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Revised timetable

29 Mar 2010 15:19

RNS Number : 3584J
Xploite PLC
29 March 2010
 



Not for release, publication or distribution, in whole or in part, in, directly or indirectly, or into or from any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction

 

29 March 2010

 

Recommended proposal for the acquisition of Xploite plc ("Xploite") by Avisen plc

("Avisen") to be implemented by means of a Scheme of Arrangement (the "Scheme")

 

Revised Timetable

 

Further to the announcement on 12 March 2010 which detailed an expected timetable of principal events in relation to the Scheme, the directors of Xploite and Avisen announce that the timetable has been amended and that the current expected timetable of principal events is set out below. Shareholders should note that the dates and times of all meetings of Xploite Shareholders and Avisen Shareholders in connection with the Scheme remain unchanged.

 

Event

Time and/or date 1

 

Latest time for lodging BLUE Forms of Proxy for the Court Meeting 2

11.00 a.m. 4 April 2010

Latest time for lodging WHITE Forms of Proxy for the General Meeting

 

11.15 a.m. 4 April 2010

Voting Record Time for the Meetings 3

 

6.00 p.m. 4 April 2010

Avisen General Meeting

 

10.00 a.m. 6 April 2010

Court Meeting

 

11.00 a.m. 6 April 2010

General Meeting 4

 

11.15 a.m. 6 April 2010

First court hearing regarding the Reduction of Capital

 

13 April 2010

Last day for dealings in and registration of transfers in CREST of Xploite Shares

 

22 April 2010

Disablement in CREST of Xploite Shares

 

7.00 a.m. 23 April 2010

Xploite Shares suspended

 

7.00 a.m. 23 April 2010

Scheme Court Hearing to sanction the Scheme

 

23 April 2010

Scheme Record Time

 

6.00 p.m. 26 April 2010

Reduction Court Hearing

 

27 April 2010

Effective Date of the Scheme

 

27 April 2010

Cancellation of admission of Xploite Shares on AIM

 

7.00 a.m. 28 April 2010

Admission of the New Avisen Shares to trading on AIM

 

8.00 a.m. 28 April 2010

Crediting of New Avisen Shares to CREST accounts

 

28 April 2010

Latest date for despatch of the share certificates of the New Avisen Shares to be issued to Xploite Shareholders

11 May 2010

1. The dates and times above are indicative only and will depend, inter alia, on the date on which: (i) the Conditions are either satisfied or waived (to the extent they are capable of being waived); (ii) the Court sanctions the Scheme and confirms the associated Reduction of Capital; and (iii) the Reduction of Capital is registered by the Registrar of Companies in England and Wales. If any of the expected dates change, Xploite will give adequate notice of any change by issuing an announcement through a Regulatory Information Service.

 

2. If any of the Meetings are adjourned by more than 48 hours, then the Voting Record Time for the reconvened Meeting will be 6.00 p.m. on the day which is two days before such reconvened Meeting.

 

3. The BLUE Form of Proxy for the Court Meeting may alternatively be handed to Xploite's Registrars on behalf of the Chairman of the Court Meeting at the start of the Court Meeting.

 

4. If the Court Meeting has not been concluded or adjourned prior to the scheduled commencement of the General Meeting, the commencement of the General Meeting will be delayed until the Court Meeting has been concluded or adjourned.

 

Capitalised terms used in this announcement shall have the same meaning as ascribed in the announcement dated 11 March 2010 unless the context otherwise requires.

 

In accordance with Rule 19.11 of the City Code, a copy of this announcement will be published on Xploite's website at www.xploite.co.uk and Avisen's website at www.avisenplc.com.

 

Enquiries:

 

Xploite plc

0870 737 2001

Ian Smith (Chief Executive Officer)

Robert Arrowsmith (Chief Financial Officer)

Brewin Dolphin Investment Banking (financial adviser to Xploite)

0845 213 1000

Matt Davis

Neil McDonald

Hansard Communications (PR adviser to Xploite)

020 7245 1100

Justine James

Adam Reynolds

Avisen plc

0870 880 2978

Marcus Hanke (Chief Executive Officer)

Zeus Capital Limited (financial adviser to Avisen)

0161 831 1512

Ross Andrews

Nick Cowles

Bishopsgate Communications (PR adviser to Avisen)

020 7562 3355

Robyn Samuelson

Siobhra Murphy

Brewin Dolphin Investment Banking, a division of Brewin Dolphin Limited, which is authorised and regulated by the Financial Services Authority in the United Kingdom, is acting for Xploite and no one else in relation to the offer and will not be responsible to anyone other than Xploite for providing the protections afforded to clients of Brewin Dolphin Limited nor for providing advice in relation to the contents of the Announcement or any offer or arrangement referred to herein.

 

Zeus Capital Limited, which is authorised and regulated by the Financial Services Authority in the United Kingdom, is acting for Avisen and no one else in relation to the offer and will not be responsible to anyone other than Avisen for providing the protections afforded to clients of Zeus Capital Limited nor for providing advice in relation to the contents of the Announcement or any offer or arrangement referred to herein.

 

The distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable requirements. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction. This announcement does not constitute an offer or an invitation to purchase or subscribe for any securities or a solicitation of an offer to buy any securities pursuant to this announcement or otherwise in any jurisdiction in which such offer or solicitation is unlawful. This announcement has been prepared for the purposes of complying with English law, the Code and the AIM Rules and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of any jurisdiction outside England.

 

Dealing Disclosure Requirements

 

Under the provisions of Rule 8.3 of the Code, if any person is, or becomes, "interested" (directly or indirectly) in one per cent. or more of any class of "relevant securities" of Xploite or Avisen, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 p.m. (London time) on the Business Day following the date of the relevant transaction. This requirement will continue until the date on which the Scheme becomes Effective, (or, if implemented by way of an offer, the offer becomes, or is declared, unconditional as to acceptances, lapses) or otherwise lapses or is withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Xploite or Avisen, they will be deemed to be a single person for the purpose of Rule 8.3.

 

Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of Xploite or Avisen by Avisen or Xploite, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the Business Day following the date of the relevant transaction.

 

A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.

 

"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.

 

Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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