PRG.L Regulatory News (PRG)

30 Nov 2007 07:01

Premier Research Group30 November 2007 For Immediate Release 30 November 2007 Premier Research Group plc ("the Company") Possible Offer - Update Further to the announcement made on 29 August 2007, concerning the possibilityof an offer for the Company being arranged by certain members of the managementteam, the Board reports that it remains in discussion with the management teamand its financial backers concerning the possibility of such a bid. In the meantime, the Board has noted the continued fall in the share price butreports that trading remains robust with strong revenue growth and order intakeduring the third quarter of the year for delivery in the current year andbeyond. Order intake in the year to date now stands at over £50 million.However, the Board advises that some projects previously expected to generatesome £3 million of top line revenue in the current year have delayed startingdates with a consequent reduction in the Management's expectation of revenuethat will be recognised this year. The Board also announces that it has appointed KPMG Audit plc as auditors to theCompany with immediate effect. Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Takeover Code (the 'Code'), if anyperson is, or becomes 'interested' (directly or indirectly) in 1% or more of anyclass of 'relevant securities' of the Company, 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the date on which the offer becomes, or is declared, unconditional as toacceptances, lapses or is otherwise withdrawn or on which the 'offer period'otherwise ends.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 'relevant'securities' of the Company, they will be deemed to be a single person for thepurpose of Rule 8.3. Under the provision of Rule 8.1 of the Code, all 'dealings' in 'relevantsecurities' of the Company, or by any of their respective 'associates', must bedisclosed by no later than 12.00 noon (London time) on the London business dayfollowing the date of the relevant 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 on the Takeover Panel's website at <www.thetakeoverpanel.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. If you are in any doubt as to the application of Rule 8 to you, please contactan independent financial advisor authorised under the Financial Services andMarkets Act 2000, consult the Panel's website at www.thetakeoverpanel.org.uk orcontact the Panel on telephone number +44 20 7638 0129; fax +44 20 7236 7013. For further information please contact: Dr. Peter Fellner, Chairman 01189 899 312Steve Harris, Non-executive Director 01344 873 966Dr. Simon Yaxley, Chief Executive Officer 07968 774 005 Tim Worlledge, Evolution Securities Limited 020 7071 4300Lisa Baderoon/ Rebecca Dietrich, Buchanan Communications 020 7466 5000 This information is provided by RNS The company news service from the London Stock Exchange