Statement re intention not to make an offer
May 28 2009 - 10:14AM
UK Regulatory
TIDMZZZ TIDMSAM
Victor Haghani - Rule 2.8 Announcement
28 May 2009
SYNDICATE ASSET MANAGEMENT PLC ("SYNDICATE" OR THE "COMPANY")
On 11 May 2009, Victor Haghani announced that he was in the preliminary stage of
considering a potential offer for Syndicate. Victor Haghani can now confirm he
has no present intention of making an offer for the Company.
Under Rule 2.8 of the City Code on Takeovers and Mergers (the "City Code"), and
except with the consent of the Panel on Takeovers and Mergers (the "Panel"), the
statement in the preceding paragraph will prevent Victor Haghani or anyone
acting in concert with him from announcing an offer or possible offer for
Syndicate or taking certain other action within the next 6 months unless there
has occurred an event, as set out below, which enables the statement to be set
aside.
Accordingly, for the purposes of Rule 2.8 of the City Code, Victor Haghani
reserves the right (on behalf of himself and anyone acting in concert with him)
to announce an offer or possible offer for Syndicate and/or to take any other
action which would otherwise be restricted under Rule 2.8 of the City Code
within the next 6 months in the event that:
(i) the agreement or recommendation of the board of Syndicate is given to the
making of such an announcement or the taking of such other action; or
(ii) a third party announces an offer or possible offer for Syndicate; or
(iii) if any announcement is made by or on behalf of Syndicate that it is in
discussions which may or may not lead to an offer (or partial offer), or
formally or informally invites an offer (or partial offer) for Syndicate;
or
(iv) Syndicate announces a "whitewash proposal" or a "reverse takeover" (each as
defined in the City Code).
Enquiries:
Bruce Garrow
Collins Stewart Europe Limited
+44 (0) 207 523 8350
Victor Haghani accepts responsibility for the information contained in this
announcement. To the best of his knowledge and belief, 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.
Collins Stewart Europe Limited, which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting as corporate broker
to Victor Haghani and is acting for no-one else in connection with the potential
offer and will not be responsible to anyone other than Victor Haghani for
providing the protections afforded to clients of Collins Stewart Europe Limited
nor for providing advice in connection with the potential offer or any other
matter referred to herein.
A copy of this announcement is available at www.cygnet-capital.com
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