Promethean PLC Update re. Offer and Proposed Transaction (4099M)
July 16 2014 - 2:00AM
UK Regulatory
TIDMPTH
RNS Number : 4099M
Promethean PLC
16 July 2014
16 July 2014
Promethean plc
("Promethean" or the "Company")
Update re. Offer and Proposed Transaction
The Board of Promethean plc announces that further to the
closing of the Offer at 5.00 p.m. on 15 July 2014, the Minimum
Acceptance Level has not been reached.
Completion of the Offer and the Proposed Transaction were
subject, amongst other things, to the receipt of acceptances from
PATF Participating Shareholders holding PATF Participating Shares
representing In Specie Assets valued at a minimum of GBP40 million.
This level of acceptances has not been reached. Therefore the Offer
has lapsed and the Proposed Transaction will not go ahead.
In light of the above, the Board intends to consult with the
Company's major shareholders in relation to alternative courses of
action and the options available to the Company. The TIS Group has
been trading ahead of the Board's expectations since publication of
the prospectus on 2 May 2014. Further announcements will be made in
due course.
Unless defined herein, capitalised terms used in this
announcement shall have the meaning attributed to them in the
prospectus published on 2 May 2014.
Enquiries:
SP Angel Corporate Finance LLP:
+44 (0)20 3463 2260
Stuart Gledhill
Jeff Keating
Laura Harrison
This information is provided by RNS
The company news service from the London Stock Exchange
END
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