Result of Tender Offer
October 20 2009 - 10:47AM
UK Regulatory
TIDMTSE
RNS Number : 1059B
Touchstone Group PLC
20 October 2009
Touchstone Group plc
(Touchstone or the Company)
Results of Tender Offer
On 16 September 2009, the Company sent a circular to its shareholders (Circular)
with proposals in relation to, inter alia, the cancellation of the Company's
admission to trading on AIM, an invitation by Brewin Dolphin to Qualifying
Shareholders to tender up to 3,861,500 Ordinary Shares for sale to Brewin
Dolphin (Tender Offer) and a buy-back by the Company of the Ordinary Shares
purchased by Brewin Dolphin pursuant to the Tender Offer (or otherwise a
corresponding number of Ordinary Shares) (Buy-Back).
The Company is pleased to announce the result of the Tender Offer, which closed
at 1.00 pm on 19 October 2009.
A total of 266,116 Ordinary Shares, representing approximately 2.1 per cent. of
the issued Ordinary Share Capital (and approximately 6.9 per cent. of the
maximum number of Ordinary Shares that Brewin Dolphin offered to purchase under
the Tender Offer) were validly tendered (Tendered Shares).
The Tender Offer is expected to be effected on 22 October 2009 by Brewin Dolphin
purchasing the Tendered Shares as principal. Brewin Dolphin will then sell the
Tendered Shares (or otherwise a corresponding number of Ordinary Shares) to the
Company as a market purchase on AIM pursuant to the terms of the Repurchase
Agreement.
The CREST accounts of Shareholders who held their Tendered Shares in
uncertificated form are expected to be credited with the Tender Offer proceeds
on 26 October 2009 and cheques, with balance share certificates as appropriate,
are expected to be dispatched to Shareholders who held their Tendered Shares in
certificated form on the same day.
Ordinary Shares purchased under the Tender Offer (or otherwise a corresponding
number of Ordinary Shares) will be cancelled by the Company on completion of the
Tender Offer and the Buy-Back and the number of issued Ordinary Shares will
decrease accordingly.
Definitions used in the Circular apply in this announcement unless the context
requires otherwise.
For further information contact:
Keith Birch, Chief Executive Officer
Chris Butler, Finance Director
Touchstone Group plc 020 7121 4700
Matt Davis
Adam Rudd
Brewin Dolphin (NOMAD) 0845 213 4730
This information is provided by RNS
The company news service from the London Stock Exchange
END
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