Saint Gobain Or Regulatory News (COD)

3 Jul 2008 13:29



Gibbs and Dandy plc 

3 July 2008

Recommended Proposals for the acquisition of Gibbs and Dandy plc ("' Gibbs and Dandy" or the "Company") by Saint-Gobain Building Distribution Limited ("SGBD"), a wholly-owned subsidiary of Compagnie de Saint-Gobain ("Saint-Gobain") 

 Delisting of Gibbs and Dandy Ordinary Shares

The Company announces that it has applied to the United Kingdom Listing Authority for the cancellation of listing on the Official List and of admission to trading on the London Stock Exchange of Gibbs and Dandy's ordinary shares of 10p each. Cancellation will take place no earlier than 20 business days from today's date and it is currently anticipated that cancellation will take effect from 8.00 a.m. on 1 August 2008.

This follows the announcement on 1 July 2008 by Saint-Gobain that its recommended offer to acquire the whole of the issued and to be issued share capital of the Company (the "'Offer"') made through its subsidiary SGBD had been declared wholly unconditional and that SGBD intended to procure that the Company applied for the cancellation of listing on the Official List and of admission to trading on the London Stock Exchange of Gibbs and Dandy's ordinary shares. 

As set out in the offer document dated 19 May 2008, SGBD stated that it intended to apply the procedures set out in sections 979 to 982 (inclusive) of the Companies Act 2006 to acquire compulsorily on the same terms as the recommended offer by SGBD to acquire all of the issued and to be issued Gibbs and Dandy Ordinary Shares, any Gibbs and Dandy Ordinary Shares in respect of which the offer has not been accepted.

Gibbs and Dandy's shareholders should note that cancellation is likely to reduce significantly the liquidity and marketability of Gibbs and Dandy's ordinary shares. Once cancellation has taken effect, Gibbs and Dandy shareholders will no longer be able to effect transactions in the Company's shares on market at the market price. Following cancellation, therefore, Gibbs and Dandy's shareholders will have to effect any further transactions in the Company's shares off market at a price to be agreed between the relevant parties.

Enquiries:

Gibbs and Dandy plc

Michael Dandy Managing Director )

Amitabh Sharma Finance Director ) 01582 798 798

Panmure Gordon 

Andrew Godber 020 7459 3600Andrew Potts