Worldlink Grp Regulatory News (WGP)

7 Sep 2006 07:03

World Gaming PLC07 September 2006 7 September 2006 World Gaming plc/Sportingbet Plc STATEMENT REGARDING POSSIBLE OFFER The Boards of World Gaming plc ("World Gaming") and Sportingbet plc("Sportingbet") note the recent movement in World Gaming's share price andconfirm that they are in very preliminary discussions which may or may notresult in Sportingbet making a recommended all share offer for World Gaming.Based on the closing price of a Sportingbet share of 244 pence per share on 6September 2006, the offer envisaged would value each World Gaming share at animplied price of 104 pence. There can be no certainty whatsoever that agreementwill be reached and an offer will be forthcoming. The proposed transaction remains subject, inter alia, to due diligence by bothparties which has not yet commenced. World Gaming confirms that it has 54,428,630 ordinary shares of 0.2p each inissue with ISIN GB00B07RW076 in accordance with Rule 2.10 of the City Code. For further information please contact: World Gaming plc Tel. +1 888 883 0833 Daniel Moran, Chief Executive Daniel Stewart & Co plc Tel. 020 7776 6550 Ruari McGirr College Hill Tel: 020 7457 2020 Matthew Smallwood Jamie Ramsay Sportingbet Plc Simon Gregory, Director of Corporate Finance Tel: 020 7184 1800 Investec Investment Banking David Currie James Wheatcroft Stefan Borson Tel: 020 7597 5970 Smithfield (media) George Hudson Tel: 020 7903 0669 Daniel Stewart plc ("Daniel Stewart") which is authorised and regulated in theUnited Kingdom by The Financial Services Authority is acting for World Gaming inrelation to the matters described in this announcement and is not advising anyother person, and accordingly will not be responsible to anyone other than WorldGaming for providing the protections afforded to customers of Daniel Stewart orfor providing advice in relation to the matters described in this announcement. Investec Investment Banking, a division of Investec Bank (UK) Limited("Investec") which is authorised and regulated in the United Kingdom by TheFinancial Services Authority is acting for Sportingbet in relation to thematters described in this announcement and is not advising any other person, andaccordingly will not be responsible to anyone other than Sportingbet forproviding the protections afforded to customers of Investec or for providingadvice in relation to the matters described in this announcement. Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if anyperson is, or becomes, "interested" (directly or indirectly) in 1% or more ofany class of "relevant securities" of World Gaming or Sportingbet, all "dealings" in any "relevant securities" of that company (including by means ofan option in respect of, or a derivative referenced to, any such "relevantsecurities") must be publicly disclosed by no later than 3.30 pm (London time)on the London business day following the date of the relevant transaction. Thisrequirement will continue until the date on which the offer becomes, or isdeclared, unconditional as to acceptances, lapses or is otherwise withdrawn oron which the "offer period" otherwise ends. If two or more persons act togetherpursuant to an agreement or understanding, whether formal or informal, toacquire an "interest" in "relevant securities" of World Gaming or Sportingbet,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 "relevantsecurities" of World Gaming or Sportingbet or any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on theLondon business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose "relevantsecurities" "dealings" should be disclosed, and the number of such securities inissue, can be found on the Takeover Panel's website atwww.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a person has long economicexposure, whether conditional or absolute, to changes in the price ofsecurities. In particular, a person will be treated as having an "interest" byvirtue of the ownership or control of securities, or by virtue of any option inrespect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on thePanel's website. If you are in any doubt as to whether or not you are requiredto 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