18 Oct 2017 12:24
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION WILL BE CONSIDERED TO BE IN THE PUBLIC DOMAIN.
18 October 2017
RedstoneConnect plc
("RedstoneConnect" or the "Company")
Further re: Possible Offer
Further to the announcements made by the Company on 29 September 2017 and 4 October 2017 in response to the possible offer announcement by A P Systems Holdings Ltd ("A P Systems"), the Board of RedstoneConnect has now received a proposal from A P Systems. The proposal was an all-share offer of unlisted securities in A P Systems, a private company, at an implied valuation per RedstoneConnect ordinary share that represents a discount to the prevailing price of a RedstoneConnect share.
The Board has considered the proposal from A P Systems, together with its financial adviser Cantor Fitzgerald Europe. The Board believe the proposal by A P Systems to be totally inadequate and therefore there is no basis upon which to engage in discussions. The Board has informed A P Systems of its conclusion.
Shareholders of RedstoneConnect should take no further action.
Enquiries:
RedstoneConnect Plc Mark Braund (CEO) Spencer Dredge (CFO)
| via Vigo Communications |
Cantor Fitzgerald Europe (Nominated Adviser & Joint Broker) Marc Milmo / Phil Davies / Catherine Leftley / Callum Butterfield
| +44 (0)20 7894 7000 |
Whitman Howard Limited (Joint Broker) Nick Lovering
| +44 (0)207 659 1234 |
Vigo Communications (Financial Public Relations) Jeremy Garcia / Ben Simons / Antonia Pollock reds@vigocomms.com | +44 (0)20 7830 9700 |
Disclosure requirements of the Code
In accordance with Rule 26.1 of the Code, a copy of this announcement will be published on the RedstoneConnect website (www.redstoneconnectplc.com) by no later than 12 noon on 4 October 2017. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.