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Luceco PLC - London-based lighting manufacturer and distributor - Agrees with the Panel on Takeovers & Mergers that a previously identified 'concert party' is no longer a single concert party, but now two separate concert parties, distinct and independent for the purposes of the Takeover Code.
The two new concert parties are the Hornby Group, comprising Chief Executive John Hornby, certain family members and an investment vehicle associated with Hornby and his family, which has an 18% stake; and the Epic Group, comprising ESO Investments 2 Ltd, and Giles Brand, which has a 28% holding.
Individual members of these concert parties would now each be able to acquire further shares without triggering an obligation under Rule 9 of the Code to make an offer for the whole of its issued share capital, provided stakes do reach or exceed 30% of the share capital.
A concert party arises where persons co-operate to obtain or consolidate control of a company or to frustrate the successful outcome of an offer for a company.
Current stock price: 133.00 pence, down 1.0% in London on Monday
12-month change: up 1.7%
By Jeremy Cutler, Alliance News reporter
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