MJGleeson Regulatory News (GLE)

31 Mar 2006 08:37

Castle Acquisitions plc31 March 2006 For immediate release Not for release, publication or distribution, in whole or in part, in or into the United States, Canada, Australia or Japan 31 March 2006 Castle Acquisitions Plc ("Castle Acquisitions" or "the Company") Withdrawal of Possible Offer for M J Gleeson Group plc ("Gleeson") On 10 January 2006, Castle Acquisitions made an announcement regarding apossible offer to acquire Gleeson ("Possible Offer") following pressspeculation. An indicative proposal submitted by Castle Acquisitions on 12 December 2005 hadbeen rejected by the Board of Gleeson. Accordingly, Castle Acquisitions statedits intention to consult directly with Gleeson's shareholders to establishwhether or not a Possible Offer would be in the best interests of theshareholders of both Castle Acquisitions and Gleeson. Following subsequent constructive discussion with the Board of Gleeson and itsadvisers, Castle Acquisitions notes today's announcement by Gleeson concerningthe outcome of its strategic review and has decided not to proceed with themaking of an offer at this stage*. The Board of Castle Acquisitions believes that the Company continues torepresent an attractive vehicle for either a publicly traded company or privatebusiness looking to join AIM and is examining a number of alternative investmentand acquisition opportunities which it believes could create significant valuefor its shareholders. * Castle Acquisitions acknowledges that, pursuant to this decision, the Companyand any person acting in concert with it will, except with the consent of thePanel Executive, be bound by the restrictions contained in Rule 2.8 of the CityCode on Takeovers and Mergers (the "City Code") for six months from the date ofthis announcement. However, Castle Acquisitions reserves the right to make orparticipate in an offer for Gleeson within the next six months (i) with theagreement or recommendation of the board of Gleeson; (ii) in the event that athird party announces a firm intention to make an offer for Gleeson; (iii) inthe event that Gleeson announces a whitewash proposal or a reverse takeover (ineach case as defined in the City Code). Enquiries: Citigate Dewe RogersonTel: (020) 7638 9571Patrick Toyne-Sewell / Freida Moore This information is provided by RNS The company news service from the London Stock Exchange