MWB Group Holdings PLC Sale Process for Shares in MWB Business Exchange (0934U)
December 21 2012 - 2:00AM
UK Regulatory
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RNS Number : 0934U
MWB Group Holdings PLC
20 December 2012
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT
JURISDICTION
20 December 2012
MWB Group Holdings Plc (in administration) ("MWB")
Commencement of Sale Process of Shares in MWB Business Exchange
Plc ("BX")
Further to the announcement today by Regus plc of a firm
intention to make an offer for the entire issued and to be issued
share capital of BX (the "Regus Offer"), the Joint Administrators
are pleased to announce that they are now commencing a sale process
for some or all of the 75.22% of the shares of BX (the "BX Shares")
held by MWB Property Limited ("MWBPL"), an indirect wholly owned
subsidiary of MWB. In accordance with their statutory duties, the
Joint Administrators are seeking to sell such shareholding and
realise the best price reasonably obtainable. Deloitte Corporate
Finance has been appointed to assist the Joint Administrators with
the sale process.
Under the terms of an irrevocable undertaking entered into by
MWBPL in relation to the Regus Offer (the "Irrevocable"), the key
terms of which are detailed in the Regus Offer announcement,
interested parties now have an eight week period, commencing
tomorrow (the "Marketing Period"), during which to submit a higher
offer for the BX Shares.
The sale process will be conducted in the following manner:
-- Parties interested in acquiring some or all of the BX Shares
are invited to contact Anup Shah or James Lewis of Deloitte
Corporate Finance, on the telephone number below, to request a
confidentiality agreement
-- It is currently anticipated by Deloitte Corporate Finance
that following the receipt of a signed confidentiality agreement, a
process letter and information pack would be made available to
participants
-- The process letter will set out the requirements of the sale
process and details as to what interested parties will need to
provide to the Joint Administrators for any proposal to be
acceptable to the Joint Administrators and consistent with the
requirements under the terms of the Irrevocable
-- Interested parties will also be asked to enter into a
confidentiality agreement with BX in connection with any
information that BX may make available
"Joint Administrators" refers to Neville Kahn and Philip Bowers
of Deloitte LLP, who were appointed as joint administrators of MWB
on 16 November 2012 and joint administrators of MWB Serviced Office
Holdings Limited on 10 December 2012.
For further information, please contact:
Deloitte Corporate Finance Tel: +44 (0)
Financial Adviser to the Joint 207 936 3000
Administrators and MWBPL
Anup Shah / James Lewis
This announcement is not intended to, and does not, constitute
or form part of any offer, invitation or the solicitation of an
offer to purchase, otherwise acquire, subscribe for, sell or
otherwise dispose of, any securities whether pursuant to this
announcement or otherwise. The distribution of this announcement in
jurisdictions outside the United Kingdom may be restricted by law
and therefore persons into whose possession this announcement comes
should inform themselves about, and observe, such restrictions. Any
failure to comply with the restrictions may constitute a violation
of the securities law of any such jurisdiction.
Deloitte Corporate Finance, a division of Deloitte LLP, is
acting for the Joint Administrators and MWBPL and no-one else in
connection with the sale process and will not be responsible to
anyone other than the Joint Administrators and MWBPL for providing
the protections offered to clients of Deloitte LLP or for providing
advice in relation to the sale process. Deloitte LLP is authorised
and regulated in the United Kingdom by the Financial Services
Authority in respect of regulated activities. Deloitte LLP can be
contacted at its principal office: 2 New Street Square, London EC4A
3BZ.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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