Tender Offer Result

RNS Number : 6337E

Vislink PLC

11 April 2011

 



Vislink plc (the "Company")

Result of Tender Offer

The Company is pleased to announce that pursuant to the Tender Offer which closed at 3.00 p.m. on 8 April 2011, valid tenders have been received for 38,700,605 Shares representing approximately 157 per cent. of the Shares subject to the Tender Offer.

In accordance with the terms of the Tender Offer, Shareholders who tendered to sell less than or equal to 17.8 per cent. of their shareholdings ("Pro Rata Entitlement") will have their tender satisfied in full. Shareholders who tendered more than their Pro Rata Entitlement, will have their Pro Rata Entitlement satisfied in full and any Shares tendered above their Pro Rata Entitlement will be scaled down (to the nearest whole number of Shares) by a factor of approximately 0.43308293. Accordingly, Evolution will purchase the maximum number of Shares available under the terms of the Tender Offer (after roundings from the scaling down of tenders), being in aggregate 24,691,358 Shares (the "Tendered Shares") at 20.25 pence per Tendered Share, for a total consideration of approximately £5 million. 

The posting of cheques in respect of certificated Shares purchased pursuant to the Tender Offer and the crediting of CREST accounts for uncertificated Shares purchased pursuant to the Tender Offer are expected to occur by 15 April 2011.

The crediting of CREST accounts with uncertificated Shares unsuccessfully tendered and the dispatch of balance share certificates for unsold certificated Shares and the return of share certificates for unsuccessful tenders of certificated Shares are also expected to occur by 15 April 2011.

Shares purchased under the Tender Offer will be cancelled by the Company on completion of the Tender Offer and the Repurchase. The Company will announce when the Tender Offer and Repurchase has been completed and the Shares have been cancelled.

Terms used in this announcement shall have the meaning ascribed to them in the circular sent to Shareholders on 23 March 2011 unless otherwise stated.

For further information, please contact:

James Trumper, Group Finance Director                                               [phone]

Charlie Jack, Hudson Sandler                                                                     [phone]                                                                     

About Vislink plc

Vislink plc is a global technology business specialising in secure communications and services for the news & entertainment and law enforcement & public safety markets. The Company has two international business units serving these markets with manufacturing operations in the UK and the USA.

The Company's strategic focus is the design, manufacture, sale, installation and maintenance of wireless, video and IP technologies together with the supporting management systems. Vislink products include microwave radio, satellite transmission and wireless camera systems.

Headquartered in the UK with operations in the USA, Dubai, and Singapore the Company employs over 200 people worldwide. The Company is fully listed on the London Stock Exchange (LSE:VLK).

For further information, please visit www.vislink.com.

Forward looking statements

Certain statements in this report are forward-looking. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. Because these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements. The Group undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.

 

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