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CareTech Holdings (CTH)

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Monday 17 October, 2011

CareTech Holdings

Strategic review update

RNS Number : 2912Q
CareTech Holdings PLC
17 October 2011
 



CareTech Holdings PLC

("CareTech" or "the Group" or "the Company")

 

Strategic review update

 

The board of CareTech, a leading UK provider of specialist social care services, confirms that the strategic review originally announced on 8 July 2011 to assess the most appropriate way to enhance shareholder value is on-going and can confirm that it has not received any approach regarding a possible offer for the Company.

 

The scope of the strategic review includes the evaluation of the viability of raising additional leverage to finance an offer for the business from CareTech's management and consequently the Company remains in an offer period. Any offer from management will be constrained by the availability of debt finance required to fund the offer.

 

In accordance with Rule 2.6(c) of the Code, the Caretech Board has been granted an extension by the Takeover Panel to enable it to finalise the strategic review. The new deadline to either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer (in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies) is 5.00 p.m. on 14 November 2011. The revised deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

 

This announcement is not an announcement of a firm intention to make an offer under Rule 2.7 of the City Code on Takeovers and Mergers (the "Code") and there can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.

 

A further announcement will be made in due course.

 

CareTech Holdings PLC

01707 601 800

Farouq Sheikh, Executive Chairman


Michael Hill, Group Finance Director




 

Brewin Dolphin

 

0845 213 4730

Matt Davis


Sean Wyndham-Quin


 

Dealing disclosure requirements

 

Under Rule 8.3(a) of the Code, any person who is interested in 1 per cent. or more of any class of relevant securities of an offeree company or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

 

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1 per cent. or more of any class of relevant securities of the offeree company or of any paper offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

 

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

 

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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