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12 Sep 2008 16:43
For release: 12 September 2008
Braveheart Investment Group plc
("Braveheart" or the "Group")
Update on Offer
Braveheart announces that further to the Group's announcement on 18th July 2008, relating to a possible offer by Braveheart for ANGLE plc ("ANGLE"), the Board of Braveheart has reviewed its options and can confirm it is no longer considering making an offer for ANGLE.
For the purposes of Rule 2.8 and other relevant provisions of The City Code on Takeovers and Mergers ('City Code'), Braveheart reserves the right to announce an offer or possible offer or make or participate in an offer or possible offer for ANGLE (including the right to make or announce or participate in an offer or possible offer at any price or on any terms whatsoever) and/or take any other action which would otherwise be restricted under Rule 2.8 of the City Code at any time within the next six months in the event that:
(i) an agreement or recommendation from the Board of ANGLE is forthcoming; or
(ii) there is an announcement by a third party of a firm intention to make an offer for ANGLE; or
(iii) ANGLE announces a whitewash proposal (as described in note 1 of the Notes on Dispensations from Rule 9 of the City Code) or a reverse takeover (as described in note 2 on Rule 3.2 of the City Code); or
(iv) there is a material change in circumstances.
For further information please contact:
Noble & Company Limited
David Ovens, Director Tel: 0131 225 9677
Seymour Pierce Limited (nomad/broker to Braveheart)
Jeremy Garrett-Cox, Director Tel: 020 7107 8000
Tavistock Communications
Simon Hudson / Clemmie Carr Tel: 020 7920 3150
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