Restore Regulatory News (RST)

18 Aug 2006 17:48

Radstone Technology PLC18 August 2006 For Immediate Release 18 August 2006 Radstone Technology PLC ("Radstone" or the "Company") Rejection of approach from Eurotech S.p.a ("Eurotech") The Board of Radstone notes today's announcement by Eurotech and confirms thatit received two conditional indicative proposals from Eurotech regarding apossible offer for Radstone. The Board of Radstone reviewed the proposals carefully, in conjunction with itsfinancial advisers Close Brothers and with its stockbrokers JPMorgan Cazenove.The Board unanimously concluded that the proposals significantly undervalued theCompany and its prospects and as such, the Board of Radstone unanimouslyrejected Eurotech's proposals. In accordance with Rule 2.10 of the City Code on Takeovers and Mergers theCompany confirms that, as at close of business today, it has in issue 30,339,640ordinary shares of 121/2 pence each. The International Securities IdentificationNumber for these shares is GB0007204836. For further information, please contact: Radstone Technology 01327 359444Jeff Perrin, Chief ExecutivePeter Cavill, Director Close Brothers Corporate Finance 020 7655 3100Simon WillisDavid Wardrop JPMorgan Cazenove 020 7588 2828Julian CazaletDavid Harvey-Evers Buchanan Communications 020 7466 5000Mark Edwards 07801 480 322Nicola Cronk 07973 313 365 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) in1% or more of any class of "relevant securities" of Radstone Technology PLC, all" dealings" in any "relevant securities" of that company (including by means ofan option in respect of, or a derivative referenced to, any such "relevantsecurities") must be publicly disclosed by no later than 3.30 pm (London time)on the London business day following the date of the relevant transaction. Thisrequirement will continue until the date on which the offer becomes, or isdeclared, unconditional as to acceptances, lapses or is otherwise withdrawn oron which the "offer period" otherwise ends. If two or more persons act togetherpursuant to an agreement or understanding, whether formal or informal, toacquire an "interest" in "relevant securities" of Radstone Technology PLC, theywill 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 "relevantsecurities" of Radstone Technology PLC by Radstone Technology PLC or theofferor, or by any of their respective "associates", must be disclosed by nolater than 12.00 noon (London time) on the London business day following thedate 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 atwww.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. END This information is provided by RNS The company news service from the London Stock Exchange