TNG.L Regulatory News (TNG)

3 Nov 2006 07:01

Tangent Communications PLC03 November 2006 Tangent Communications plc 3 November 2006, Tangent Communications plc ("Tangent"): Announcement re St Ives plc ("St Ives") Tangent notes the announcement made by St Ives on 19 October 2006 rejecting itsproposal to make an offer for St Ives (the "Proposed Offer"). In the light of the Board of St Ives' response, Tangent has decided not toproceed with its Proposed Offer. Tangent is disappointed at the response of the Board of St Ives and believesthat the 272.5 pence per share* Proposed Offer represented a compellingproposition for the shareholders of St Ives. For the purposes of Rule 2.8 of The City Code on Takeovers and Mergers, Tangentreserves the right to announce or participate in an offer for St Ives (or takeany other action that would otherwise be prohibited by Rule 2.8 in relation toSt Ives) within the next six months with the agreement or recommendation of theboard of St Ives, or in the event that a third party announces a firm intentionto make an offer for St Ives, or in the event that St Ives announces a whitewashproposal or a reverse takeover. *Based on Tangent's share price of 14.5 pence as at 25 September 2006, the dateon which the proposal was submitted. Enquiries to: Tangent Communications plc 020 7553 6600Piers Caldecote (Chairman) Brunswick Group LLP 020 7404 5959John SunnucksSimon Sporborg Close Brothers Corporate Finance 020 7655 3100David BezemStephen Aulsebrook Close Brothers Corporate Finance ('Close Brothers') which is regulated in theUnited Kingdom for the conduct of investment business by the Financial ServicesAuthority, is acting for Tangent as financial adviser in connection with thematters set out herein and no-one else and will not be responsible to anyoneother than Tangent for providing the protections afforded to customers of CloseBrothers, nor for providing advice in relation to the matters described herein. This information is provided by RNS The company news service from the London Stock Exchange