Countryside Properties PLC
08 December 2004
FOR IMMEDIATE RELEASE
8 December 2004
Countryside Properties PLC (the 'Company')
The Independent Directors of the Company note the recent press speculation
concerning Rock Pacific Limited ('Rock Pacific') and its intention to possibly
make a takeover offer for the Company.
As announced by Rock Pacific on 26 November 2004, Rock Pacific is an investment
company whose shareholders include Paul Kemsley and vehicles in which Daniel
Levy and Joe Lewis are interested and Rock Pacific is interested in 17,665,000
ordinary shares in the Company and has an economic interest in a further
4,650,000 shares. These interests represent, in aggregate, approximately 28.1
per cent of the issued share capital of the Company.
The Independent Directors confirm that the Company has been approached by Rock
Pacific requesting access to due diligence information to enable it to consider
whether it wishes to make an offer for the Company. Certain information has been
made available to Rock Pacific and its advisers and their review of that
information is ongoing.
Matters are at a very preliminary stage and, to date, no definitive discussions
have taken place with Rock Pacific as to the price, terms and conditions of any
possible offer. As such, there can be no certainty that Rock Pacific's interest
will lead to an offer being made for the Company. The Company understands from
Rock Pacific that, under rule 6 of the City Code on Takeovers and Mergers, any
offer made by Rock Pacific would need to be at a price of not less than 280
pence per share.
The Independent Directors continue unanimously to recommend the offer made on
behalf of Copthorn Limited on 19 November 2004.
Countryside Properties PLC 01277 260000
N M Rothschild & Sons Limited 020 7280 5000
The Independent Directors of the Company accept responsibility for this
announcement and, to the best of their knowledge and belief (having taken all
reasonable care to ensure that such is the case), the information in this
announcement is in accordance with the facts and does not omit anything likely
to affect the import of such information.
N M Rothschild & Sons Limited is acting for the Company in connection with the
matters referred to above and no one else and will not be responsible to anyone
other than the Company for providing the protections offered to clients of N M
Rothschild & Sons Limited nor for providing advice in relation to the matters
referred to above.
This information is provided by RNS
The company news service from the London Stock Exchange