RNS Number : 4848K
  Blue Oar PLC
  19 December 2008
   

                          19 December 2008

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


    Blue Oar repeats that shareholders should ignore Evolve's derisory and wholly inadequate offer.

    * Evolve has failed to provide a commercial rationale for the Offer - Evolve has limited cash and it wants Blue Oar's

    * Blue Oar reiterates that it is actively managing the cash position and has put in place a number of measures to improve cash flow and
operational efficiencies

    * Evolve has failed to explain why a rational shareholder would sell his Blue Oar shares at a substantial discount (now a massive
31.4%*) to the current price - the offer materially undervalues Blue Oar shares and is a transparent attempt by Evolve to get its hands on
them at a bargain price

    * Evolve has failed to answer questions about their directors' competence, record and ability to run the business - Blue Oar has a
strong, united Board, which is committed to the development of the business and is free from conflicts of interest

    Gavin Casey, Chairman, commenting said: 

    "Evolve has raised no points of merit and continues to waste the company's time and our shareholders' money by persisting with its
ill-conceived and derisory offer.

    We remain confident that Blue Oar will emerge well positioned to grow revenues and profitability.  Blue Oar expects to provide a full
update to shareholders in early January 2009."

    * Based on Evolve's bid price of 7p and Blue Oar's bid price of 10.5p, as at 18 December 2008

    For further information please contact: 

    Andrew Monk                                                                     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 Blue Oar directors accept responsibility for the information contained in this announcement, except that the only responsibility
accepted by them in respect of the information contained in this announcement relating to the Evolve Group and the Evolve directors, which
has been compiled from published sources, is to ensure that such information has been correctly and fairly reproduced and presented. To the
best of the knowledge and belief of the Blue Oar directors (who have taken all reasonable care to ensure that such is the case) the
information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such
information.

    Forward-looking statements:
    This announcement, including information included or incorporated by reference in this document, contains "forward-looking statements"
concerning Blue Oar. These statements are based on the current expectations of the board of Blue Oar and are naturally subject to
uncertainty and changes in circumstances. Generally, the words "will", "may", "should", "could", "would", "can", "continue", "opportunity",
"believes", "expects", "intends", "anticipates", "estimates" or similar expression identify forward-looking statements. Forward-looking
statements involve risk and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking
statements. Some of these risks and uncertainties relate to factors that are beyond Blue Oar's ability to control or estimate precisely,
such as future market conditions and the behaviours of other market participants. These include factors such as: local and global political
and economic conditions; significant price discounting by competitors; changes in customer habits and preferences; foreign exchange rate fluctuations and interest rate fluctuations (including those from
any potential credit rating decline); legal or regulatory developments and changes; the outcome of any litigation; the impact of any
acquisitions or similar transactions; competitive product and pricing pressures; success of business and operating initiatives; and changes
in the level of capital investment. Other unknown or unpredictable factors could cause actual results to differ materially from those in the
forward-looking statements. Given these risks and uncertainties, undue reliance should not be placed on forward-looking statements as a
prediction of actual results. Blue Oar assumes no obligation and does not intend to update these forward-looking statements whether as a
result of new information or otherwise, except as required pursuant to applicable law and regulation.

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
RSPTLBBTMMABBAP
Evolve Capital (LSE:EVOL)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Evolve Capital Charts.
Evolve Capital (LSE:EVOL)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Evolve Capital Charts.