Form 8 (OPD) Liberty PLC
May 19 2010 - 10:21AM
UK Regulatory
TIDMLBE
RNS Number : 2146M
BlueGem Capital Partners LLP
19 May 2010
+---------------------------------------------------------------------------+
| Press Announcement |
+---------------------------------------------------------------------------+
| For immediate release |
+---------------------------------------------------------------------------+
| 19 May 2010 |
+---------------------------------------------------------------------------+
| Company |
+---------------------------------------------------------------------------+
| BLUEGEM GAMMA LIMITED |
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| |
+---------------------------------------------------------------------------+
| Title |
+---------------------------------------------------------------------------+
| PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER |
| Rules 8.1 and 8.2 of the Takeover Code (the "Code") |
+---------------------------------------------------------------------------+
+--+-----------------------------------------+--------------+
| 1.| KEY INFORMATION | |
+--+-----------------------------------------+--------------+
| | | |
+--+-----------------------------------------+--------------+
| (a)| Identity of the party to the offer | BLUEGEM |
| | making the disclosure: | GAMMA |
| | | LIMITED |
+--+-----------------------------------------+--------------+
| | | |
+--+-----------------------------------------+--------------+
| (b)| Owner or controller of interests and | |
| | short positions disclosed, if different | |
| | from 1(a): | |
| | The naming of nominee or vehicle | |
| | companies is insufficient | |
+--+-----------------------------------------+--------------+
| | | |
+--+-----------------------------------------+--------------+
| (c)| Name of offeror/offeree in relation to | LIBERTY PLC |
| | whose relevant securities this form | |
| | relates: | |
| | Use a separate form for each party to | |
| | the offer | |
+--+-----------------------------------------+--------------+
| | | |
+--+-----------------------------------------+--------------+
| (d)| Is the party to the offer making the | OFFEROR |
| | disclosure the offeror or the offeree? | |
+--+-----------------------------------------+--------------+
| | | |
+--+-----------------------------------------+--------------+
| (e)| Date position held: | 19 MAY 2010 |
+--+-----------------------------------------+--------------+
| | | |
+--+-----------------------------------------+--------------+
| (f)| Has the party previously disclosed, or | NO |
| | is it today disclosing, under the Code | |
| | in respect of any other party to this | |
| | offer? | |
+--+-----------------------------------------+--------------+
| | | |
+--+-----------------------------------------+--------------+
| 2.| POSITIONS OF THE PARTY TO THE OFFER | |
| | MAKING THE DISCLOSURE | |
+--+-----------------------------------------+--------------+
| | | |
+--+-----------------------------------------+--------------+
| (a)| Interests and short positions in the | |
| | relevant securities of the offeror or | |
| | offeree to which the disclosure relates | |
+--+-----------------------------------------+--------------+
+--+--------------------+------------+--+------------+----+
| Class of relevant | | |
| security: | | |
+-----------------------+---------------+-----------------+
| | Interests |Short positions |
+-----------------------+---------------+-----------------+
| | Number |% | Number | % |
+-----------------------+------------+--+------------+----+
| (1)| Relevant | NIL | | NIL | |
| | securities owned | | | | |
| | and/or controlled: | | | | |
+--+--------------------+------------+--+------------+----+
| (2)| Derivatives (other | NIL | | NIL | |
| | than options): | | | | |
+--+--------------------+------------+--+------------+----+
| (3)| Options and | NIL | | NIL | |
| | agreements to | | | | |
| | purchase/sell: | | | | |
+--+--------------------+------------+--+------------+----+
| | TOTAL: | | | | |
+--+--------------------+------------+--+------------+----+
+-------------------------------------------------------------+
| All interests and all short positions should be disclosed. |
+-------------------------------------------------------------+
| |
+-------------------------------------------------------------+
| Details of any open derivative or option positions, or |
| agreements to purchase or sell relevant securities, should |
| be given on a Supplemental Form 8 (Open Positions). |
+-------------------------------------------------------------+
| |
+-------------------------------------------------------------+
| Details of any securities borrowing and lending positions |
| or financial collateral arrangements should be disclosed on |
| a Supplemental Form 8 (SBL). |
+-------------------------------------------------------------+
+--+--------------------------------------------+-----------+
| (b)| Rights to subscribe for new securities | |
+--+--------------------------------------------+-----------+
| | | |
+--+--------------------------------------------+-----------+
| | Class of relevant security in relation to | NONE |
| | which subscription right exists: | |
+--+--------------------------------------------+-----------+
| | | |
+--+--------------------------------------------+-----------+
| | Details, including nature of the rights | N/A |
| | concerned and relevant percentages: | |
+--+--------------------------------------------+-----------+
+-------------------------------------------------------------+
| If there are positions or rights to subscribe to disclose |
| in more than one class of relevant securities of the |
| offeror or offeree named in 1(c), copy table 2(a) or (b) |
| (as appropriate) for each additional class of relevant |
| security. |
+-------------------------------------------------------------+
+--+--------------------------------------------+-----------+
| (c)| Irrevocable commitments and letters of | |
| | intent | |
+--+--------------------------------------------+-----------+
+-------------------------------------------------------------+
| Details of any irrevocable commitments or letters of intent |
| procured by the party to the offer making the disclosure or |
| any person acting in concert with it (see Note 3 on Rule |
| 2.11 of the Code): |
+-------------------------------------------------------------+
| |
+-------------------------------------------------------------+
| Summary of principal terms of Liberty Offer Irrevocables |
+-------------------------------------------------------------+
| |
+-------------------------------------------------------------+
| BlueGem has received hard irrevocable undertakings as |
| follows: |
+-------------------------------------------------------------+
+--------------------------------------+------------+----------+
| MWB Retail Stores Shareholder | 15,440,412 | 68.3% |
| Limited | | |
+--------------------------------------+------------+----------+
| Cartesian Partners LP | 2,359,177 | 10.4% |
+--------------------------------------+------------+----------+
| Principle Capital Investments | 1,693,541 | 7.5% |
| Limited | | |
+--------------------------------------+------------+----------+
| MWB Management Services Limited | 6,997 | 0.0% |
+--------------------------------------+------------+----------+
| | | |
+--------------------------------------+------------+----------+
| Total hard irrevocables | 19,500,127 | 86.3% |
+--------------------------------------+------------+----------+
+-------------------------------------------------------------+
| Each person who has entered into a hard irrevocable |
| undertaking has undertaken (on its own behalf and on behalf |
| of its associates) inter alia not to (i) sell, transfer, |
| charge, encumber, grant any option over or otherwise |
| dispose of any interest in any ordinary shares such person |
| holds in Liberty; (ii) accept any other offer in respect of |
| its ordinary shares in Liberty; (iii) purchase, sell or |
| otherwise deal in ordinary shares in Liberty or any |
| interest therein; (iv) requisition any shareholder meeting |
| of Liberty; or (v) agree to do any of the things described |
| in (i) or (ii) above. |
+-------------------------------------------------------------+
| |
+-------------------------------------------------------------+
| Such persons have further undertaken inter alia to accept |
| or procure the acceptance of the Proposed Offer in respect |
| of their ordinary shares in Liberty and not to withdraw or |
| procure the withdrawal of such acceptance. |
+-------------------------------------------------------------+
| |
+-------------------------------------------------------------+
| From the time that a Proposed Offer is announced to the |
| time that a Proposed Offer becomes wholly unconditional, |
| lapses or is withdrawn, such persons have undertaken to |
| exercise votes (and or any other rights) attaching to their |
| ordinary shares in Liberty in accordance with BlueGem's |
| directions in relation to the passing or proposal of any |
| resolution necessary to implement the Proposed Offer or |
| which, if passed, might result in any condition of the |
| Proposed Offer not being fulfilled or which might impede or |
| frustrate the Proposed Offer. |
+-------------------------------------------------------------+
| |
+-------------------------------------------------------------+
| The undertakings provided by MWB, MWB Retail Stores |
| Shareholder Limited and MWB Management Services Limited are |
| conditional on the sale by MWB of the Relevant Liberty |
| Shares pursuant to the Proposed Offer being approved by |
| shareholders of MWB at a general meeting of the |
| shareholders of MWB. |
+-------------------------------------------------------------+
| |
+-------------------------------------------------------------+
| The undertakings shall also lapse and shall cease to be |
| binding if the Proposed Offer is not formally announced by |
| 8 June 2010; or if after the Proposed Offer is announced |
| the Panel on Takeovers and Mergers consents to BlueGem not |
| making the offer or an event occurs which means that |
| BlueGem is no longer required by the Takeover Code to |
| proceed with the Offer; or if the offer document and |
| associated form of acceptance in respect of the Proposed |
| Offer is not posted within 28 days of the formal |
| announcement of the Proposed Offer; or if the Proposed |
| Offer once formally announced lapses or is withdrawn in |
| accordance with the Takeover Code. |
+-------------------------------------------------------------+
| |
+-------------------------------------------------------------+
| In addition, the directors of Liberty have undertaken inter |
| alia (i) to recommend the Proposed Offer to the |
| shareholders of Liberty; (ii) not to solicit, initiate or |
| encourage any other person to make an offer for Liberty; |
| and (iii) except where required by his duties as a director |
| of Liberty or under the Takeover Code, and in any event |
| only in response to an unsolicited approach, not to enter |
| into or continue discussions or agreements with, or provide |
| any information to any person considering making such an |
| offer or otherwise take any action which might be |
| prejudicial to the outcome of the Proposed Offer. |
+-------------------------------------------------------------+
| |
+-------------------------------------------------------------+
| Capitalised terms above are as defined in the 2.4 |
| announcement dated 7 May 2010. |
+-------------------------------------------------------------+
+--+---------------------------------------------------------+
| 3.| POSITIONS OF PERSONS ACTING IN CONCERT WITH THE PARTY |
| | TO THE OFFER MAKING THE DISCLOSURE |
+--+---------------------------------------------------------+
+-------------------------------------------------------------+
| Details of any interests, short positions and rights to |
| subscribe of any person acting in concert with the party to |
| the offer making the disclosure: |
+-------------------------------------------------------------+
| N/A |
+-------------------------------------------------------------+
| |
+-------------------------------------------------------------+
| If there are positions or rights to subscribe to disclose |
| in more than one class of relevant securities of the |
| offeror or offeree named in 1(c), copy table 3 for each |
| additional class of relevant security. |
+-------------------------------------------------------------+
| |
+-------------------------------------------------------------+
| Details of any open derivative or option positions, or |
| agreements to purchase or sell relevant securities, should |
| be given on a Supplemental Form 8 (Open Positions). |
+-------------------------------------------------------------+
| |
+-------------------------------------------------------------+
| Details of any securities borrowing and lending positions |
| or financial collateral arrangements should be disclosed on |
| a Supplemental Form 8 (SBL). |
+-------------------------------------------------------------+
+--+---------------------------------------------------------+
| 4.| OTHER INFORMATION |
+--+---------------------------------------------------------+
| | |
+--+---------------------------------------------------------+
| (a)| Indemnity and other dealing arrangements |
+--+---------------------------------------------------------+
+-------------------------------------------------------------+
| Details of any indemnity or option arrangement, or any |
| agreement or understanding, formal or informal, relating to |
| relevant securities which may be an inducement to deal or |
| refrain from dealing entered into by the party to the offer |
| making the disclosure or any person acting in concert with |
| it: |
| If there are no such agreements, arrangements or |
| understandings, state "none" |
+-------------------------------------------------------------+
| NONE |
+-------------------------------------------------------------+
+--+---------------------------------------------------------+
| (b)| Agreements, arrangements or understandings relating to |
| | options or derivatives |
+--+---------------------------------------------------------+
+-------------------------------------------------------------+
| Details of any agreement, arrangement or understanding, |
| formal or informal, between the party to the offer making |
| the disclosure, or any person acting in concert with it, |
| and any other person relating to: |
| (i) the voting rights of any relevant securities under any |
| option; or |
| (ii) the voting rights or future acquisition or disposal |
| of any relevant securities to which any derivative is |
| referenced: |
| If there are no such agreements, arrangements or |
| understandings, state "none" |
+-------------------------------------------------------------+
| NONE |
+-------------------------------------------------------------+
+--+---------------------------------------------------------+
| (c)| Attachments |
+--+---------------------------------------------------------+
+-------------------------------------------------------------+
| Are any Supplemental Forms attached? |
+-------------------------------------------------------------+
+------------------------------------------+-----------------+
| Supplemental Form 8 (Open Positions) | NO |
+------------------------------------------+-----------------+
| Supplemental Form 8 (SBL) | NO |
+------------------------------------------+-----------------+
| | |
+------------------------------------------+-----------------+
| Date of disclosure: | 19 MAY 2010 |
+------------------------------------------+-----------------+
| | |
+------------------------------------------+-----------------+
| Contact name: | MARCO |
| | ANATRIELLO |
+------------------------------------------+-----------------+
| | |
+------------------------------------------+-----------------+
| Telephone number: | 020 7647 9714 |
+------------------------------------------+-----------------+
+---------------------------------------------------------------------------+
| Public disclosures under Rule 8 of the Code must be made to a Regulatory |
| Information Service and must also be emailed to the Takeover Panel at |
| monitoring@disclosure.org.uk. The Panel's Market Surveillance Unit is |
| available for consultation in relation to the Code's dealing disclosure |
| requirements on +44 (0)20 7638 0129. |
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| |
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| The Code can be viewed on the Panel's website at |
| www.thetakeoverpanel.org.uk. |
+---------------------------------------------------------------------------+
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