Last checked at 29 Sep 2008 07:00
Petards Group plc ("Petards" or the "Company")
Update on refinancing and trading
Further to the announcement made on 31 July 2008, the Board confirms that the detailed discussions concerning a refinancing are continuing. The Board is also continuing its discussions on alternative options for the Company and now hopes to be in a position to make proposals to shareholders in October.
The Company believes it will be in a position to publish its final results for the year ended 31 December 2007, and its interim results for the 6 months ended 30 June 2008, in October, whereupon it expects that the suspension of trading in its shares would be lifted.
Trading continues to be in line with that previously announced with the Company having traded well in the 8 months to 31 August 2008, with net debt well below projected levels.
For further information:
| Petards Group plc | |
| Andy Wonnacott, Finance Director | Tel: 0191 420 3000 |
| www.petards.com | |
| Collins Stewart Europe Limited | |
| Mark Connelly, Stewart Wallace | Tel: 020 7523 8350 |
| Parkgreen Communications | |
| Paul McManus | Mob: 07980 541 893 |
| paul.mcmanus@parkgreenmedia.com | |
Collins Stewart Europe Limited ("Collins Stewart") which is regulated in the United Kingdom by The Financial Services Authority is acting for the Company in relation to the matters described in this announcement and is not advising any other person, and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to customers of Collins Stewart or for providing advice in relation to the matters described in this announcement.
Dealing disclosure requirements
Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of the Company, all "dealings" in any "relevant securities" of the Company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of the Company, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of the Company by the Company or by any of its respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk .
"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in price or securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.