27 Jan 2014 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM, ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
27 January 2014
TERMINATION OF FORMAL SALE PROCESS
Further to the announcement made on 24 December 2013, the Board of Albemarle & Bond Holdings plc ("Albemarle" or the "Company") confirms that, despite a number of proposals being received from interested parties through the course of the formal sale process under the City Code on Takeovers and Mergers (the "City Code") as announced on 2 December 2013, none of the proposals were deemed to represent a fair value for the Company.
As a result, the Board has decided to terminate the City Code formal sale process with immediate effect. The Panel on Takeovers and Mergers has confirmed that the Company is no longer in an offer period under the City Code and, accordingly, the requirement to make disclosures under Rule 8 of the City Code has now ceased.
In light of the cessation of the City Code formal sales process and as a result of ongoing discussions, the Company's lenders (the "Lenders") have agreed to extend the covenant deferral for a period up to 31 March 2014 whilst the Board continues to explore alternative options to maximise value for all stakeholders.
Whilst alternative options continue to be explored, the Board of Albemarle now believes that, depending on the final outcome, there may be limited value attributable to the ordinary shares.
A further announcement will be made in due course as appropriate.
For further information:
MHP Communications:
Reg Hoare 0203 128 8100
Katie Hunt
Simon Hockridge
Canaccord Genuity Limited:
NOMAD and broker Financial adviser
Piers Coombs 0207 523 8000 Lawrence Guthrie 0207 665 4642
Bruce Garrow 0207 523 8000 Shaun Holmes 0207 665 4682
Publication on Website
A copy of this announcement will be made available at www.albemarlebondplc.com
Canaccord Genuity Limited ("Canaccord"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for Albemarle & Bond Holdings plc (as financial adviser, nominated adviser and broker) and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than for Albemarle & Bond Holdings plc for providing the protections afforded to clients of Canaccord nor for providing advice in relation to the matters referred to in this announcement.