JD Sports Regulatory News (JD.)

25 May 2005 15:27

John David Group (The) PLC25 May 2005 25 May 2005 THE JOHN DAVID GROUP PLC ("JD") Document issued in response to the Cash Offer by Goldman Sachs International on behalf of Manchester Square Enterprises Limited for JD ("the Offer") The Independent Directors of JD, being all the Directors of JD other than JohnWardle and David Makin ("the Independent Directors"), will today post to JDShareholders and holders of options under the JD Share Option Schemes theirresponse to the Offer and their advice to JD Shareholders. Copies of thedocument ("Response Document") are available from Investec Investment Banking, 2Gresham Street, London EC2V 7QP. The Response Document includes a recommendation (extracted without materialadjustment) from the Independent Directors which reads as follows: "The Independent Directors, who have been so advised by Investec InvestmentBanking, consider the terms of the Offer are neither fair nor reasonable so faras JD Shareholders are concerned. The Independent Directors are of the view thatthe Offer fails to account for the significant improvement in JD's recenttrading performance as described in the Preliminary Results and that itundervalues JD's business, assets, goodwill and prospects. Accordingly, the Independent Directors recommend that you reject the offer, asthey intend to do in respect of any JD Shares which they own. In providing suchadvice, Investec Investment Banking has taken into account the commercialassessments of the Independent Directors." Enquiries: The John David Group Plc Tel: 0870 873 0333Peter Cowgill, Executive ChairmanBarry Bown, Chief ExecutiveBrian Small, Finance Director Investec Investment Banking Tel: 020 7597 5970David CurrieStefan Borson Hogarth Partnership Limited Tel: 020 7357 9477Andrew JaquesBarnaby Fry Investec Investment Banking, a division of Investec Bank (UK) Limited, which isauthorised and regulated in the United Kingdom by the Financial ServicesAuthority, is acting for JD and for no one else in connection with the Offer andwill not regard anyone else as its customer in relation to the Offer. This information is provided by RNS The company news service from the London Stock Exchange