Offer Update

29 Nov 2007 15:57

Precision Technologies Group Ltd.29 November 2007 Withdrawal of possible offer for The 600 Group plc (the "600 Group" or the "Company") On 5 October 2007, Precision Technologies Group Limited ("PTG") announced thatit had made an approach to the board of 600 Group concerning the possibility ofmaking an offer for the Company. Despite presenting the board of 600 Group with three proposals that have been ata significant premium to the Company's then, and current share price, the boardof 600 Group has not granted PTG access to allow it to undertake even thelimited due diligence it required to do on the Company and its pension schemebefore formally launching an offer to the Company's shareholders. The Board of PTG has been encouraged in its belief that the Company'sshareholders interest would have been best served by affording PTG theopportunity to table an offer that 600 Group shareholders could judge the meritof for themselves, as an alternative to the status quo. The Board of 600 Grouphas taken a different view. PTG therefore announces that it has no intention of making an offer for the 600Group. Pursuant to Rule 2.8 of the City Code on Takeovers and Mergers (the "Code"), PTGreserves the right to announce or participate in an offer or possible offer for600 Group and/or take any other action which would otherwise be restricted underRule 2.8 of the Code within the next six months, if any of the following eventsoccur: i. the agreement or recommendation of the Board of 600 Group to such an offer;ii. there is an announcement of an offer by a third party for 600 Group; oriii. 600 Group announces a whitewash proposal or a reverse takeover. For further information: Landsbanki Securities (UK) LimitedMark Dickenson / Sindre Ottesen 020 7426 9000 This information is provided by RNS The company news service from the London Stock Exchange