Re: Update on Blacks Leisure

RNS Number : 9023H

Sports Direct International Plc

02 March 2010

 



2 March 2010

Sports Direct International plc ("Sports Direct" or "the Company")

Re: Update on Blacks Leisure Group plc ("Blacks")

Following the adjournment of Blacks General Meeting on 24 February 2010, Sports Direct confirms that it is evaluating a possible cash offer for the entire issued and to be issued share capital of Blacks.

There can be no certainty that any offer will ultimately be made for Blacks and a further announcement will be made when appropriate.

Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the Code, if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of  Blacks, all "dealings" in any "relevant securities" of that company (including by 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 relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Blacks, 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 "relevant securities" of Blacks by Sports Direct or Blacks, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.

"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.

This announcement will be available on the Sports Direct website soon after its release to the market (www.sports-direct-international.com).

ENDS

For further information, please contact:

Financial Dynamics                                                   T. 0207 831 3113

Jonathon Brill

Caroline Stewart

Alex Beagley

 

END

 

 

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