Recommended Offer for Protec

18 Nov 2005 16:26

Quadnetics Group PLC18 November 2005 Quadnetics Group PLC18 November 2005 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THEUNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND, SOUTH AFRICA OR JAPAN RECOMMENDED OFFER FOR PROTEC PLC Offer Extended As at 1.00 pm on 18 November 2005, valid acceptances had been received inrespect of 120,807,939 Protec Shares (representing approximately 75.26 per cent. of Protec's issued share capital). Prior to the posting of the Offer Document, Quadnetics had received irrevocable undertakings from the Protec Directors and certain other Protec Shareholders to accept the Offer in respect of, in aggregate, 99,758,979 Protec Shares representing 62.15 per cent. of the existing issued Protec Shares. Of these irrevocable undertakings the Board has received valid acceptances from, in aggregate, 78,252,406 Protec Shares, representing 48.75 per cent. of the existing issued Protec Shares. Quadnetics announces that it is extending the Offer until further notice. Now that Quadnetics has acceptances in relation to over 75 per cent. of Protec Shares, the process of de-listing Protec from AIM will commence. At a board meeting today 83,828 New Quadnetics Shares were allotted to holders of Protec Shares who had validly accepted the Offer. Settlement of consideration Application will be made to the London Stock Exchange for these New Quadnetics Shares to be admitted to trading on AIM on Thursday 24 November 2005. Delivery of share certificates/CREST transfers Share certificates for these New Quadnetics Shares will be despatched to Protec Shareholders who have validly accepted the Offer in respect of Protec Shares held in certificated form within 14 days. Transfer into CREST for Protec Shareholders who have accepted the Offer inrespect of these Protec Shares held in within CREST will take place with 14days. Terms defined in the Offer Document dated 30 September 2005 shall, unless thecontext requires otherwise, have the same meanings in this announcement. Enquiries Quadnetics 01527 850080Russ Singleton, Chief ExecutiveNigel Poultney, Finance Director Brewin Dolphin Securities Ltd 0113 241 0130(Financial Adviser and Corporate Broker to Quadnetics)Neil BaldwinKeith Williams Protec 01923 211550Bill Moir, Chief Executive Teather & Greenwood 020 7246 9000(Financial Adviser and Corporate Broker to Protec)Jeff KeatingRob Naylor Media Enquiries Abchurch Communications 0207 398 7700Chris MundenKathryn Murphy This information is provided by RNS The company news service from the London Stock Exchange