31 Dec 2013 07:00
600 Group PLC ("600 Group" or the "Company")
Offer update
On 11 September 2013 600 Group announced that it received an approach from Qingdao D&D Investment Group Co. Ltd ("D&D") that may or may not lead to a cash offer being made for the Company. Since that time the Directors of the Company have been in detailed discussions with the management of D&D and have concluded that an asset sale rather than an offer for the Company represents the most appropriate way to facilitate a value enhancing transaction for shareholders. Consequently discussions are on-going with D&D regarding a potential sale of selected 600 Group assets which, if successful, is likely to result in a transaction requiring shareholder approval.
D&D is restricted from announcing an offer or possible offer for 600 Group (and / or taking any other action which would otherwise be restricted under Rule 2.8 of the Code) within the next six months following the date of this announcement except in the circumstances set out in Note 2 to Rule 2.8 of the Code.
The 600 Group can confirm it is not in discussions with any other party regarding a potential offer for the Company. Accordingly, the Company is no longer in an offer period for the purposes of the City Code on Takeovers and Mergers.
A further announcement regarding the potential sale of assets to D&D will be made when appropriate.
This announcement has been made with the consent of D&D.
Contact:
600 Group PLC Paul Dupee (Chairman) Nigel Rogers (Chief Executive) |
0207 409 5044 0113 200 8482 | |||||
SPARK Advisory Partners Limited - Financial Adviser Miriam Greenwood Sean Wyndham-Quin |
0203 368 3553 0113 370 8975 | |||||
finnCap Ltd - Nominated Adviser and Broker Ed Frisby (Corporate Finance) Julian Blunt(Corporate Finance) Tony Quirke (Corporate Broking)
|
020 7220 0500
0207 930 7006 07771 713 608 |
SPARK Advisory Partners Limited which is regulated in the United Kingdom by The Financial Conduct Authority is acting for the Company in relation to the matters described in this announcement and is not advising any other person, and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to customers of SPARK Advisory Partners Limited or for providing advice in relation to the matters described in this announcement.
finnCap Ltd which is regulated in the United Kingdom by The Financial Conduct Authority is acting for the Company in relation to the matters described in this announcement and is not advising any other person, and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to customers of finnCap Ltd or for providing advice in relation to the matters described in this announcement.
The directors of 600 Group accept responsibility for the informationcontained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they are responsible is in accordance with the facts and does not omit anything likely to affect the import of such information.