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19 Mar 2009 07:00
19 March 2009
Irish Continental Group plc ("ICG" or the "Company")
Update Regarding Possible Offer
On 23 October 2008, the Company announced that it had received an approach from Moonduster Limited ("Moonduster") 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 that announcement, it was requiring Moonduster to bring forward an offer by no later than close of business on 18 March 2009 that is capable 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 criteria set by the Independent Directors 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, in line with our previous announcement, the Independent Directors will now request the Irish Takeover Panel (the "Panel") to exercise its powers pursuant to Rule 35 of the Irish Takeover Rules and impose a deadline for Moonduster to announce an offer.
Notwithstanding the deadline being sought from the Panel, the Independent Directors will remain available to engage with Moonduster with a view to bringing forward an offer which is capable of both recommendation and execution 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 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.
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