Maiden Group PLC
27 February 2006
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF
AMERICA, CANADA, AUSTRALIA OR JAPAN
27th February 2006
FOR IMMEDIATE RELEASE
Update on Strategic Review
Maiden Group plc
On 20th December 2005 Maiden announced that its Board had appointed N M
Rothschild to assess the future strategic options for the Company.
One option that was implemented as part of that assessment was to establish a
process to receive offers for the Company and / or its constituent businesses.
The proposals received to date would all value the Company materially below the
current share price.
The Board is reviewing the options available to the Company and discussions with
its lenders are continuing.
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the
"Code"), if any person is, or becomes, "interested" (directly or indirectly) in
1% or more of any class of "relevant securities" of Maiden, 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unconditional as to acceptances, lapses or is otherwise withdrawn or on which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 Maiden, 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 Maiden by Maiden or by a 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
"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 on telephone
number +44 (0)20 7638 0129.
Ronald Zeghibe, Chief Executive Telephone: +44 (0)20 7838 4000
Maiden Group plc
Tim Spratt Telephone: +44 (0)20 7831 3113
This information is provided by RNS
The company news service from the London Stock Exchange