Last checked at 27 Jul 2010 15:40
FORM 8 (DD)
PUBLIC DEALING DISCLOSURE BY A PARTY TO AN OFFER OR PERSON ACTING IN CONCERT (INCLUDING DEALINGS FOR THE ACCOUNT OF DISCRETIONARY INVESTMENT CLIENTS)
Rules 8.1, 8.2 and 8.4 of the Takeover Code (the "Code")
1. KEY INFORMATION
| (a) Identity of the party to the offer or person acting in concert making the disclosure: | Grainger Equity Release Limited |
| (b) Owner or controller of interests and short positions disclosed, if different from 1(a): |
|
| (c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree | Sovereign Reversions plc |
| (d) Status of person making the disclosure: e.g. offeror, offeree, person acting in concert with the offeror/offeree (specify name of offeror/offeree) | Offeror |
| (e) Date dealing undertaken: | 26 July 2010 |
| (f) Has the party previously disclosed, or is it today disclosing, under the Code in respect of any other party to this offer? | NO |
2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE
(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing
| Class of relevant security:
|
| |||
|
| Interests | Short positions | ||
| Number | % | Number | % | |
| (1) Relevant securities owned and/or controlled: | 2 | 0.00 | 0 | 0.00 |
| (2) Derivatives (other than options): | 0 | 0.00 | 0 | 0.00 |
| (3) Options and agreements to purchase/sell: | 0 | 0.00 | 0 | 0.00 |
|
TOTAL: | 2 | 0.00 | 0 | 0.00 |
(b) Rights to subscribe for new securities (including directors' and other executive options)
| Class of relevant security in relation to which subscription right exists: | Ordinary shares |
| Details, including nature of the rights concerned and relevant percentages: | n/a |
3. DEALINGS BY THE PERSON MAKING THE DISCLOSURE
(a) Purchases and sales
| Class of relevant security | Purchase/sale
| Number of securities | Price per unit |
| Ordinary shares | Purchase
| 1 | 200 GBp |
(b) Derivatives transactions (other than options)
| Class of relevant security | Product description e.g. CFD | Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position | Number of reference securities | Price per unit |
| n/a | n/a
| n/a | n/a | n/a |
(c) Options transactions in respect of existing securities
(i) Writing, selling, purchasing or varying
| Class of relevant security | Product description e.g. call option | Writing, purchasing, selling, varying etc. | Number of securities to which option relates | Exercise price per unit | Type e.g. American, European etc. | Expiry date | Option money paid/ received per unit |
| n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
(ii) Exercising
| Class of relevant security | Product description e.g. call option | Number of securities | Exercise price per unit |
| n/a | n/a | n/a |
n/a |
(d) Other dealings (including subscribing for new securities)
| Class of relevant security | Nature of dealing e.g. subscription, conversion | Details | Price per unit (if applicable) |
| n/a | n/a | n/a | n/a |
4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
| Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the party to the offer or person acting in concert making the disclosure and any other person: |
|
None
|
(b) Agreements, arrangements or understandings relating to options or derivatives
| Details of any agreement, arrangement or understanding, formal or informal, between the party to the offer or person acting in concert making the disclosure and any other person relating to: (i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: |
| None
|
(c) Attachments
Are any Supplemental Forms attached?
| Supplemental Form 8 (Open Positions) | NO |
| Supplemental Form 8 (SBL) | NO |
| Date of disclosure: | 27 July 2010 |
| Contact name: | Edouard Asselin J.P. Morgan Cazenove |
| Telephone number: | 0207 155 4730 |
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at monitoring@disclosure.org.uk. The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.
This trade has been carried out in relation to the recommended scheme of arrangement (the "Scheme") pursuant to which Grainger Equity Release Limited, a wholly owned subsidiary of Grainger plc, is proposing to acquire the entire issued share capital of Sovereign Reversions plc, details of which were set out in a circular to Sovereign Reversions' shareholders dated 17 June 2010 (the "Scheme Document"). As disclosed in the Scheme Document, for the purposes of implementing the Scheme, Grainger Equity Release Limited has acquired one ordinary share in Sovereign Reversions plc prior to the date of the Court Hearing to approve the Scheme on 4 August 2010.
The Takeover Panel have confirmed on an ex parte basis that this dealing has no Code consequences.