Offer Update

31 Jul 2007 18:18

Irish Continental Group PLC31 July 2007 31 July 2007 Irish Continental Group plc ("ICG" or the "Company") Offer Update Announcement On 23 July 2007 the independent directors of ICG (the "Independent Directors")announced that on 19 July 2007 the Independent Directors had written to bothMoonduster Limited ("Moonduster") and Aella plc ("Aella") requesting them toconfirm to the Independent Directors, by no later than 12.00 p.m. on 26 July2007, the highest price per ICG Unit which they were prepared to offer toacquire the Company and also their intentions in the event that a higher offer,other than their own offer, was made. Subsequently, on 27 July 2007 theIndependent Directors announced that this deadline had been extended until 5.00p.m. on Monday 30 July 2007. Moonduster has confirmed to the Independent Directors that in respect ofapproximately 20.38 per cent. of the issued share capital of the Company whichit controls, it would vote against an Aella Offer of €22.00 per ICG Unit. Aellaand its concert parties have confirmed to the Independent Directors that, inrespect of approximately 19.14 per cent. of the issued share capital of theCompany in which they have an interest, they would vote against a MoondusterOffer of €22.00 per ICG Unit. Furthermore, neither Moonduster nor Aella haveconfirmed the highest price per ICG Unit which they are willing to offer toacquire the Company. The Independent Directors also note that a third party has acquired asignificant interest, thought to be up to 11.40 per cent., in the Companythrough contract for differences (CFD) instruments. This third party, as of yet,has not formally confirmed its identity to the Independent Directors nor havethey indicated what their intentions are towards the Company. Taking all these facts into account together with the Independent Directorsconcerns regarding the ongoing uncertainty surrounding the Company as a resultof the protracted offer period the Independent Directors wish to resolve thecurrent uncertainty in the shortest timeframe possible. Therefore theIndependent Directors will now consult with the Irish Takeover Panel (the"Panel") in order for the Independent Directors to determine the mostappropriate manner of seeking to resolve the current uncertainty which mayinclude progressing with either the Aella or Moonduster scheme or withdrawingfrom both schemes. In the event that the Independent Directors withdraw from, orabandon, the Aella or Moonduster schemes then, except with the consent of thePanel, both Aella and Moonduster will be precluded from announcing or making anoffer for the Company for 12 months thereafter. Shareholders should note that there is no guarantee that an offer with animproved certainty of execution will be forthcoming as a result of the currentprocess. A further announcement will follow in due course. Enquiries Irish Continental Group plc Telephone +353 1 855 2222Independent DirectorsJohn B McGuckian NCB Corporate Finance Telephone +353 1 611 5611Liam BoothJonathan SimmonsShane Lawlor Drury Communications Telephone +353 1 260 5000Billy MurphyPaddy Hughes The Independent Directors of Irish Continental Group plc accept responsibilityfor the information contained in this announcement. To the best of theirknowledge and belief (having taken all reasonable care to ensure that such isthe case), the information contained in this announcement for which they takeresponsibility is in accordance with the facts and does not omit anything likelyto affect the import of such information. NCB Corporate Finance Limited, which is authorised in Ireland by the FinancialRegulator under the Investment Intermediaries Act 1995, is acting exclusivelyfor Irish Continental Group plc and no one else in connection with theacquisition and will not be responsible to anyone other than Irish ContinentalGroup plc for providing the protections afforded to clients of NCB CorporateFinance Limited nor for providing advice in relation to the acquisition. This information is provided by RNS The company news service from the London Stock Exchange