Form 8 (OPD) Lifeskills Education Limited (2053Z)
March 13 2012 - 3:00AM
UK Regulatory
TIDMSTA
RNS Number : 2053Z
Stagecoach Theatre Arts PLC
13 March 2012
FORM 8 (OPD)
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 making the disclosure: Lifeskills Education Limited ("lifeskills")
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(b) Owner or controller of interests and short positions disclosed, N/A
if different from 1(a):
The naming of nominee or vehicle companies is insufficient
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(c) Name of offeror/offeree in relation to whose relevant securities stagecoach theatre arts public Limited company
this form relates:
Use a separate form for each party to the offer
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(d) Is the party to the offer making the disclosure the offeror or OFFEROR
the offeree?
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(e) Date position held: 9 March 2012
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(f) Has the party previously disclosed, or is it today disclosing, NO
under the Code in respect
of any other party to this offer?
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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: 5p Ordinary shares
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Interests Short positions
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Number % Number %
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(1) Relevant securities owned and/or NIL N/A NIL N/A
controlled:
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(2) Derivatives (other than options): NIL N/A NIL N/A
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(3) Options and agreements to purchase/sell: 1,748,322 please see supplemental form 17.48% NIL N/A
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NIL N/A NIL N/A
TOTAL:
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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 which subscription right exists: NIL
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Details, including nature of the rights concerned and relevant percentages: N/A
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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):
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Definitions in this disclosure are taken from the 2.7 Announcement issued by Lifeskills Education
Limited ("Lifeskills") on 12 March 2012.
Lifeskills has received irrevocable undertakings to accept (or procure acceptance of, as the
case may be) the Offer in respect of the following Offer Shares and to vote (or procure the
voting) in favour of the Ordinary Resolution in respect of the following Eligible Voting Shares:
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Name of Shareholder Shares % capital
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Graham Cole 5,000 0.05%
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David Sprigg* 2,858,819 28.59%
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* Includes 782,216 Offer Shares held by David Sprigg's self invested personal pension (the
nominee of which is Smith & Williamson Nominees Limited) which David Sprigg has irrevocably
agreed to procure will accept the Offer and vote in favour of the Ordinary Resolution.
In addition they have received irrevocable undertakings to accept the Offer in respect of
the following Offer Shares from the following Stagecoach Shareholders:
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Name of Shareholder Shares % capital
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Stephanie Manuel* 1,523,850 15.24%
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* Includes 316,442 Offer Shares held by Stephanie Manuel's self invested personal pension
and 40,000 Offer Shares held on Stephanie Manuel's behalf by Smith & Williamson Nominees Limited
which Stephanie Manuel has irrevocably agreed to procure will accept the Offer.
Lifeskills has also received non-binding letters of intent from the following institutional
shareholders of Stagecoach to accept or procure acceptance of the Offer in respect of the
following Offer Shares and to vote or procure the vote in favour of the Ordinary Resolution
in respect of the following Eligible Voting Shares which they are able to exercise control
over:
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Name of Shareholder Shares % capital
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Hazell Carr Edwards FURB 465,000 4.65%*
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Heritage Capital Management Limited 300,000 3.00%*
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* Shareholding as at 9 March 2012, being the last business day prior to the date of the Offer
Document.
Accordingly, Lifeskills Education has received, in aggregate, letters of intent or irrevocable
undertakings in respect of a total of:
(a) 5,152,669 Offer Shares, to accept the Offer representing approximately 51.53 per cent.
of the Stagecoach Shares; and
(b) 3,628,819 Eligible Voting Shares to vote in favour of the Ordinary Resolution, representing
approximately 54.14 per cent. of the Eligible Voting Shares.
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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:
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The following Offeree directors are deemed to be acting in concert with Lifeskills:
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Director Number of STA Ordinary Shares Percentage of STA issued share Number of options over STA
capital shares
------------------ ------------------------------ -------------------------------- --------------------------------
Stephanie Manuel 3,047,700 30.85% Nil
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Richard Dawson 210,709 2.11% 275,113
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Mansoor Ishani 13,763 0.14% 371,454
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See section 4 (b)
Options are as detailed in the 2012 Interim Results issued on Feb 28th 2012
(http://www.stagecoach.co.uk/investor-relations/admin_docs.php#)
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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"
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None other than as set out in 2 (a) and 2(c) above.
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(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"
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Both Richard Dawson and Manzoor Ishani have voluntarily surrendered their options over Ordinary
Shares (set out in paragraph 3, above), having taken independent legal advice, and have waived
their rights under Rule 15 of the Code. Rule 15 of the Code would have required the Offeror
to have made an appropriate offer to them to ensure that their interests were safeguarded.
Consequently, the Panel has granted the Offeror a dispensation in respect of making an appropriate
offer under Rule 15.
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(c) Attachments
Are any Supplemental Forms attached?
Supplemental Form 8 (Open Positions) YES
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Supplemental Form 8 (SBL) NONE
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Date of disclosure: 13 MARCH 2012
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Contact name: SHIRIN GANDHI
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Telephone number: 0207 183 7592
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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.
The Code can be viewed on the Panel's website at
www.thetakeoverpanel.org.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
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