25 Nov 2009 07:21
25 November 2009
Kenmore European Industrial Fund Ltd ("KEIF" or the "Company")
The board of KEIF notes the recent announcement by Hansteen Holdings PLC ("Hansteen").
The board of KEIF can confirm that it has received a very preliminary approach from Hansteen expressing an interest in formulating an offer for the Company. No due diligence has yet taken place and there can be no certainty that an offer for the Company will be made.
The primary objective of the board of KEIF is to ensure the best interests of all shareholders are protected and it will make a further announcement if and when appropriate.
In accordance with Rule 2.10 of the Takeover Code, KEIF confirms that it has 140,000,000 ordinary shares of no par value each in issue. The ISIN reference for these securities is GB00B1CH3174.
Enquiries:
J.P. Morgan Cazenove
Robert Fowlds/ Bronson Albery/ Edward Gibson-Watt
+44 (0)20 7588 2828
Financial Dynamics
Stephanie Highett/ Dido Laurimore/ Olivia Goodall
+44 (0)20 7831 3113
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Code, if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of the Company, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends.
If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of the Company as offeree, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of the Company by the Investment Manager or the Company or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk
"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.
J.P. Morgan Cazenove, which is authorised and regulated by the Financial Services Authority, is acting for the Company and for no one else in connection with the matters detailed in this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to clients of J.P. Morgan Cazenove or for affording advice in relation hereto, or any other matters referred to herein.
END