Last checked at 31 Jul 2008 07:00
Petards Group plc ('Petards' or 'the Company')
Update re. Possible Offer or Refinancing
Further to the announcement made on 25 June 2008, the Board confirms that detailed discussions concerning the various options outlined in that announcement are progressing and so it expects to be in a position to make proposals to shareholders in September. The Company continues to work to be in a position to publish its financial results for the year ended 31 December 2007 and for the suspension of trading in its shares to be lifted.
Trading update
Trading continues to be in line with that previously announced with the Company having traded well in the year to date and with net debt below projected levels. The Company is also pleased to announce that it has been awarded a £1 million contract by BAE Systems for the supply of in-vehicle electronic control systems for the MoD. The majority of these systems are expected to be delivered in the first half of 2009.
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 Ltd | Tel: 020 7933 8787 |
| 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.