Announcement of Open Offer
August 06 2003 - 3:00AM
UK Regulatory
RNS Number:3698O
Mulberry Group PLC
06 August 2003
Mulberry Group plc
6 August 2003
MULBERRY GROUP plc ("Mulberry" or "the Company")
PROPOSED UNDERWRITTEN OPEN OFFER
APPROVAL OF WAIVER UNDER RULE 9 OF THE CITY CODE ON
TAKEOVERS AND MERGERS AND
ADOPTION OF NEW ARTICLES OF ASSOCIATION
The board of Mulberry Group plc announced today that it is raising #3.5 million,
before expenses, by way of an Underwritten Open Offer. A circular is being sent
to shareholders, details of which appear below.
Highlights:
* Proposed Open Offer of 12,613,463 New Ordinary Shares at 28p per share to
raise #3.5 million, before expenses, underwritten by Challice Limited ("
Challice") currently a 41.5% shareholder.
* Proposed issue of New Ordinary Shares to be made on the basis of 2 New
Ordinary Shares for every 7 Existing Ordinary Shares held by Qualifying
Shareholders.
* Approval of waiver under Rule 9 of The City Code on Takeovers and Mergers
to accommodate the increase in Challice's holding in the Company from 41.5%
to a maximum of 56.6%.
* Amendment of New Articles of Association to allow the maximum number of
Directors to be increased from 7 to 10.
* Notice of Extraordinary General Meeting to gain approval from Independent
Shareholders.
The expected timetable of principal events is as follows:
2003
Record date for Open Offer close of
Business on 1 August
Latest time and date for splitting (to satisfy bona fide market claims
only) 3.00 pm 27 August
Latest time and date for receipt of Application Forms and payment in
full under the Open Offer 3.00 pm 29 August
Latest time and date for receipt of Forms of Proxy in respect of the
Annual General Meeting and the Extraordinary General Meeting 10.00 am 30 August
Annual General Meeting 10.00 am 1 September
Extraordinary General Meeting 10.15 am 1 September
Admission and Dealings in New Ordinary Shares, commence on AIM 2 September
CREST stock accounts credited in respect of New Ordinary Shares 2 September
Definitive share certificates for New Ordinary Shares despatched by 9 September
Godfrey Davis, Chairman and Chief Executive, commented:
"The Board recommends shareholders to vote of favour of the open offer as the
money raised will ensure we are sufficiently funded to achieve our objective of
taking maximum advantage of the strengthening Mulberry brand and return to
profit. Our largest shareholder, Challice, has made its position quite clear and
fully demonstrated its confidence in Mulberry not only by confirming their
take-up of the Open Offer, but also by underwriting the whole issue."
Mulberry will also be announcing its results for the year ended 31 March 2003
today.
For further details please contact:
WMC Communications
David Wynne Morgan 020 7591 3999
Teather & Greenwood Limited
Christopher Hardie 020 7426 9576
Dugald Carlean 020 7426 9593
This information is provided by RNS
The company news service from the London Stock Exchange
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