Last checked at 29 Apr 2009 10:28
29 April 2009
Irish Continental Group plc ("ICG" or the "Company")
Termination of Offer Period
The Company notes today's announcement by Moonduster Limited, that it will not be proceeding with an offer for ICG. Consequently, pursuant to Rule 2.8 of the Irish Takeover Rules, Moonduster Limited and any parties acting in concert with it are now, except with the consent of the Panel, bound by the restrictions contained in Rule 2.8 of the Irish Takeover Rules for 12 months from today.
The offer period which commenced on 23 October 2008 has now terminated. A prolonged offer period is an inevitable distraction for a company and in that sense the ending of the offer period after more than six months is, in the absence of the likelihood of an offer being made to ICG's shareholders, in the best interests of the Company.
Following the termination of the offer period, the Board has decided to redeem one Redeemable Share per ICG Unit for a cash consideration of 100 cent per Redeemable Share. Payment will be made on 29 May 2009 to Shareholders on the register at the close of business on 15 May 2009.
Enquiries
Irish Continental Group plc Telephone +353 1 855 2222
John B McGuckian
NCB Corporate Finance Telephone +353 1 611 5611
Liam Booth
Shane Lawlor
The Independent Directors of Irish Continental Group plc accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they take responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.
NCB Corporate Finance Limited, which is authorised in Ireland by the Financial Regulator under the Investment Intermediaries Act 1995, is acting exclusively for Irish Continental Group plc and no one else in connection with the acquisition and will not be responsible to anyone other than Irish Continental Group plc for providing the protections afforded to clients of NCB Corporate Finance Limited nor for providing advice in relation to the acquisition.