Snacktime PLC Response to statement by Uvenco UK Limited (4743A)
February 19 2014 - 10:20AM
UK Regulatory
TIDMSNAK
RNS Number : 4743A
Snacktime PLC
19 February 2014
Not for release, publication or distribution, in whole or in
part, in or into or from any jurisdiction where to do so would
constitute a violation of the relevant laws of such
jurisdiction
19 February 2014
SnackTime plc
Response to statement by Uvenco UK Limited
SnackTime ("SnackTime" or the "Company") notes today's
announcement by Uvenco UK Limited ("Uvenco") that it does not
intend to make an offer for the Company.
On 22 January 2014, following a sharp rise in its share price,
SnackTime announced that it had received a preliminary approach
from Uvenco in relation to a possible offer for the Company. In
accordance with Rule 2.6(a) of the City Code on Takeovers and
Mergers (the "Code"), Uvenco was required, by not later than 5.00
p.m. on 19 February 2014, to announce a firm intention to make an
offer for SnackTime in accordance with Rule 2.7 of the Code or
announce that it did not intend to make an offer.
SnackTime can confirm it is not in discussions with any other
party regarding a potential offer for the Company. Accordingly,
SnackTime is no longer in an offer period for the purposes of the
Code.
The Company's plans to integrate its three vending businesses
into one company, with a single senior management team and a common
software platform, by 31 March 2014 are well advanced and are
already demonstrating tangible benefits. The Company announced on
29 November 2013 that it had appointed Smith & Williamson
Corporate Finance to review strategic options in relation to
Drinkmaster, the Company's seal cup operation, which may result in
its divestment. As a consequence of the unsolicited approach from
Uvenco the process was put on hold. In light of Uvenco's
announcement today that it does not intend to make an offer for the
Company, the Board and its advisers are now in a position to resume
this process.
For further information:
SnackTime PLC 020 8879 8300
Jeremy Hamer, Chairman
Tim James, Finance Director
Westhouse Securities 020 7601 6100
Tom Griffiths/Richard Johnson
Martyn Fraser, Partner
Smith and Williamson Corporate Finance 0117 376 2062
This information is provided by RNS
The company news service from the London Stock Exchange
END
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