Restore Regulatory News (RST)

2 Oct 2006 17:48

Eurotech S.p.A02 October 2006 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO ORFROM AUSTRALIA, CANADA OR JAPAN PRESS ANNOUNCEMENT FOR IMMEDIATE RELEASE 2 October 2006 CASH OFFER FOR RADSTONE TECHNOLOGY PLC ("RADSTONE") BY E-TECH UK LIMITED("E-TECH") (A WHOLLY OWNED SUBSIDIARY OF EUROTECH S.p.A. ("EUROTECH")) (THE"CASH OFFER") OFFER UPDATE On 30 August 2006, the Board of Eurotech announced the terms of a Cash Offer forthe entire issued and to be issued ordinary share capital of Radstone. In light of the higher recommended offer for Radstone announced by GE FanucEmbedded Systems, Inc on 18 September 2006 (the "Higher Offer"), the Board ofEurotech announces today that the Cash Offer will not be increased or the termsof it otherwise amended and that the Board of Eurotech will not extend the CashOffer beyond 6 October 2006. The Board of Eurotech continues to believe that a combination of Eurotech andRadstone has strong commercial logic (from a business, customer and employeeperspective), however, in light of the Higher Offer, the Board of Eurotech hasconcluded that sufficient value for its shareholders could not be created byproceeding with an offer at a level higher than the Cash Offer. The Board of Eurotech hereby gives notice that with immediate effect it may sellall or any part of its holding of 4,820,000 Radstone Shares, representingapproximately 15.9 per cent. of Radstone's entire issued share capital. Terms used in this announcement shall have the meaning given to them in theoffer announcement dated 30 August 2006 and offer document dated 1 September2006. Enquiries: Eurotech/E-tech Tel: +44 (0)20 7861 3232Roberto SiagriMassimo Mauri Hawkpoint Tel: +44 (0)20 7665 4500(financial adviser to Eurotech and E-tech)Paul BainesGraham PatonEdward Arkus Panmure Gordon Tel: +44 (0)20 7459 3600(broker to Eurotech and E-tech)Dominic Morley Bell Pottinger Tel: +44 (0)20 7861 3232(PR adviser to Eurotech and E-tech)Stephen BenzikieOlly Scott Hawkpoint, which is authorised and regulated in the United Kingdom by theFinancial Services Authority, is acting exclusively for Eurotech and E-tech andno one else in connection with the Cash Offer and will not be responsible toanyone other than Eurotech or E-tech for providing the protections afforded toits customers or for providing advice in relation to the Cash Offer or inrelation to the contents of this announcement or any transaction or arrangementreferred to herein. Panmure Gordon, which is authorised and regulated in the United Kingdom by theFinancial Services Authority, is acting exclusively for Eurotech and E-tech andno one else in connection with the Cash Offer and will not be responsible toanyone other than Eurotech or E-tech for providing the protections afforded toits customers or for providing advice in relation to the Cash Offer or inrelation to the contents of this announcement or any transaction or arrangementreferred to herein. This announcement is not intended to and does not constitute, or form any partof, a Cash Offer or an invitation to purchase any securities or the solicitationof any vote or approval in any jurisdiction pursuant to the Cash Offer orotherwise. The Cash Offer has been made solely through the Offer Document andthe Form of Acceptance, which together contain the full terms and conditions ofthe Cash Offer, including details of how to accept the Cash Offer. Anyacceptance or other response to the Cash Offer should be made only on the basisof the information contained in the Offer Document and the Form of Acceptance.The laws of relevant jurisdictions may affect the availability of the Cash Offerto persons not resident in the United Kingdom. Persons who are not resident inthe United Kingdom, or who are subject to the laws of any jurisdiction otherthan the United Kingdom, should inform themselves about and observe anyapplicable legal and regulatory requirements. The Offer Document has been postedon Eurotech's website. This information is provided by RNS The company news service from the London Stock Exchange