Publication and posting of Tender Offer Circular (2483D)
March 18 2011 - 11:10AM
UK Regulatory
TIDMCLI
RNS Number : 2483D
CLS Holdings PLC
18 March 2011
18 March 2011
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
CLS Holdings plc
("CLS" or the "Company")
Proposed purchase of 1 in every 47 Ordinary Shares of 25p
each
in the Company ("Ordinary Shares") at 725 pence per share
by way of a tender offer (the "Tender Offer")
On 7 March 2011, the Board of CLS announced in its audited
results for the year ended 31 December 2010 its intention to
purchase 1 in every 46 Ordinary Shares by way of a tender offer at
700 pence per share. Since then, the Company's average share price
has risen such that the Board has determined to amend the ratio and
price to 1 in every 47 Ordinary Shares at 725 pence per share.
Today CLS has posted a circular to shareholders in relation to
the Tender Offer on the terms set out above. If the maximum number
of 991,239 Ordinary Shares is acquired under the Tender Offer, this
will result in approximately GBP7.2 million being paid by the
Company to participating shareholders.
The Tender Offer is open to all eligible shareholders on the
Company's register at 5.00pm on 15 April 2011, who may participate
by tendering all or a proportion of their holdings of Ordinary
Shares at the above price. No Ordinary Shares will be purchased in
relation to the Tender Offer unless the relevant resolution to be
proposed at the Annual General meeting of the Company to be held on
18 April 2011 (the 'AGM') is passed. The Tender Offer will be void
if less than 0.1 per cent. of the issued ordinary share capital of
the Company (excluding treasury shares) in aggregate is tendered.
The Ordinary Shares purchased under the Tender Offer will be
cancelled.
Copies of the Tender Offer circular and Tender Form have been
submitted to the UK Listing Authority's National Storage Mechanism
and will shortly be available at www.hemscott.com/nsm.do.
Full details of the Tender Offer are contained in circular which
will shortly be available on the CLS website at
www.clsholdings.com, in the Investor Relations section under
Financial Reports and Shareholder Documents. Copies of the
documents may also be obtained from the Company Secretary.
Enquiries:
David Fuller
Company Secretary
CLS Holdings plc
+44 (0) 20 7582 7766
Kinmont Limited
Jonathan Gray
+44 (0)20 7087 9100
Kinmont Limited is advising CLS in relation to the Tender Offer
and no one else and will not be responsible to anyone other than
CLS for providing the protections afforded to the customers of
Kinmont Limited nor for providing any advice in relation to the
Tender Offer.
This announcement, which has been issued by the Company and is
the sole responsibility of the Company, has been approved only for
the purposes of Section 21 of the Financial Services and Markets
Act 2000 of the United Kingdom by Kinmont Limited, 5 Clifford
Street, London W1S 2LG, a firm which is authorised and regulated in
the United Kingdom by the Financial Services Authority.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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