Response to Terra lapsing its offer
November 25 2009 - 4:43AM
UK Regulatory
TIDMRUGB TIDMTCF
RNS Number : 0505D
Rugby Estates Investment Trust PLC
25 November 2009
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| 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 SUCH JURISDICTION. |
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| PRESS ANNOUNCEMENT |
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| |
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| FOR IMMEDIATE RELEASE |
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| 25 NOVEMBER 2009 |
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| RUGBY ESTATES INVESTMENT TRUST PLC ("REIT" OR THE "COMPANY") |
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| STATEMENT REGARDING TERRA'S OFFER AND CONTINUING STRATEGIC REVIEW |
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| |
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| On 13 November 2009, the REIT Board wrote to REIT shareholders advising |
| them that it firmly believed that the offer of 41p per REIT ordinary |
| share (the "Offer") made by Terra Investments |
| Limited ("Terra") substantially undervalued REIT and unanimously |
| recommended that REIT |
| shareholders reject the Offer. |
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| |
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| The Board of REIT notes the announcement made by Terra earlier today, |
| that having not received sufficient valid acceptances to declare its |
| Offer unconditional, Terra has lapsed its Offer and that as a result the |
| Offer is no longer capable of acceptance. |
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| |
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| Separately and as previously stated, the Board of REIT actively continues |
| to review all strategic options available to the Company in order to |
| maximise the value of REIT for the benefit of all shareholders over the |
| short to medium term. |
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| Further announcements in relation to the Board's review of strategic |
| options will be made in due course. |
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| Enquiries: |
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| Rugby Estates Investment Trust Plc | 07710 060714 |
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| Philip Kendall (Non-Executive | |
| Chairman) | |
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| | |
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| Hawkpoint Partners Limited | 020 7665 4500 |
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| Ben Mingay | |
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| Edward Arkus | |
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| | |
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| Collins Stewart Europe Limited | 020 7523 8350 |
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| Hugh Field | |
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| Bruce Garrow | |
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| | |
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| Financial Dynamics | 020 7831 3113 |
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| Stephanie Highett | |
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| Dido Laurimore | |
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| Laurence Jones | |
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| | |
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| A copy of this announcement will be available on the website of the Company |
| at |
| http://www.rugbyreit.co.uk/. |
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| The directors of the Company accept responsibility for the information |
| contained in this announcement. To the best of the knowledge and belief of |
| the directors of the Company (who have taken all reasonable care to ensure |
| 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. |
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| Hawkpoint Partners Limited, which is authorised and regulated in the United |
| Kingdom by the Financial Services Authority, is acting for REIT and no-one |
| else in connection with the matters referred to herein and will not be |
| responsible to anyone other than REIT for providing the protections |
| afforded to clients of Hawkpoint Partners Limited or for giving advice in |
| relation to such matters. |
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| Collins Stewart Europe Limited, which is authorised and regulated in the |
| United Kingdom by the Financial Services Authority, is acting for REIT and |
| no-one else in connection with the matters referred to herein and will not |
| be responsible to anyone other than REIT for providing the protections |
| afforded to clients of Collins Stewart Europe Limited or for giving advice |
| in relation to such matters. |
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| Dealing Disclosure Requirements |
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| |
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| Under the provisions of Rule 8.3 of the Takeover Code, if any person is, or |
| becomes, "interested" (directly or indirectly) in 1% or more of any class |
| of "relevant securities" of REIT, all "dealings" in any "relevant |
| securities" of that company (including by means of an option in respect of, |
| or a derivative referenced to, any such "relevant securities") must be |
| publicly disclosed by no later than 3.30 p.m. (London time) on the London |
| business day following the date of the relevant transaction. This |
| requirement will continue until the date on which any offer becomes, or is |
| declared, unconditional as to acceptances, lapses or is otherwise withdrawn |
| or on which the "offer period" otherwise ends. If two or more persons act |
| together pursuant to an agreement or understanding, whether formal or |
| informal, to acquire an "interest" in "relevant securities" of REIT, they |
| will be deemed to be a single person for the purpose of Rule 8.3. |
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| Under the provisions of Rule 8.1 of the Takeover Code, all "dealings" in |
| "relevant securities" of REIT by any offeror or by REIT, or by any of their |
| respective "associates", must be disclosed by no later than 12.00 noon |
| (London time) on the London business day following the date of the relevant |
| transaction. |
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| A disclosure table, giving details of the companies in whose "relevant |
| securities" "dealings" should be disclosed, and the number of such |
| securities in issue, can be found on the Takeover Panel's website at |
| www.thetakeoverpanel.org.uk. |
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| "Interests in securities" arise, in summary, when a person has long |
| economic exposure, whether conditional or absolute, to changes in the price |
| of securities. In particular, a person will be treated as having an |
| "interest" by virtue of the ownership or control of securities, or by |
| virtue of any option in respect of, or derivative referenced to, |
| securities. |
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| Terms in quotation marks are defined in the Takeover Code, which can also |
| be found on the Panel's website. If you are in any doubt as to whether or |
| not you are required to disclose a "dealing" under Rule 8, you should |
| consult the Panel. |
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This information is provided by RNS
The company news service from the London Stock Exchange
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