Holding(s) in Company

2 Apr 2008 09:55

Safeland PLC02 April 2008 2 April 2008 Safeland plc Holding(s) in Company Safeland Plc ("Safeland" or the "Company") announces that it was notified yesterday that Safeland Holdings Corporation ("SHC") has today sold its entireholding of ordinary shares of 5p in the Company ("Shares") (amounting to10,544,643 Shares, which equates to 62.4% of the Company's issued ordinary sharecapital) to Charbrae Team Corporation ("CTC") for a nominal sum. The issued share capitals of each of SHC and CTC are owned in equal proportions by Larry Lipman, Errol Lipman and Steven Lipman. Rule 9 of the City Code on Takeovers and Mergers ("the Code") applies to anyperson or group of persons acting in concert who acquires an interest in shareswhich, when taken together with shares in which that person or group areinterested, carry 30% or more of the voting rights of a company, (or who holdsnot less than 30% but not more than 50% of the voting rights of a company) andacquires any interest in additional shares which increases his percentage of thevoting rights of the company. Such a person is normally required by the Panel onTakeovers and Mergers ("the Panel") to make a general offer to all shareholdersof the company pursuant to Rule 9 of the Code. Where a concert party holds more than 50% of the voting rights of a company andfor so long as its members continue to be treated as acting in concert, theconcert party may increase its aggregate shareholding without being subject tothe provisions of Rule 9 of the Code. However, the Panel should be consultedbefore any individual member of such concert party increases his holding througha Rule 9 threshold. Larry Lipman, Errol Lipman, Steven Lipman, Ray Lipman and SHC (together "theLipman Concert Party") are treated as acting in concert for the purposes of theCode. Details of their respective holdings in Safeland plc set out below. Member of Lipman Concert Party Beneficial Interests Percentage of issued in ordinary shares share capital of 5p % Larry Lipman 88,016 0.52Errol Lipman 519,332 3.07Ray Lipman 519,332 3.07Steven Lipman Nil NilSHC 10,544,643 62.40 Total 11,671,323 69.06 In view of the fact that the issued share capitals of each of SHC and CTC areowned by Larry Lipman, Errol Lipman and Steven Lipman in equal proportions, thePanel has confirmed that there is no requirement for CTC to make an offer forthe remaining shares in Safeland pursuant to Rule 9 of the Code. End Contacts: Safeland plc Arbuthnot SecuritiesLarry Lipman, Managing Director John Prior, Ben WellsPaul Davis, Finance Director Tel: 020 7012 2000Tel: 020 8815 1600www.safeland.co.uk This information is provided by RNS The company news service from the London Stock Exchange