Last checked at 12 Mar 2010 07:00
For Immediate Release
12 March 2010
Not for release, publication or distribution in whole or in part, in or into the United States, Canada, Australia, Japan or any other jurisdiction if to do so would constitute a violation of the relevant laws of such jurisdiction.
LIBERTY Plc ("Liberty" or "the Company"):
DISCUSSIONS RELATING TO A POTENTIAL OFFER
Further to the recent press speculation, the Board of Liberty (the "Board") confirms that it has received approaches which may or may not lead to an offer being made for the Company. At this stage, it is too early for the Board to determine whether or not these discussions will result in any formal offer being made for the Company.
Over the past six months Liberty has been examining and assessing a range of options and initiatives that would enable it to build upon its success since the launch of the Renaissance of Liberty in February 2009. This has included seeking investors who could bring capital and expertise to help develop and grow the business both within the UK and internationally.
Also the Company has noted the press comment surrounding the possible sale and leaseback of Liberty's Tudor building flagship store on Great Marlborough Street, London W1, which was the subject of an announcement by the Company on 1 March 2010.
Shareholders will be updated on further developments as appropriate.
At the time of its trading statement in January 2010, the Company said overall revenue for the year to December 2009 grew by 20% and that the flagship store generated a 16% revenue increase during the course of 2009 compared to the previous year. All divisions increased revenue with the on-line sales platform enjoying a particularly strong Christmas.
Trading has continued to benefit from the Renaissance of the Regent Street flagship store which drove footfall and market share over the remainder of the year and has continued during 2010 to date.
Ends.
Contact:
Richard Balfour-Lynn, Chairman, Liberty. Tel: 020 7706 2121
Baron Phillips, Baron Phillips Associates. Tel: 020 7920 3161
Dealing disclosure requirements:
Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the "City Code"), any person who, alone or acting together with any other person(s) pursuant to an agreement or understanding (whether formal or informal) to acquire or control relevant securities of Liberty plc, owns or controls, or becomes the owner or controller, directly or indirectly, of one per cent. or more of any class of securities of Liberty plc is required to disclose, by not later than 12.00 noon (London time) on the London business day following the date of the relevant transaction, dealings in such securities of that company (or in any option in respect of, or derivative referenced to, any such securities) during the period to the date on which the offer becomes or is declared unconditional as to acceptances or lapses or is otherwise withdrawn. Under the provisions of Rule 8.1 of the City Code, all dealings in relevant securities of Liberty plc by Liberty plc, or by any of its respective "associates" (within the meaning of the City Code) must also be disclosed. If you are in any doubt as to the application of Rule 8 to you, please contact an independent financial adviser authorised under the Financial Services and Markets Act 2000, consult the Panel's website at www.thetakeoverpanel.org.uk or contact the Panel on telephone number +44 (0)207 382 9026.
The Directors of Liberty plc accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Directors of Liberty plc, who have taken all reasonable care to ensure that this is the case, such information is in accordance with the facts and does not omit anything likely to affect the import of such information. This announcement does not constitute an offer or invitation to purchase or subscribe for any securities.
Seymour Pierce Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Liberty plc and for no one else in connection with the proposed offer and is not advising any other person or treating any other person as its client in relation thereto and will not be responsible to anyone other than Liberty plc for providing the protections afforded to clients of Seymour Pierce Limited, or for giving advice to any other person in relation to the proposed offer, the contents of this announcement or any other matter referred to herein.
Cavendish Corporate Finance LLP, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Liberty plc and for no one else in connection with the proposed offer and is not advising any other person or treating any other person as its client in relation thereto and will not be responsible to anyone other than Liberty plc for providing the protections afforded to clients of Cavendish Corporate Finance LLP, or for giving advice to any other person in relation to the proposed offer, the contents of this announcement or any other matter referred to herein.
Global Leisure Partners LLP, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Liberty plc and for no one else in connection with the proposed offer and is not advising any other person or treating any other person as its client in relation thereto and will not be responsible to anyone other than Liberty plc for providing the protections afforded to clients of Global Leisure Partners LLP, or for giving advice to any other person in relation to the proposed offer, the contents of this announcement or any other matter referred to herein.