TIDMBOOM
RNS Number : 9307G
Boom Pictures Limited
04 July 2012
FORM 8 (OPD)
PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER
Rules 8.1 and 8.2 of the Takeover Code (the "Code")
1. KEY INFORMATION
(a) Identity of the party to the offer making the disclosure: Boom Pictures Limited ("Boom Pictures")
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(b) Owner or controller of interests and short positions disclosed, if
different from 1(a):
The naming of nominee or vehicle companies is insufficient
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(c) Name of offeror/offeree in relation to whose relevant securities this Boomerang Plus plc
form relates:
Use a separate form for each party to the offer
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(d) Is the party to the offer making the disclosure the offeror or the OFFEROR
offeree?
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(e) Date position held: 03 July 2012
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(f) Has the party previously disclosed, or is it today disclosing, under NO
the Code in respect If YES, specify which:
of any other party to this offer?
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2. POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE
(a) Interests and short positions in the relevant securities of
the offeror or offeree to which the disclosure relates
Class of relevant security: Ordinary shares of 1 penny each
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Interests Short positions
------------------------------------------------- ------------------- ------------------
Number % Number %
------------------------------------------------- ----------- ------ ----------- -----
(1) Relevant securities owned and/or controlled: None N/A None N/A
------------------------------------------------- ----------- ------ ----------- -----
(2) Derivatives (other than options): None N/A None N/A
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(3) Options and agreements to purchase/sell: None N/A None N/A
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None N/A None N/A
TOTAL:
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All interests and all short positions should be disclosed.
Details of any open derivative or option positions, or
agreements to purchase or sell relevant securities, should be given
on a Supplemental Form 8 (Open Positions).
Details of any securities borrowing and lending positions or
financial collateral arrangements should be disclosed on a
Supplemental Form 8 (SBL).
(b) Rights to subscribe for new securities
Class of relevant security in relation to which subscription right exists: None
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Details, including nature of the rights concerned and relevant percentages: N/A
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If there are positions or rights to subscribe to disclose in
more than one class of relevant securities of the offeror or
offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for
each additional class of relevant security.
(c) Irrevocable commitments and letters of intent
Details of any irrevocable commitments or letters of intent procured by the party to the offer
making the disclosure or any person acting in concert with it (see Note 3 on Rule 2.11 of
the Code):
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For the purposes of this section, please refer to the definitions attached at Annex 1. The
percentages are rounded to two decimal places.
Boom Pictures has received irrevocable undertakings to accept, or procure the acceptance,
of the Offer in respect of, in aggregate, 5,351,477 Boomerang Shares, representing approximately
58.40 per cent. of the existing and to be issued share capital of Boomerang.
1. Irrevocables from the Independent Directors of Boomerang
Boom Pictures has received irrevocable undertakings from the Independent Directors to accept,
or procure the acceptance of, the Offer in respect of a total of 13,111 Boomerang Shares,
representing approximately 0.14 per cent. of the existing and to be issued share capital of
Boomerang, comprised as follows:
Name Total number Percentage of Percentage of
of Boomerang existing share the entire issued
Shares capital of Boomerang and to be issued
as at 3 July share capital
2012 (%) of Boomerang
(%)
------------- -------------- ---------------------- -------------------
Roger Moore 13,111 0.15 0.14
------------- -------------- ---------------------- -------------------
The undertakings provided by the Independent Directors will continue to be binding, even in
the event of a higher offer for Boomerang by a competing third party and cannot be withdrawn
unless the offer lapses or is withdrawn.
2. Irrevocables from the Management Team
Boom Pictures has received irrevocable undertakings from the Management Team and persons connected
to them to accept, or procure the acceptance of, the Offer in respect of a total of 2,182,704
Boomerang Shares, representing approximately 23.82 per cent. of the existing and to be issued
share capital of Boomerang. This is comprised of Boomerang Shares in issue as at 3 July 2012
and Boomerang Options to be exercised and issued as set out in the following two tables:
SHARES Name Total number Percentage of Percentage of
of Boomerang the existing the entire issued
Shares issued share and to be issued
capital of Boomerang share capital
as at 3 July of Boomerang
2012 (%) (including Boomerang
Options to be
exercised) (%)
------------------ -------------- ---------------------- ----------------------
Huw Eurig Davies 1,144,385 12.81 12.49
------------------ -------------- ---------------------- ----------------------
David Eurig
Davies (father
of Huw Eurig
Davies) 1,132 0.01 0.01
------------------ -------------- ---------------------- ----------------------
Gareth Rees 447,571 5.01 4.88
------------------ -------------- ---------------------- ----------------------
Richard Moss 60,493 0.68 0.66
------------------ -------------- ---------------------- ----------------------
Gruffydd Davies 459,000 5.14 5.01
------------------ -------------- ---------------------- ----------------------
TOTAL 2,112,581 23.65 23.05
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In addition to the shares described above, the following members of the Management Team and
persons connected to them have given irrevocable undertakings to accept, or procure the acceptance
of, the Offer in respect of any Boomerang Shares that are acquired as a result of the exercise
of options held under the Boomerang Share Option Schemes, comprised as follows:
OPTIONS Name Total number Percentage of
of Boomerang the entire issued
Shares held and to be issued
under option share capital
of Boomerang
(%)
-------------------- -------------- -------------------
Mark Fenwick 13,725 0.15
-------------------- -------------- -------------------
Becca Evans
(wife of Gruffydd
Davies) 6,398 0.07
-------------------- -------------- -------------------
Nia Thomas 30,000 0.33
-------------------- -------------- -------------------
Dylan Davies 20,000 0.22
-------------------- -------------- -------------------
TOTAL 70,123 0.77
-------------------- -------------- -------------------
The undertakings provided by the Management Team will continue to be binding, even in the
event of a higher offer for Boomerang by a competing third party and cannot be withdrawn unless
the offer lapses or is withdrawn.
3. Other Boomerang Shareholders irrevocable undertakings
Boom Pictures has received irrevocable undertakings from other Independent Shareholders to
accept, or procure the acceptance of, the Offer in respect of a total of 3,155,662 Boomerang
Shares, representing approximately 34.44 per cent. of the of the existing and to be issued
share capital of Boomerang, comprised as follows:
Name Total number Percentage of Percentage of
of Boomerang the existing the entire issued
Shares issued share and to be issued
capital of Boomerang share capital
as at 3 July of Boomerang
2012 (%) (%)
------------------------- -------------- ---------------------- -------------------
Dafydd Richards 408,000 4.57 4.45
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Huw Jenkins 359,851 4.03 3.93
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Ronw and Elizabeth
Protheroe (undertaking
given by Ronw
Protheroe on
behalf of himself
and his wife) 609,319 6.82 6.65
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Barnard Nominees
Limited 633,494 7.09 6.91
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Downing LLP 359,934 4.03 3.93
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Rathbone Nominees
Limited 785,064 8.79 8.57
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TOTAL 3,155,662 35.33 34.44
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The undertakings provided Dafydd Richards, Huw Jenkins and Ronw and Elizabeth Protheroe will
continue to be binding, even in the event of a higher offer for Boomerang by a competing third
party and cannot be withdrawn unless the offer lapses or is withdrawn.
The undertakings given by Barnard Nominees Limited, Downing LLP and Rathbone Nominees Limited
will cease to be binding in the event that prior to 3.00p.m. on the fifth business day after
posting of the Offer Document, a person other than Boom Pictures announces a firm intention
to make an offer (whether or not recommended) for the entire issued share capital of Boomerang
at a price of not less than 10 per cent. above the Offer Price; or prior to such time and
date, a person other than Boom Pictures offers to acquire all or some of the Boomerang Shares
that are the subject of the undertaking at a price of not less than 10 per cent. above the
Offer Price.
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3. POSITIONS OF PERSONS ACTING IN CONCERT WITH THE PARTY TO THE OFFER MAKING THE DISCLOSURE
Details of any interests, short positions and rights to subscribe of any person acting in
concert with the party to the offer making the disclosure:
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For the purposes of this section, please refer to the definitions attached at Annex 1.
Set out below are details of the interests of holdings in Boomerang Shares and options held
under the Boomerang Share Option Schemes of those parties deemed to be acting in concert with
Boom Pictures as at 3 July 2012.
These interests are in respect of a total of 4,659,993 Boomerang Shares, representing approximately
52.17 per cent. of the existing issued share capital of Boomerang as at 3 July 2012, and 70,123
Boomerang Shares held under option, representing approximately 0.77 per cent. of the existing
and to be issued share capital of Boomerang.
Together, these interests represent approximately 51.62 per cent. of the entire issued and
to be issued share capital of Boomerang.
Percentage
Percentage of the entire
of the existing issued and
issued share Total number to be issued
Total number capital of of Boomerang share capital
of Boomerang Boomerang Shares held of Boomerang
Name Shares (%) under option (%)
-------------- -------------- ----------------- -------------- ---------------
Huw Eurig
Davies 2,334,484 26.14 0 25.48
-------------- -------------- ----------------- -------------- ---------------
David Eurig
Davies 1,132 0.01 0 0.01
-------------- -------------- ----------------- -------------- ---------------
Gareth Rees 918,000 10.28 0 10.02
-------------- -------------- ----------------- -------------- ---------------
Mark Fenwick 357,000 4.00 13,725 4.05
-------------- -------------- ----------------- -------------- ---------------
Richard Moss 131,377 1.47 0 1.43
-------------- -------------- ----------------- -------------- ---------------
Gruffydd
Davies 918,000 10.28 0 10.02
-------------- -------------- ----------------- -------------- ---------------
Becca Evans 0 0 6,398 0.07
-------------- -------------- ----------------- -------------- ---------------
Nia Thomas 0 0 30,000 0.33
-------------- -------------- ----------------- -------------- ---------------
Dylan Davies 0 0 20,000 0.22
-------------- -------------- ----------------- -------------- ---------------
TOTAL 4,659,993 52.17 70,123 51.62
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Further details on the options held under the Boomerang Share Option Schemes which have an
exercise price of less than the Offer Price of those parties deemed to be acting in concert
with Boom Pictures are as follows:
Number of Exercise
Boomerang Price
Options
Name Details Grant Date held Expiry date
-------------- ------------------- ------------- ----------- ------------ ---------
Member of
the Management
Mark Fenwick Team 29.09.2006 13,725 29.09.2016 36p
-------------- ------------------- ------------- ----------- ------------ ---------
Member of 29.09.2006 10,000 29.09.2016 36p
the Management
Nia Thomas Team 30.06.2005 20,000 30.06.2015 25p
-------------- ------------------- ------------- ----------- ------------ ---------
Member of 29.09.2006 5,000 29.09.2016 36p
the Management
Dylan Davies Team 30.06.2005 15,000 30.06.2015 25p
-------------- ------------------- ------------- ----------- ------------ ---------
Wife of
Gruffydd
Davies (Member
of the Management
Becca Evans Team 29.09.2006 6,398 29.09.2016 36p
-------------- ------------------- ------------- ----------- ------------ ---------
It has not been practicable for Boom Pictures to make enquiries of all of its concert parties
in advance of releasing this Opening Position Disclosure and, therefore, this Opening Position
Disclosure does not include all relevant details in respect of Boom Picture's concert parties.
Boom Pictures confirms that a further disclosure in accordance with Rule 8.1(a) and Note 2(a)(i)
on Rule 8 of the Code will be made as soon as possible, if required.
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If there are positions or rights to subscribe to disclose in
more than one class of relevant securities of the offeror or
offeree named in 1(c), copy table 3 for each additional class of
relevant security.
Details of any open derivative or option positions, or
agreements to purchase or sell relevant securities, should be given
on a Supplemental Form 8 (Open Positions).
Details of any securities borrowing and lending positions or
financial collateral arrangements should be disclosed on a
Supplemental Form 8 (SBL).
4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal
or informal, relating to relevant securities which may be an inducement to deal or refrain
from dealing entered into by the party to the offer making the disclosure or any person acting
in concert with it:
If there are no such agreements, arrangements or understandings, state "none"
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None
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(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the party
to the offer making the disclosure, or any person acting in concert with it, and any other
person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which
any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
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None
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(c) Attachments
Are any Supplemental Forms attached?
Supplemental Form 8 (Open Positions) NO
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Supplemental Form 8 (SBL) NO
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Date of disclosure: 4 July 2012
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Contact name: Mark Fenwick
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Telephone number: 029 2067 1500
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Public disclosures under Rule 8 of the Code must be made to a
Regulatory Information Service and must also be emailed to the
Takeover Panel at monitoring@disclosure.org.uk. The Panel's Market
Surveillance Unit is available for consultation in relation to the
Code's dealing disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at
www.thetakeoverpanel.org.uk.
Annex 1
"Boom Pictures" Boom Pictures Limited, a private limited
company registered in England and Wales
under number 7922831
"Boomerang" Boomerang Plus plc, a public limited company
registered in England and Wales under number
2936337
"Boomerang Options" the options granted under or pursuant to
the Boomerang Share Option Schemes
"Boomerang Shareholders" registered holders of Boomerang Shares from
time to time
"Boomerang Share the Boomerang 2005 Enterprise Management
Option Schemes" Incentive Plan and the Boomerang 2006 Unapproved
Share Option Plan
"Boomerang Shares" the existing unconditionally allotted or
issued and fully paid (or credited as fully
paid) ordinary shares of GBP0.01 pence each
in Boomerang and any further such shares
which are unconditionally allotted or issued
fully paid (or credited as fully paid) in
each case prior to the time at which the
Offer ceases to be open for acceptance (or
such earlier time, as Boom Pictures may,
with the Panel's consent or in accordance
with the Code, decide), including shares
unconditionally allotted or issued pursuant
to the exercise of options under the Boomerang
Share Option Schemes or otherwise
"Independent the independent directors of Boomerang,
Directors" being Richard Huntingford, (Non-Executive
Chairman), Roger Moore (Non-Executive Director)
and Linda James (Non-Executive Director)
"Management Team" Huw Eurig Davies, Mark Fenwick, Gareth Rees,
Nia Thomas, Richard Moss, Dylan Davies and
Gruffydd Davies
"Offer" the recommended cash offer, to acquire at
the Offer Price all of the Offer Shares,
made by Boom Pictures on the terms and conditions
set out in the Offer Document and the Form
of Acceptance and including, where the context
admits, any subsequent revision, variation,
extension or renewal of such offer
"Offer Document" the offer document in relation to the Offer
to be posted on or around 4 July 2012
"Offer Price" 77 pence per Offer Share
"Offer Share" all of the Boomerang Shares, excluding the
Roll-over Shares
"Roll-over Shares" the Boomerang Shares held by the Management
Team which are to transferred to Boom Pictures
pursuant to a share exchange deed dated
3 July 2012
This information is provided by RNS
The company news service from the London Stock Exchange
END
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