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LONDON (Dow Jones)--SDI Group PLC (SDIG.LN), which designs, builds and supports integrated materials handling solutions, reported Friday a pretax loss of GBP18.8 million for fiscal 2010 and said its full year results have not been in line with its original expectations and there is a limited likelih
Read moreSDI Group is recommending a £2.84m management buyout two months after a bid team led by boss Gordon Smith first tabled its offer for the struggling automated warehousing systems firm. An initial approach on 10 May was priced at 2.6p a share in cash, a 23% discount to the previous session's closing
Read moreLONDON (Dow Jones)--The directors of FSU Investments Ltd. and the independent directors of SDI Group PLC (SDIG.LN), a provider of integrated materials handling solutions, said Friday they have reached agreement on the terms of a cash offer for SDI which values it at GBP2.8 million. MAIN FACTS:
Read more| form | uncertificated form, in CREST, and title to | | | which, by virtue of the Regulations, may be | | | transferred by means of CREST | +----------------+-----------------------------------------------+ | United | the United Ki
Read more| Date | of the Offer Document | +----------------+-----------------------------------------------+ | Form of | the form of acceptance and authority relating | | Acceptance | to the Offer which will accompany the Offer | | | Document for
Read moreFSU Investments to accept the Offer in respect of their beneficial and connected holdings of SDI Shares, and to waive any entitlement that they might have in relation to the Contingent Consideration, and have irrevocably instructed FSU Investments to apply the aggregate cash consideration that they
Read moredate on which the Offer becomes or is declared unconditional as to acceptances, whichever is the later. If the Offer so lapses, the Offer will cease to be capable of further acceptance and accepting SDI Shareholders and SDI will cease to be bound by any Form of Acceptance and/or Electronic Acceptanc
Read moreinstituted or threatened against it in relation to the suspension of payments, a moratorium of any indebtedness, its winding-up (voluntary or otherwise), dissolution, reorganisation or for the appointment of any receiver, administrator, administrative receiver, manager, trustee or similar officer of
Read morethe terms envisaged for such divestiture by FSU Investments or by any member of the Wider SDI Group of all or any part of its businesses, assets or property or impose any limitation on the ability of any of them to conduct their businesses (or any part thereof) or to own any of their assets or prope
Read moretransmitted or otherwise forwarded, distributed or sent in, into or from Canada, Australia or any other Restricted Jurisdiction and persons receiving this announcement (including, without limitation, custodians, nominees or trustees) must not mail or otherwise forward, distribute or send it in, into
Read moreThe Independent Directors (except for Steve Butler) intend to resign from the SDI Board shortly after the Offer becomes or is declared unconditional in all respects and agree to waive entitlements against SDI except for payments and benefits to which they are entitled under the terms of their letter
Read moreloss before tax post-exceptional items of GBP1.584m. Cash and cash equivalents have declined to GBP2.524m (including restricted cash of approximately GBP1.0m) from GBP5.816m. Accordingly, losses have continued to grow and the Independent Directors feel that there is limited likelihood of a dividend
Read moreonly be paid if and to the extent permitted by applicable law; · the obligation to pay the Contingent Consideration will remain a non-interest bearing and unsecured obligation of FSU Investments, and accordingly, in the event Contingent Consideration becomes payable and there is a default in p
Read moreIn accordance with Rule 19.11 of the Code, a copy of this announcement will be published on the SDI website: www.sdigroup.com. Forward-looking Statements This announcement, including information included or incorporated by reference in this announcement, may contain 'forward-looking statements' co
Read morerecommend that it is in the best interest of shareholders to achieve a current cash return on their investment by accepting the Offer." This summary should be read in conjunction with, and is subject to, the full text of the following announcement. The Offer will be made subject to the conditions s
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