EVOL Evolve Capital

    RNS Number : 8746J
  Blue Oar PLC
  10 December 2008
   


    Blue Oar Plc
    ("Blue Oar" or the "Company")

    Rejection of Unsolicited offer from Evolve Capital Plc ("Evolve")

    On Monday 8th December 2008, Evolve announced its intention to make an all share offer for the issued and to be issued ordinary share
capital of Blue Oar.

    The offer by Evolve is entirely inadequate, has no merit and is an unwelcome distraction and expense for the business. It is wholly in
paper from a company with a current market capitalisation of less than �5 million.  

    Following yesterday's announcement by Evolve that it had posted an offer document to shareholders, the Directors of Blue Oar look
forward to writing to its shareholders shortly, in order to set out its full rejection to the Offer.

    Gavin Casey, Chairman of the Company, commenting on the offer said "The offer by Evolve significantly undervalues Blue Oar and is an
unwelcome distraction and expense for the business.  The Board will write to shareholders shortly setting out our reasons in rejecting the
Offer."

    In the meantime, the Company advises shareholders to take no action in relation to the Offer. A further announcement will follow in due
course.

    For further information please contact: 

    Andrew Monk/Chris Roberts                      Tel: 020 7448 4400 
    Blue Oar Plc                     

    James Britton / Nicholas Marren                Tel: 020 7418 8900 
    KBC Peel Hunt Ltd 

    Reg Hoare/Andrew Wilde                          Tel: 020 7360 4900 
    Smithfield

    The Directors accept responsibility for the information contained in this announcement and to the best of the knowledge and belief of
the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this document is in
accordance with the facts and does not omit anything likely to affect the import of such information.

    KBC Peel Hunt Ltd, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively
for Blue Oar Plc and no one else in connection with the Offer and will not be responsible to anyone other than Blue Oar Plc for providing
the protections afforded to customers of KBC Peel Hunt Ltd nor for providing advice in relation to the Offer or any other matter referred to
in this announcement.


This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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