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9 Feb 2012 13:15
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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 IN THAT JURISDICTION
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API Group plc
Response to shareholder letter
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For immediate release
9 February 2012
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The Board of API Group plc ("API" or the "Company") confirms that it has received a letter from Steel Partners Holdings L.P. ("Steel"), which owns 32.4% of API's issued share capital and has a representative on the Board, suggesting that the Company is put up for sale. The Board notes the announcement released by Steel this morning via PR Newswire and today's resulting share price movement.
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Steel indicated to the Board some months ago that it was considering a possible offer for the Company but, despite ongoing discussions, has not subsequently clarified its intentions. The statement from Steel that it is not their current intention to continue those discussions is noted.Β
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No other approaches or indicative offers for the Company have been received and the Board is not currently engaged in any sale process. However, the Board takes the views of all its shareholders extremely seriously and will give due consideration to the proposal from Steel and keep shareholders informed of any significant developments.
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API Group plc Tel: +44 (0) 1625 650334
Andrew Turner, Group Chief Executive
Chris Smith, Group Finance Director
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Altium - Financial Adviser Tel: +44 (0) 845 505 4343
Paul Lines
Simon Lord
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Cairn Financial Advisers LLP - NOMAD Tel: +44 (0) 20 7148 7900
Tony Rawlinson
Avi Robinson
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Numis - Corporate Broking Tel: +44 (0) 20 7260 1000
James Serjeant
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