15 Jun 2009 17:00
Bramdean Alternatives Limited (the "Company")
Termination of offer discussions and update on board proposals The Company announced on 30 April 2009 that it had received an approach which may or may not lead to an offer being made for the entire share capital of the Company. This initial approach was made by Nicola Horlick. Nicola Horlick is also the beneficial owner of Petersfield Asset Management, a newly incorporated company which was disclosed as the proposed bidder for the Company on 9 June 2009. The Board has today decided to terminate discussions with Petersfield and Nicola Horlick regarding any proposed offer.Notwithstanding the above, Petersfield has indicated to the Board that it is not withdrawing its approach and therefore the Company remains in an offer period under the Takeover Code.The Board will following its discussions with holders owning 94 per cent of the shares actively seek to implement a corporate reconstruction which would provide shareholders with a choice of realising their holding and/or continuing their investment. The Board believes that such a reconstruction is in the best interests of all shareholders. The detail of this reconstruction will be announced as soon as practicable after the EGM on 18 June and further consultation with shareholders. Any reconstruction proposal is subject to the results of the EGM on 18 June 2009. Dealing Disclosure requirement:- Following the announcement made on 11 May 2009 the Company wishes to remind shareholders of the dealing disclosure requirements under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the "Code") insofar as they apply to the Company. Under Rule 8.3, if any person is, or becomes, "interested" (directly or indirectly) in one per cent. or more of a class of "relevant securities" of a company listed on the Panel's Disclosure Table, 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. As was made clear in the Company's announcement of 30 April, the Company has in issue two classes of relevant security as follows: i. Sterling participating shares of no par value, of which there are 90,715,319 such shares in issue; and ii. US Dollar participating shares of no par value, of which there are 78,573,876 such shares in issue. Each Sterling share carries 2.0194 votes, and each US Dollar share carries one vote, at a general meeting of the Company. Accordingly, the total number of voting rights in the Company is 261,764,391. A person will be treated as being subject to Rule 8.3 if he is interested in one per cent. or more of the Sterling shares or one per cent. or more of the US Dollar shares and should disclose any dealings in either of such class of relevant security accordingly. Such disclosure should include: - A. The number of US Dollar shares in which such person is interested and the percentage such interest represents of the total number of US Dollar shares in issue; and B. The number of Sterling shares in which such person is interested and the percentage such interest represents of the total number of Sterling shares in issue; and C. The total voting rights in the Company represented by the aggregate number of US Dollar and Sterling shares in which such person is interested. Shareholders making such announcements should continue to use Form 8.3 albeit as amended for the above purposes. Form 8.3 can be found on the website of the Takeover Panel at www.thetakeoverpanel.org.uk/disclosure/disclosure-forms <file://www.thetakeoverpanel.org.uk/disclosure/disclosure-forms> . If shareholders are in any doubt as to the revised disclosure requirements notified in this announcement they should contact the Market Surveillance Unit of the Takeover Panel. 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 and for the purpose of the requirements above. 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 and should be disclosed with the necessary changes having made. 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 <file://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. Enquiries Cenkos Securities plc- Financial Adviser Will Rogers/Dion Di Miceli 02073971920/1921
Bell Pottinger Corporate & Financial Tel. +44 (0) 20 7861 3232
David Rydell / Olly Scott RBC Offshore Fund Managers Limited Robin Amer 01481 744 000