RNS Number : 9245K
  Blue Oar PLC
  31 December 2008
   

    31 December 2008 


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

    Statement Re: Evolve offer

    The Board acknowledges the announcement by Evolve Capital plc ("Evolve") that its offer for Blue Oar has become unconditional in all
respects with acceptances reaching 50.5% of Blue Oar's issued share capital.

    The Board continues to believe that the Evolve offer undervalues Blue Oar and does not intend to recommend the offer, nor to accept the
offer in respect of their own shareholdings, whilst further negotiations on the future of the Group continue.  Although Evolve wishes Blue
Oar to cease to be quoted on AIM, this would require approval by 75% of votes at a general meeting, which is greater than Evolve's current
shareholding. Until such a vote takes place, shareholders may have the opportunity either to sell in the market at a price which may achieve
a higher value than that which could be obtained from the offer, or to remain shareholders in Blue Oar with the protections of the AIM
rules. Shareholders should be aware, however, that Evolve has indicated that it intends to de-list Blue Oar if it is able to secure the
necessary votes.

    Gavin Casey, who was appointed chairman of Blue Oar immediately before the announcement of the Evolve offer, is resigning from the board
with immediate effect.  As outgoing Chairman, Gavin Casey is planning not to accept the offer and to sell his shares in the market.
Commenting, he said:

    "Evolve's offer has succeeded, not on its merits, but because Evolve shareholders and associates held a substantial proportion of the
shares in Blue Oar before the bid was announced. I agreed to act as chairman during the period of the bid and believe that it is now right
to stand down. I wish Blue Oar shareholders, clients and staff all the very best for the future".  

    Evolve has invited management to propose a buyout plan for Blue Oar Securities, and has indicated that Blue Oar shares would be
acceptable, at least in part, as consideration for this deal. Consequently certain employees of Blue Oar Securities, Astaire & Partners and
Blue Oar Asset Management, including Blue Oar directors Andrew Monk, Mark Brumby and Peter Joy, are retaining their Blue Oar shares in
anticipation of a management-led employee buyout.

    Blue Oar has been informed that Evolve wishes to make several appointments to the Board.




    For further information please contact: 

    Gavin Casey                                                                                                            Tel: 07770 568
131

    Andrew Monk, Chief Executive Officer                                                                    Tel: 020 7448 4400
    Blue Oar Plc 
      
    James Britton / Richard Kauffer                                                                                Tel: 020 7418 8900 
    KBC Peel Hunt Ltd, Nominated Adviser and Broker

    Reg Hoare                                                                                                               Tel: 020 7360
4900 
    Smithfield, Financial PR


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