Jersey Electricity Company Limited
15 April 2004
The Jersey Electricity Company Limited
POSSIBLE OFFER FOR
JERSEY NEW WATERWORKS COMPANY LIMITED
BY THE JERSEY ELECTRICITY COMPANY LIMITED
On 13 January 2004, the Board of JEC announced that it had made a preliminary
approach to JNWW which may lead to an offer being made by JEC for the issued
share capital of JNWW.
The Board of JEC has noted the announcement made today by the Finance and
Economics Committee (' F&E Committee') of the States of Jersey, the majority
shareholder in both JEC and JNWW, that it has decided not to support the current
proposal made by JEC.
The Board of JEC has also noted that the F&E Committee now proposes to undertake
a strategic review of the future of the JNWW business and the Board of JEC looks
forward to the outcome of that review, which will examine, amongst other
matters, ownership issues. The F&E Committee expect the final results of this
strategic review being available later this year.
The Board of JEC consequently confirms that it is now no longer in talks with
JNWW and that it does not intend making an offer for JNWW at this present time.
For the purposes of Rule 2.8 of the Takeover Code, the Board of JEC reserves the
right to make an offer for JNWW in the event that the Board of JNWW agrees to
recommend an offer or a third party announces a firm intention to make an offer
For further information contact, Mike Liston, Managing Director of Jersey
Electricity, Tel: 01534 505320
P J ROUTIER
Direct Tel: 01534 505253
Direct Fax: 01534 505515
15th April, 2004
PO Box 45
This information is provided by RNS
The company news service from the London Stock Exchange