11 May 2009 08:11
11 May 2009
Bramdean Alternatives Limited (the "Company")
Director resignation
In light of recent media interest which has focused on the dispute between the Company's manager, Bramdean Asset Management LLP (the "Manager"), and Elsina Limited, the Company's largest shareholder, the Board has concluded that given the position of Peter Barton as Chairman of the Manager it is in the best interests of the Company for the Board to remain fully independent of the Manager.
As such Peter Barton has offered his resignation as a non executive director of the Company which the Board has accepted with immediate effect.
The Board wishes to thank Peter Barton for his contribution to the Company.
Enquiries:-
Bell Pottinger Corporate & Financial
David Rydell / Olly Scott 020 7861 3232
Cenkos Securities plc - Financial Adviser
Will Rogers / Dion Di Miceli 020 7397 1920 / 020 7397 1921
This announcement will be published on the Company's website www.bramdeanalternatives.com and will be sent to shareholders.
Dealing Disclosure Requirements:-
Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in one per cent. or more of any class of "relevant securities" of the Company, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such relevant securities) must be publicly disclosed by no later than 3.30pm (London time) on the London business day following the date of the relevant transaction.
This requirement will continue until the date on which any offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of the Company, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of the Company by the Company or by the potential offeror, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the UK Panel on Takeovers and Mergers' (the "Panel") website at www.thetakeoverpanel.org.uk.
"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.