Synectics Regulatory News (SNX)

27 Jan 2006 16:45

Quadnetics Group PLC27 January 2006 RECOMMENDED CASH OFFER ('OFFER') BY BREWIN DOLPHIN SECURITIES LTD ONBEHALF OF QUADNETICS GROUP PLC ('QUADNETICS') FOR PROTEC PLC ('PROTEC') COMPULSORY ACQUISITION OF PROTEC ORDINARY SHARES On 9 November 2005, Quadnetics Group plc announced that the offer for the entireissued and to be issued ordinary share capital (the Offer) of Protec plc as setout in the offer document dated 30 September 2005 (the Offer Document), hadbecome unconditional in all respects. As at 3.00 p.m. on 26 January 2006, valid acceptances have been received inrespect of 130,670,319 Protec Shares, representing approximately 81.4 per centof the issued ordinary share capital of Protec. In addition Quadnetics has contracted to acquire a further 21,506,571 ProtecShares, representing approximately 13.4 per cent in value of the issued ordinaryshare capital of Protec. Accordingly, having contracted to acquire and/ or received valid acceptances ofthe Offer in respect of over 90 per cent. in value of the Protec Shares to whichthe Offer relates by 26 January, Quadnetics will as soon as practicable givenotice to those Protec Shareholders who have not accepted the Offer informingthem that it will compulsorily acquire their Protec Shares by applying sections428 to 430F of the Companies Act 1985. The Offer will remain open for acceptance until further notice. Terms defined in the Offer Document have the same meaning in this announcement. In addition the Company announces that the Protec plc All Employee ShareOwnership Plan ('AESOP') has today acquired 17,314 Ordinary Shares of 20 penceeach in the Company. This purchase has been made in accordance with the rulesof the AESOP following the acquisition of Protec PLC by the Company. These shares will be held within the AESOP for a qualifying period before theyare transferred to participants of AESOP. The AESOP currently holds 227,355Ordinary Shares representing 1.5 per cent. of the Company's issued sharecapital. The Trustees of the AESOP include Nigel Poultney who is a Director of theCompany. Enquiries: Nigel Poultney Quadnetics Group PLC 01527 850080 ENDS This information is provided by RNS The company news service from the London Stock Exchange