STATEMENT RE POSSIBLE OFFER
February 15 2010 - 2:00AM
UK Regulatory
TIDMRUGB TIDMIRET
RNS Number : 1209H
Rugby Estates Investment Trust PLC
14 February 2010
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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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| 14 FEBRUARY 2010 |
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| RUGBY ESTATES INVESTMENT TRUST PLC ("RUGBY REIT" OR THE |
| "COMPANY") |
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| |
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| STATEMENT REGARDING POSSIBLE OFFER FROM ING UK REAL ESTATE |
| INCOME TRUST ("ING UK REIT") |
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| |
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| Following the recent press speculation, the Board of Directors |
| of Rugby REIT announce that they are in preliminary discussions |
| with ING UK REIT with respect to a possible offer for the |
| Company. |
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| |
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| Discussions are ongoing and further announcements will be made |
| as appropriate. At this stage, there is no certainty that any |
| offer will be forthcoming, nor as to the terms on which any |
| offer might be made. |
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| |
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| Separately, and further to the announcement on 1 February 2010 |
| regarding the ongoing strategic review being undertaken by the |
| Company, the Board of Rugby REIT announces that CB Richard |
| Ellis Limited has completed its external valuation of the |
| Group's property portfolio as at 31 December 2009, valuing the |
| portfolio at GBP68.3 million on a market value basis. This |
| represents a like-for-like increase of 7.5 per cent. compared |
| to the valuation as at 31 October 2009 (GBP63.5 million). |
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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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| Enquiries: |
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| Rugby Estates Investment Trust | 07710 060714 |
| Plc | |
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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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| Edward Arkus | |
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| | |
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| Financial Dynamics | 020 7831 3113 / 07711 079150 |
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| Stephanie Highett | |
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| |
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| Hawkpoint Partners Limited, which is authorised and regulated |
| in the United Kingdom by the Financial Services Authority, is |
| acting for Rugby REIT and no-one else in connection with the |
| any possible offer and will not be responsible to anyone other |
| than Rugby REIT for providing the protections afforded to |
| clients of Hawkpoint Partners Limited or for giving advice in |
| relation to any possible offer. |
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| Rule 2.10 disclosure |
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| In accordance with Rule 2.10 of the City Code on Takeovers and |
| Mergers, the Company confirms that it has 58,940,581 ordinary |
| shares of 1p each in issue and admitted to trading on the |
| London Stock Exchange with ISIN code GB00B1VVM685 |
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| Dealing Disclosure Requirements |
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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 Rugby 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 the 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 Rugby 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 Rugby REIT by ING UK |
| REIT or by Rugby 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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