15 Sep 2008 07:39
| NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN | ||
| 15 September 2008 | ||
| FOR IMMEDIATE RELEASE | ||
| Creston plc | ||
| Possible Offer for Creston plc | ||
The Board of Creston plc ("Creston" or the "Company") on 12 September 2008 announced that it is in discussions regarding a possible offer for the Company.
Creston today confirms that the possible offer has been received from a private equity firm ("Potential Offeror") which intends, subject to an offer being made and completed, to offer senior management positions and equity participations to Don Elgie, Creston's Chief Executive and Barrie Brien, Creston's Chief Financial Officer, and to other senior members of the Creston management team. The Board, therefore, has formed a committee of Independent Directors comprising Creston's non-executive Chairman, David Marshall and its two non-executive directors, Andrew Dougal and Malcolm Wall.
Although the Potential Offeror is in the final stages of its due diligence and the arranging of finance, the Independent Directors, who are being advised by Rothschild, wish to highlight that there can be no certainty that an offer will be made.
This statement is being made without the agreement or approval of the Potential Offeror and consequently there can be no certainty that an offer will be made nor as to the terms on which any offer might be made.
A further announcement will be made when appropriate.
END
Rothschild is acting as financial adviser to Creston and no one else in connection with this announcement and will not be responsible to anyone other than Creston for providing the protections afforded to clients of Rothschild or for providing advice in relation to the contents of this announcement, or for any other transaction, arrangement or matters referred to in this announcement.
Investec is acting as corporate broker to Creston and no one else in connection with this announcement and will not be responsible to anyone other than Creston for providing the protections afforded to clients of Investec or for providing advice in relation to the contents of this announcement, or for any other transaction, arrangement or matters referred to in this announcement.
Conduit Hldg (CRE)