Statement re Possible Offer

31 Mar 2006 16:05

Chorion PLC31 March 2006 31 March 2006 FOR IMMEDIATE RELEASE Chorion PLCStatement re Entertainment Rights Plc Following the announcement by Chorion PLC ("Chorion"), on 23 February 2006, thatthe Independent Directors of Chorion and the board of Planet AcquisitionsLimited ("Planet Acquisitions") had reached agreement on the terms of arecommended cash acquisition of Chorion by Planet Acquisitions for 425p perChorion share, to be effected by means of a scheme of arrangement under section425 of the Companies Act 1985, the Board of Entertainment Rights Plc ("ER")confirmed, on 23 March 2006, that it was considering a possible offer forChorion. The Panel on Takeovers and Mergers (the "Panel") has been considering theapplication of note 1 to Rule 19.3 of the City Code on Takeovers and Mergers(the "Code") to the approach by ER to Chorion and has now ruled that ER must, by12 noon on Thursday 13 April 2006, either announce a firm intention to make anoffer for Chorion pursuant to Rule 2.5 of the Code or announce that it will notproceed with an offer for Chorion. In the event that ER announces that it willnot proceed with an offer for Chorion, ER and any person acting in concert withit will, except with the consent of the Panel or as otherwise specified, bebound by the restrictions contained in Rule 2.8 of the Code and in particularwill be unable to make an offer for Chorion for a period of six months from thedate of such announcement. The Committee of Independent Directors is considering its position and will givefurther guidance to shareholders as soon as it is able to do so. Enquiries: Portland PRTim Allan Telephone: +44 (0) 20 7404 5344 This information is provided by RNS The company news service from the London Stock Exchange