Statement re Possible Offer

RNS Number : 7911D

Shanks Group PLC

08 December 2009

 



Shanks Group plc

8 December 2009

Statement re Possible Offer

Following the Statement re a Possible Offer for Shanks Group plc ('Shanks' or 'the Group') dated 7 December 2009, Shanks confirms that its two largest shareholders agree with the Board that a cash offer of 150p per share or more would deliver an appropriate value to shareholders and have indicated a willingness to support an offer at this level.

This statement relates to Schroders Investment Management Limited which has a beneficial holding of 64,282,332 ordinary shares (16.2%) and Legal & General Investment Management Limited which has a beneficial holding of 63,469,016 ordinary shares (16.0%).

Enquiries:

Shanks Group plc                [phone]

Tony McGarahan, Corporate Communications Adviser    

Tulchan Communications    [phone]

John Sunnucks 

David Allchurch

Stephen Malthouse

In accordance with Rule 19.11 of  The City Code on Takeovers and Mergers (the 'Code'), a copy of this announcement will be published on the Shanks website: http://www.shanksplc.co.uk/irol-rns

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 Shanks, all 'dealings' in such 'relevant securities' (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until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends.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 Shanks, 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 Shanks by Shanks or the potential offeror, 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 absolute or conditional, 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 Takeover 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.  

 

END

 

 

OFDFSLFIASUSELE