Synectics Regulatory News (SNX)

19 Oct 2005 14:45

Quadnetics Group PLC19 October 2005 Quadnetics Group PLC19 October 2005 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THEUNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND, SOUTH AFRICA OR JAPAN RECOMMENDED OFFER FOR PROTEC PLC As at 1.00pm on 18 October 2005, valid acceptances had been received in respectof 62,855,079 Protec Shares (representing approximately 39.15 per cent. ofProtec's issued share capital). Prior to the posting of the Offer Document, Quadnetics had received irrevocableundertakings from the Protec Directors and certain other Protec Shareholders toaccept the Offer in respect of, in aggregate, 99,758,979 Protec Sharesrepresenting 62.15 per cent. of the existing issued Protec Shares. Of theseirrevocable undertakings the Board has received valid acceptances from, inaggregate, 55,415,275 Protec Shares, representing 34.52 per cent of the existingissued Protec Shares. The Company has received signed forms of acceptance from the remaining ProtecShareholders who gave irrevocable undertakings totalling 44,343,702 ProtecShares representing 27.63 per cent. of the Protec Shares, and expects to receivethe documents of title related to these shares shortly. The Quadnetics Board announces that it is lowering its valid acceptancecondition from 75 per cent. to 50 per cent. of the Protec Shares to which theOffer relates. A further announcement will be made on or before 21 October 2005, being thefirst closing date of the Offer. Enquiries Quadnetics 01527 850080Russ Singleton, Chief ExecutiveNigel Poultney, Finance Director Brewin Dolphin Securities Ltd 0113 241 0130(Financial Adviser and Corporate Broker to Quadnetics)Neil BaldwinKeith Williams Protec 01923 211550Bill Moir, Chief Executive Teather & Greenwood 020 7246 9000(Financial Adviser and Corporate Broker to Protec)Jeff KeatingRob Naylor Media Enquiries Abchurch Communications 0207 398 7700Chris MundenAriane Comstive This information is provided by RNS The company news service from the London Stock Exchange