ENK PLC Approach from Potential Acquiror (6966I)
July 27 2012 - 7:00AM
UK Regulatory
TIDMENK
RNS Number : 6966I
ENK PLC
27 July 2012
APPROACH FROM POTENTIAL ACQUIROR
27 July 2012 - ENK plc ("ENK" or the "Company") (AIM, PLUS, ASX:
ENK) makes the following announcement with respect to potential
corporate activity involving the Company.
The Company has received an approach that may or may not lead to
an offer being made for all of the issued and to be issued share
capital of the Company. Discussions are at an early stage and there
can be no guarantee that a formal takeover offer will be made.
With the closing mid-market share price on 26 July 2012 of 13.75
pence (A$0.207), and a net asset value of 28.0 pence per share
(A$0.42), the company believes any offer would need to be at a
significant premium in order to recognise the full value of the
company's assets and significant technological expertise.
The Company has US$30 million in cash, another US$11 million
receivable over the next 5 months and is presently finalising the
Bankable Feasibility Study on its Acoje project. The Company's
Update and Quarterly Activities report released to the market on 26
July 2012 contains a full summary of the status of its assets and
projects.
In the event that an offer is made the Company has confirmed
with the Panel on Takeovers and Mergers that the UK Takeover Code
does not currently apply to the Company. Regardless, the Company
has urged the interested party to follow the UK Takeover Code as
much as practicable in order to ensure an orderly process.
Further updates will be made as appropriate.
For further information on the Company please see
www.enk.co.uk.
Yours faithfully,
Robert G M Gregory
Managing Director
For more information or to view a copy of this document, please
visit www.enk.co.uk or contact:
Robert Gregory, Managing Director, ENK Tel: +63 917 513 4970
Mark Hanlon, Finance Director, ENK Tel: +61 8 9226 1111
Chris Sim, Neil Elliot, Investec Tel: +44 20 7597 5970
Tim Blythe or Robert Kellner, Blythe Weigh Communications Tel: +44 20 7138 3204
This information is provided by RNS
The company news service from the London Stock Exchange
END
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