "Spadille Offer"). Damac currently owns 7,055,900 shares
in Northacre, representing 25.44% of the issued share capital of
Northacre.
Damac can confirm it is considering making a counter offer for
Northacre at a level higher than that currently being proposed by
Spadille (the "Damac Offer"). The Damac Offer will be conditional
on acceptances being received in respect of more than 50 per cent.
of the entire issued ordinary share capital of Northacre.
Northacre shareholders are urged not to take any action with
regard to the Spadille Offer until further notice.Damac will make a
further announcement in due course.
Damac is a UAE conglomerate and the largest privately owned
developer in the Middle East with substantial operations overseas.
Damac has the required operational and financial resources to
acquire and grow Northacre into a progressive and successful
business in the UK as part of the Damac family group of businesses,
and with access to Damac's own considerable financial/investment
resources.
18 January 2013
Press enquiries:
DAMAC INVEST CO LLC Name: Peter Borwing
E-mail: Peter.Bowring@damacgroup.com
Disclosure requirements of the Takeover Code (the "Code")
Under Rule 8.3(a) of the Code, any person who is interested in
1% or more of any class of relevant securities of an offeree
company or of any paper offeror (being any offeror other than an
offeror in respect of which it has been announced that its offer
is, or is likely to be, solely in cash) must make an Opening
Position Disclosure following the commencement of the offer period
and, if later, following the announcement in which any paper
offeror is first identified. An Opening Position Disclosure must
contain details of the person's interests and short positions in,
and rights to subscribe for, any relevant securities of each of (i)
the offeree company and (ii) any paper offeror(s). An Opening
Position Disclosure by a person to whom Rule 8.3(a) applies must be
made by no later than 3.30 pm (London time) on the 10th business
day following the commencement of the offer period and, if
appropriate, by no later than 3.30 pm (London time) on the 10th
business day following the announcement in which any paper offeror
is first identified. Relevant persons who deal in the relevant
securities of the offeree company or of a paper offeror prior to
the deadline for making an Opening Position Disclosure must instead
make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes,
interested in 1% or more of any class of relevant securities of the
offeree company or of any paper offeror must make a Dealing
Disclosure if the person deals in any relevant securities of the
offeree company or of any paper offeror. A Dealing Disclosure must
contain details of the dealing concerned and of the person's
interests and short positions in, and rights to subscribe for, any
relevant securities of each of (i) the offeree company and (ii) any
paper offeror, save to the extent that these details have
previously been disclosed under Rule 8. A Dealing Disclosure by a
person to whom Rule 8.3(b) applies must be made by no later than
3.30 pm (London time) on the business day following the date of the
relevant dealing.
If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire or control an
interest in relevant securities of an offeree company or a paper
offeror, they will be deemed to be a single person for the purpose
of Rule 8.3.
Opening Position Disclosures must also be made by the offeree
company and by any offeror and Dealing Disclosures must also be
made by the offeree company, by any offeror and by any persons
acting in concert with any of them (see Rules 8.1, 8.2 and
8.4).
Details of the offeree and offeror companies in respect of whose
relevant securities Opening Position Disclosures and Dealing
Disclosures must be made can be found in the Disclosure Table on
the Takeover Panel's website at www.thetakeoverpanel.org.uk,
including details of the number of relevant securities in issue,
when the offer period commenced and when any offeror was first
identified. You should contact the Panel's Market Surveillance Unit
on +44 (0)20 7638 0129 if you are in any doubt as to whether you
are required to make an Opening Position Disclosure or a Dealing
Disclosure.
This information is provided by RNS
The company news service from the London Stock Exchange
END
STRZMGMMNRDGFZM
Northacre (LSE:NTA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Northacre (LSE:NTA)
Historical Stock Chart
From Jul 2023 to Jul 2024