21 Sep 2015 10:15
No intention to bid statement under Rule 2.8 of the Code
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 OF THAT JURISDICTION
21st September, 2015
STATEMENT REGARDING GEONG INTERNATIONAL LIMITED ("GEONG")
This is an announcement falling under Rule 2.8 of the City Code on Takeovers and Mergers (the "Code").
On 24 August 2015, GEONG announced that it was in preliminary discussions with Hanafin Limited (the correct full corporate name of which was Hanafin Investments Limited) ("Hanafin") regarding a possible offer for GEONG by Hanafin.
Hanafin announces that, following the announcement by GEONG on 14 September 2015 regarding the directors' belief that an unquantified but significant provision against the carrying value of the accrued income and trade debtors will be required, those discussions have not been concluded such that Hanafin is able to make an offer for GEONG at this time or to elect for the £1,000,000 convertible unsecured loan stock ("CULS"), which it is holding, to be converted. As a result of this announcement, Hanafin is bound by the restrictions provided by Rule 2.8 of the Code for a period of 6 months following the date of this announcement. Hanafin reserves the right to set aside this statement within 6 months of the date of this announcement in the circumstances set out in Note 2 to Rule 2.8 of the Code.
Notwithstanding the termination of discussions regarding a possible offer, Hanafin remains supportive of GEONG and its management and is in discussions with the board of GEONG regarding the terms of the CULS and, in particular, the possibility of extending the redemption date of the CULS, which, in accordance with its terms, is due for redemption, if not previously converted, by 30 September 2015.
A copy of this announcement will be made available on GEONG's website at http://www.geong.com.
As a consequence of this announcement, the "Offer Period" that commenced on 24 August 2015 in respect of GEONG in accordance with the rules of the Code has now ended.
Enquiries:
Tim Worlledge
Evolution Securities China Limited
+ 44 (0) 203 362 8882