Response to Press Speculation (3535M)
August 15 2011 - 5:06AM
UK Regulatory
TIDMCOO TIDMEDGC
RNS Number : 3535M
Coolabi PLC
15 August 2011
Coolabi plc ("Coolabi" or the "Company")
Response to Press Speculation
Further to the announcement on 9 August 2011 and recent press
speculation, Coolabi confirms that it has received an approach from
North Promotions Limited, a company funded by Edge Performance VCT
plc ("Edge"), which may or may not lead to an offer being made for
the Company. Edge, managed by Edge Investment Management Limited,
is the Company's largest shareholder. Discussions remain at a very
early stage and there can be no certainty that these discussions
could lead to an offer for the Company.
A further announcement will be made when appropriate.
In accordance with Rule 2.10 of The City Code on Takeovers and
Mergers, Coolabi confirms that it has in issue and admitted to
trading on the London Stock Exchange 55,517,449 ordinary shares of
1p each under International Securities Identification Number
GB00B28PL418.
In addition, Coolabi confirms that it has in existence
GBP562,114 of convertible loan notes which can be converted at a
price of 6.75p per share.
15 August 2011
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Takeover Code (the
"Code"), if any person is, or becomes, "interested" (directly or
indirectly) in 1% or more of any class of "relevant securities" of
Coolabi, all "dealings" in any "relevant securities" of that
company (including by means of an option in respect of, or a
derivative referenced to, any such "relevant securities") must be
publicly disclosed by no later than 3.30 pm (London time) on the
London business day following the date of the relevant transaction.
This requirement will continue until the date on which the offer
becomes, or is declared, unconditional as to acceptances, lapses or
is otherwise withdrawn or on which the "offer period" otherwise
ends. If two or more persons act together pursuant to an agreement
or understanding, whether formal or informal, to acquire an
"interest" in "relevant securities" of Coolabi, they will be deemed
to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all "dealings" in
"relevant securities" of Coolabi by Coolabi, or by the potential
offerors, or by any of their respective "associates", must be
disclosed by no later than 12.00 noon (London time) on the London
business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose
"relevant securities" "dealings" should be disclosed, and the
number of such securities in issue, can be found on the Takeover
Panel's website at http://www.thetakeoverpanel.org.uk.
"Interests in securities" arise, in summary, when a person has
long economic exposure, whether conditional or absolute, to changes
in the price of securities. In particular, a person will be treated
as having an 'interest' by virtue of the ownership or control of
securities, or by virtue of any option in respect of, or derivative
referenced to, securities.
Terms in quotation marks are defined in the Code, which can also
be found on the Panel's website. If you are in any doubt as to
whether or not you are required to disclose a "dealing" under Rule
8, you should consult the Panel.
For further information, please contact:
Coolabi plc Tel: 01962 850 274
Stuart Lindsay,
Senior Independent Non-executive Director
Evolution Securities Tel: 020 7071 4300
Bobbie Hilliam / Chris Clarke
This information is provided by RNS
The company news service from the London Stock Exchange
END
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