The board of AssetCo is continuing to look at all opportunities for shareholder value, and as previously announced on 21 March 2011 the Company is in dialogue with an investor group regarding financial support, but as announced on 12 May any proposal for a future fundraising would be dependent upon the Company agreeing a sustainable and appropriate financing structure with its bankers.
We continue to have constructive discussions with all parties whilst we prepare our proposals for a financial restructuring, and the banks lending to our operating subsidiaries, that carry out the contacts to support the Fire Services contract, are generally supportive regarding the short term financing situation. However, Northern Bank based in Belfast, Northern Ireland, has lodged a creditors' petition in respect of its debt of £1.3m owed by the holding company. This effectively seeks to improve the banks' position, and the position of its guarantor, ahead of other banks and creditors, and if not settled the petition will be heard on 29 June 2011. The board considers that it would be inappropriate at this particular time to pay one bank in full ahead of other banks as the objective is a financial restructuring for the benefit of all stakeholders.
The Company also continues to be in an Offer Period under the Takeover Code.
Tudor Davies: +44 (0) 207 614 5917
Arden Partners plc
Richard Day: +44 (0) 207 614 5917
Adrian Trimmings: +44 (0) 207 614 5920
Citigate Dewe Rogerson
Fiona Tooley: Office: +44 (0) 121 362 4035 / Mobile: +44 (0) 7785 703 523
Dealing Disclosure Requirements
Under Rule 8.3(a) of the Code, any person who is interested in 1% 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% 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 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 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