23 Jul 2019 16:38
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF
THAT JURISDICTION
FOR IMMEDIATE RELEASE
23rd July 2019
ZEN GLOBAL LTD (the "Company")
No intention to bid statement regarding World Trade Systems PLC (WTS)
Further to the announcement made by the Company on 1 July 2019, regarding a
possible offer for World Trade Systems PLC by the Company, the Company announces that it is not intending to make an offer for WTS.
The Company had been in discussions only with Suzhou Weibao Co Ltd and has not been able to get an agreement on the sale of shares. The Company has also not been able to arrive at any understanding with the other shareholders of WTS.
This is a statement to which Rule 2.8 of the Takeover Code (the "Code") applies.
Under Note 2 on Rule 2.8 of the Code, the Company reserves the right to set the restrictions in Rule 2.8 aside in the following circumstances:
a. with the agreement of the board of WTS;
b. if a third party announces a firm intention to make an offer for WTS;
c. if WTS announces a "whitewash" proposal (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Code); and
d. if there has been a material change of circumstances (as determined by the Takeover Panel).
Enquiries
AKM Ismail, ZEN Global Ltd
+44 7786 712 459