K3 Business Technology Group Regulatory News (KBT)

11 Dec 2006 14:59

SiRViS IT PLC11 December 2006 SiRViS IT plc Receipt of an approach Date: 11 December 2006 SiRViS IT plc (the "Company") which provides a range of IT services includingsupport, consultancy and systems installation across the UK is in receipt of anapproach from K3 Business Technology Group PLC to acquire the Company at anindicative cash price of 4p per share, subject to a variety of pre-conditionsand assumptions. The board and its advisors are evaluating the approach and therelevance of the pre-conditions and assumptions. A further announcement will be made in due course. Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Takeover Code (the "Code") if any personis, or becomes, "interested" (directly or indirectly) in 1% or more of any classof "relevant securities" of SiRViS IT PLC, all "dealings" in any "relevantsecurities" of that company (including by means of an option in respect of, or aderivative referenced to, any such "relevant securities") must be publiclydisclosed by no later than 3.30pm (London time) on the London business dayfollowing the date of the relevant transaction. This requirement will continueuntil the date on which the offer becomes, or is declared, unconditional as toacceptances, lapses or is otherwise withdrawn or on which the "offer period"otherwise ends. If two or more persons act together pursuant to an agreement orunderstanding, whether formal or informal, to acquire an "interest" in "relevantsecurities" of the Company, they will be deemed to be a single person for thepurpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of the Company by K3 Business Technology Group PLC or the Company,or by any of their respective "associates", must be disclosed by no later than12.00 noon (London Time) on the London Business day following the date of therelevant transaction. A disclosure table, giving details of the companies in whose "relevantsecurities" "dealings" should be disclosed, and the number of such securities inissue, can be found of the Takeover Panel's website atwww.thetakoverpanel.org.uk "Interests in securities" arise, in summary, when a person has long economicexposure, whether conditional or absolute, to changes in the price ofsecurities. In particular, a person will be treated as having an "interest" byvirtue of the ownership or control of securities, or by virtue of any option inrespect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on thePanel's website. If you are in any doubt as to whether or not you are requiredto disclose a "dealing" under Rule 8, you should consult the Panel. Enquiries: Peter Addison 07831 107850 SiRViS IT plc ChairmanJohn Simpson 020 7512 0191 ARM Corporate Finance Ltd Nominated Adviser Updates on the Company's activities are regularly posted on its websitewww.sirvisit.co.uk This information is provided by RNS The company news service from the London Stock Exchange