Power Probe Regulatory News (PWR)

8 Apr 2009 12:37

Patron Sports Leisure Sarl

8 April 2009

Patron Sports Leisure Sarl ("Patron")

Statement Regarding Powerleague Group Plc ("Powerleague" or the "Company")

Patron Sports Leisure Sarl notes the recent significant movement in the Powerleague share price and confirms that it has not made an approach to the Company but, as part of its own internal strategic review and the expiration of the twelve month period from its original investment, it is considering its options in relation to its 29% shareholding in the Company. These options include, inter alia, making an offer for the remaining shares of the Company, alternatively continuing as a minority shareholder and as a strategic partner of Powerleague and helping its further expansion or alternatively disposing of some or all of Patron's shareholding.

Further announcements will be made as appropriate.

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 per cent. or more of any class of "relevant securities" of Powerleague, all "dealings" in any "relevant securities" of that 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until the date on which an offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends.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 Powerleague, 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 Powerleague by the potential offeror or by Powerleague, or by any of their 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 the price of 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 also be found on the Takeover 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 Takeover Panel.