Offer Update and Cancellation of Trading on AIM (0329Q)
October 12 2011 - 5:07AM
UK Regulatory
TIDMCTN
RNS Number : 0329Q
ClearStream Technologies Group PLC
12 October 2011
ClearStream Technologies Group plc
("ClearStream")
Cancellation of trading on AIM
Update on Offer
Update on Offer
The Board notes the announcement made earlier today by Hastings
Investment Ireland Limited, a wholly owned subsidiary of C. R.
Bard, Inc., ("Bidco") that the offer by Bidco for the shares of
ClearStream (the "Offer"), has been declared unconditional as to
acceptances.
Bidco further announced that as at 1p.m. on 11 October 2011,
Bidco had received valid acceptances from ClearStream shareholders
in respect of a total of 43,189,402 ClearStream shares,
representing approximately 85.87 per cent. of the issued ordinary
share capital of ClearStream at that date.
The Board notes that all of the conditions to the Offer as set
out in the offer document dated 20 September 2011 have now been
satisfied or waived and, accordingly, the Offer has been declared
unconditional in all respects.
Bidco also stated its intention to exercise its rights pursuant
to the provisions of section 204 of the Irish Companies Act 1963 to
acquire compulsorily the remaining ClearStream Shares in respect of
which acceptances have not been acquired or agreed to be acquired
pursuant to the Offer on the same terms as the Offer.
Cancellation of Admission to Trading on AIM
In relation to the above, and at the request of Bidco,
ClearStream is applying to the London Stock Exchange for the
cancellation of admission to trading of ClearStream Shares on AIM
("Cancellation").
The London Stock Exchange has agreed that shareholder consent in
general meeting of ClearStream, which would otherwise be required
pursuant to AIM Rule 41, will not be required as the application
for Cancellation has been made by ClearStream after the Offer has
been declared wholly-unconditional and after Bidco has become the
beneficial owner of, or has received valid acceptances in respect
of, more than 75 per cent. of the issued share capital of
ClearStream.
Cancellation of the AIM quote is expected to be effective from
7.00am on 10 November 2011 or as soon as practicable
thereafter.
Cancellation will significantly reduce the liquidity and
marketability of any ClearStream shares that have not been accepted
to the Offer. Following the Cancellation, there will be no future
market for a ClearStream shareholder to realise their investment in
ClearStream. Shareholders are still able to buy and sell
ClearStream shares prior to the Cancellation.
Enquiries:
finnCap Tel: +44 (0) 20 7600 1658
Financial adviser to ClearStream
Marc Young
Charlotte Stranner
This information is provided by RNS
The company news service from the London Stock Exchange
END
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