Offer Update - Withdrawal
May 14 2009 - 6:00AM
UK Regulatory
TIDMTLR
RNS Number : 2459S
Hallwood Financial Limited
14 May 2009
Regulatory Announcement
Company: Hallwood Financial Limited
Headline: Offer Update
Released: 13 May 2009
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR
FROM THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, SWITZERLAND, SOUTH AFRICA
OR JAPAN OR ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO
Second Revised Cash Offer by Hallwood Financial Limited for the entire issued
and to be issued ordinary share capital of The Local Radio Company plc not
already owned by Hallwood
Further to UKRD's announcement on 12 May 2009 that the Second Revised UKRD Offer
at 4 pence per TLR Share had been declared unconditional, Hallwood regretfully
announces that Hallwood's Second Revised Offer, which was announced on 5 May
2009, is withdrawn.
Such withdrawal is effected with the consent of the Panel, owing to the fact
that it is no longer possible for Hallwood's Second Revised Offer to obtain
acceptances in respect of TLR Shares which, together with TLR Shares acquired or
agreed to be acquired before or during the Second Revised Offer, carry in
aggregate more than 50 per cent. of the voting rights normally exercisable at a
general meeting of TLR.
Hallwood is not going to accept UKRD's offer of 4 pence per TLR Share.
Commenting on the withdrawal, Anthony Gumbiner, Chairman of Hallwood and
Non-executive Chairman of TLR, said, "It would be ungracious of me not to
congratulate UKRD on its victory and I wish UKRD well. To fight and win a
contested takeover battle is no small thing especially in the middle of the
recession. I will do all I can to make the Board transition as easy as
possible."
13 May 2009
For further information, please contact:
Hunton & Williams Tel: 020 7220 5700
(Legal Adviser to Hallwood)
Paul
Tetlow
Capitalised terms used in this Announcement have the same meanings as in
Hallwood's announcement of the Second Revised Offer on 5 May 2009.
The release, publication or distribution of this Announcement in jurisdictions
other than the UK may be restricted by law and therefore any persons who are nor
resident in the UK or who are subject to the laws of any jurisdiction other than
the UK should inform themselves about, and observe, any applicable
requirements. Any failure to comply with the applicable requirements may
constitute a violation of the securities laws of any such jurisdiction. This
Announcement has been prepared for the purpose of complying with English law and
the City Code and the information disclosed herein may not be the same as that
which would have been disclosed if this Announcement had been prepared in
accordance with the laws of jurisdictions outside the UK.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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