Statement regarding Panmure G
The Evolution Group PLC
19 October 2010
THE EVOLUTION GROUP PLC
For immediate release
Evolution Group Plc ("Evolution" or the "Company")
Statement regarding Panmure Gordon & Co plc ("Panmure Gordon")
On 23 September 2010, Evolution announced that it was considering a possible offer for Panmure Gordon, but that it wished to assess Panmure Gordon's upcoming trading results before determining whether there was any merit in taking its deliberations further.
Having reviewed Panmure Gordon's trading results published on 29 September 2010, Evolution nevertheless made an indicative conditional proposal to the board of Panmure Gordon subject to due diligence.
Evolution has now received a letter from the board of Panmure Gordon rejecting the proposal outright and has therefore concluded that there is no merit in further discussions. Accordingly it has determined not to make an offer for Panmure Gordon.
For Enquiries:
Evolution
Alex Snow, Chief Executive Officer 020 7071 4300
Investor Relations
Charles Cook, Director 020 7726 8400
Merlin Financial
Disclosure requirements of the Takeover Code (the "Code")
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% 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.
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 Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover 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 a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129.
This information is provided by RNS
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