Response to Press Speculation

23 Mar 2006 16:20

Entertainment Rights PLC23 March 2006 Entertainment Rights Plc PRESS SPECULATION REGARDING CHORION PLC ("CHORION") The Board of Entertainment Rights Plc ("Entertainment Rights") notes recentpress speculation regarding Entertainment Rights' intentions in respect ofChorion. The Board of Entertainment Rights confirms that it is considering apossible offer for Chorion and wishes to make clear that it is endeavouring toassess the strategic and financial condition of Chorion. The work is at apreliminary stage; shareholders in both Entertainment Rights and Chorion shouldbe aware that there is no certainty that an offer will be forthcoming. Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the"Code"), if any person is, or becomes, "interested" (directly or indirectly) in1% or more of any class of "relevant securities" of Entertainment Rights or ofChorion, all "dealings" in any "relevant securities" of that company (includingby means of an option in respect of, or a derivative referenced to, any such"relevant securities") must be publicly disclosed by no later than 3.30 pm(London time) on the London business day following the date of the relevanttransaction. This requirement will continue until the date on which the offer becomes, or isdeclared, unconditional as to acceptances, lapses or is otherwise withdrawn oron which the "offer period" otherwise ends. If two or more persons act togetherpursuant to an agreement or understanding, whether formal or informal, toacquire an "interest" in "relevant securities" of Entertainment Rights or ofChorion, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of Entertainment Rights or of Chorion by Entertainment Rights or ofChorion, or by any of their respective "associates", must be disclosed by nolater than 12.00 noon (London time) on the London business day following thedate of the relevant transaction. A disclosure table, giving details of the companies in whose "relevantsecurities" "dealings" should be disclosed, and the number of such securities inissue, can be found on the Takeover Panel's website atwww.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a person has long economicexposure, whether conditional or absolute, to changes in the price ofsecurities. In particular, a person will be treated as having an "interest" byvirtue of the ownership or control of securities, or by virtue of any option inrespect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on thePanel's website. If you are in any doubt as to whether or not you are requiredto disclose a "dealing" under Rule 8, you should consult the Panel. Contacts Elizabeth Gaines +44 (0) 20 8762 6200Finance DirectorEntertainment Rights David Rydell/Nick Lambert +44 (0) 20 7861 3232Bell Pottinger This information is provided by RNS The company news service from the London Stock Exchange