Response to shareholder letter

RNS Number : 1317X

API Group PLC

09 February 2012

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS IN THAT JURISDICTION

API Group plc

Response to shareholder letter

For immediate release

9 February 2012

The Board of API Group plc ("API" or the "Company") confirms that it has received a letter from Steel Partners Holdings L.P. ("Steel"), which owns 32.4% of API's issued share capital and has a representative on the Board, suggesting that the Company is put up for sale.  The Board notes the announcement released by Steel this morning via PR Newswire and today's resulting share price movement.

Steel indicated to the Board some months ago that it was considering a possible offer for the Company but, despite ongoing discussions, has not subsequently clarified its intentions.  The statement from Steel that it is not their current intention to continue those discussions is noted. 

No other approaches or indicative offers for the Company have been received and the Board is not currently engaged in any sale process.  However, the Board takes the views of all its shareholders extremely seriously and will give due consideration to the proposal from Steel and keep shareholders informed of any significant developments.

API Group plc                                                              Tel: [phone]

Andrew Turner, Group Chief Executive

Chris Smith, Group Finance Director

Altium - Financial Adviser                                          Tel: [phone]

Paul Lines

Simon Lord

Cairn Financial Advisers LLP - NOMAD                  Tel: [phone]

Tony Rawlinson

Avi Robinson

Numis - Corporate Broking                                        Tel: [phone]

James Serjeant                        

 

END

 

 

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