MAE Mallett

RNS Number:8920T
Mallett PLC
07 May 2008

Mallett PLC ("Mallett" or the "Company")

         Notification of 2008 Repurchase Offer for outstanding B Shares

                                      and

                          B Share Continuing Dividend

Mallett announces that it has sent a letter to the holders of its outstanding B
Shares (the "Circular") informing them that, subject to certain conditions, a
further offer will be made for the outstanding B Shares by Landsbanki Securities
(UK) Limited (previously Teather & Greenwood Limited) ("Landsbanki") on 16 June
2008 (the "2008 Repurchase Offer"). In order to implement the 2008 Repurchase
Offer, the resolution numbered 12 in the notice of the 2008 annual general
meeting of the Company (the "Repurchase Resolution") must be passed as a special
resolution at the 2008 annual general meeting of the Company. Should the
Repurchase Resolution not be passed, the 2008 Repurchase Offer will not be made.

The B Shares were created in connection with the return of approximately #8.7
million to Mallett shareholders in June 2007, details of which were contained in
the circular to shareholders dated 14 May 2007.  The return of cash provided
shareholders with three alternatives in relation to their B Shares and, as a
result of elections made by certain shareholders to retain all or some of the B
Shares to which they became entitled pursuant to the return of cash, 147,000 B
Shares remain issued and outstanding.

The 2008 Repurchase Offer, which is expected to be made by means of a Regulatory
News Service announcement by Landsbanki on 16 June 2008, will offer the holders
of the outstanding B Shares the opportunity to sell their remaining B Shares to
Landsbanki (acting as principal) for 58 pence per B Share, free of all dealing
expenses and commissions.  Pursuant to the terms of the 2008 Repurchase Offer
(as set out in the Circular), participation in the 2008 Repurchase Offer will
require the return of a duly completed and executed Form of Acceptance (or the
giving of a relevant USE instruction) by 4.30pm on 13 June 2008.  Upon
completion of the 2008 Repurchase Offer, it is expected that cheques will be
despatched (for B Shares held in certificated form) and CREST accounts will be
credited (for B Shares held in uncertificated form) on or about 30 June 2008.

The terms of the expected 2008 Repurchase Offer, including the action to be
taken by the holders of B Shares, are contained in the Circular.

B Share Continuing Dividend

Mallett also announces that the non-cumulative preferential dividend payable on
the outstanding B Shares for the period to 14 June 2008, amounting to 2.7 pence
per B Share, will be paid by the Company on or about 16 June 2008.  The record
date for this dividend will be 30 May 2008.

Landsbanki is providing financial advice to Mallett only in connection with the
2008 Repurchase Offer, and no one else, and will not be responsible to holders
of B Shares for providing the protection afforded to clients of Landsbanki nor
for providing advice in relation to the 2008 Repurchase Offer.

This announcement should not be transmitted, distributed or released in or into
any jurisdiction in which such an act would constitute a violation of the
relevant laws of such jurisdiction.

The distribution of this announcement in or into jurisdictions other than the
United Kingdom may be restricted by local law and therefore persons into whose
possession this announcement or the Circular come should inform themselves about
and observe such restrictions. Any failure to comply with these restrictions may
constitute a violation of the securities laws of any such jurisdiction.

The 2008 Repurchase Offer is not being made to holders of B Shares in any
territory outside of the European Economic Area (including each of the member
states of the European Union).

Further information is available from:

Michael Smyth-Osbourne, Finance Director and Company Secretary - 020 7499 7411


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

MSCGGGGKFNNGRZM

Mallett (LSE:MAE)
Historical Stock Chart
From Sep 2024 to Oct 2024

Mallett (LSE:MAE)
Historical Stock Chart
From Oct 2023 to Oct 2024