Restore Regulatory News (RST)

30 Aug 2006 12:49

Radstone Technology PLC30 August 2006 For Immediate Release 30 August 2006 RADSTONE TECHNOLOGY PLC ("Radstone" or the "Company") Offer by Eurotech S.p.A. ("Eurotech") for the Company The Board of Radstone notes the announcement by Eurotech regarding a cash offerfor Radstone at 360 pence per ordinary share (the "revised offer"). On 11 August 2006, Eurotech approached the Board of Radstone in relation to aproposed cash offer of not less than 350 pence per share. The Board of Radstonereviewed the proposals carefully, in conjunction with its financial advisersClose Brothers and with its stockbrokers JPMorgan Cazenove, and unanimouslyconcluded that the proposals significantly undervalued the Company and itsprospects and as such, the Board of Radstone unanimously rejected Eurotech'sproposals. The revised offer of 360 pence per ordinary share represents an increase of, atmost, 2.9 per cent. above the previous proposal. Accordingly the Board remainsunanimously of the view that the revised offer undervalues the Company. Shareholders are strongly advised to take no action in respect of theirshareholdings. The Board is fully committed to explore all options in order tomaximise shareholder value, and a further announcement will be made in duecourse. EnquiriesRadstone Technology plc Tel: 01327 359 444 Jeff Perrin, Chief Executive Peter Cavill, Director Close Brothers Corporate Finance Limited Tel: 020 7655 3100 Simon Willis Andrew Cunningham David Wardrop JPMorgan Cazenove Tel: 020 7588 2828 Julian Cazalet Shona Graham David Harvey-Evers Buchanan Communications Tel: 020 7466 5000 Mark Edwards Nicola Cronk 07973 313 365 Susanna Gale The directors of Radstone accept responsibility for the information contained inthis announcement. To the best of the knowledge and belief of the directors ofRadstone (who have taken all reasonable care to ensure that such is the case),the information contained in this announcement is in accordance with the factsand does not omit anything likely to affect the import of such information. Close Brothers Corporate Finance Limited which is regulated by The Securitiesand Futures Authority Limited in the United Kingdom, is acting for Radstone andno one else in connection with this matter and will not be responsible to anyoneother than Radstone for providing the protections afforded to customers of CloseBrothers Corporate Finance Limited nor for providing advice in relation to thismatter. JPMorgan Cazenove which is regulated by The Securities and Futures AuthorityLimited in the United Kingdom, is acting for Radstone and no one else inconnection with this matter and will not be responsible to anyone other thanRadstone for providing the protections afforded to customers of JPMorganCazenove nor for providing advice in relation to this matter. This information is provided by RNS The company news service from the London Stock Exchange