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19 Mar 2009 07:00
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19Β March 2009
Irish Continental GroupΒ plcΒ ("ICG"Β orΒ theΒ "Company")
Update Regarding Possible OfferΒ
On 23 October 2008, the Company announced that it had received an approach from Moonduster LimitedΒ ("Moonduster")Β seeking to engage with the other major shareholders of the Company with a view to potentially bringing forward an offer to acquire the Company.
On 9 March 2009 the Company announced that, for various reasons set out in thatΒ announcement, it was requiringΒ Moonduster to bring forward an offer by no later than close of business on 18 March 2009Β that is capableΒ of recommendation and execution, subject only to due diligence.
On 18 March 2009, Moonduster's advisers wrote to the Independent Directors providing an update on the status of the proposed offer and seeking an extension of the deadline. The details provided in the letter do not meet several of the criteriaΒ set by the Independent DirectorsΒ and, inter alia, did not include details of a proposed offer price. Therefore, the letter does not constitute a proposal which is capable of consideration by the Independent Directors.
Consequently,Β in line with our previous announcement,Β the Independent DirectorsΒ will now requestΒ the Irish Takeover PanelΒ (the "Panel")Β to exercise its powersΒ pursuant to Rule 35 of the Irish Takeover RulesΒ and impose a deadline for Moonduster to announce an offer.
Notwithstanding the deadline being sought from the Panel, the Independent Directors willΒ remain available toΒ engage with Moonduster with a view toΒ bringing forwardΒ an offer which is capable of both recommendation and executionΒ within an acceptable timeframe set by the Panel.
Shareholders should note that there continues to be no certainty that any offer will ultimately be forthcoming. A further announcement will be made in due course as appropriate.
Enquiries
Irish Continental Group plcΒ Telephone +353Β 1 855 2222
John B McGuckian
NCB Corporate FinanceΒ TelephoneΒ +353 1 611 5611
Liam Booth
Shane Lawlor
TheΒ IndependentΒ DirectorsΒ ofΒ Irish Continental Group plcΒ 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 isΒ authorised in IrelandΒ by theΒ Financial RegulatorΒ under the Investment Intermediaries Act 1995, is actingΒ exclusively for Irish Continental GroupΒ plcΒ and no one else in connection with theΒ acquisitionΒ and will not be responsible to anyone other thanΒ Irish Continental GroupΒ plcΒ for providing the protections afforded to clients ofΒ NCB Corporate Finance LimitedΒ nor for providing advice in relation to theΒ acquisition.
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