Business
Response to announcement from Consort Medical
Response to announcement from Consort Medical.
About this update from Carclo Plc
[{"type":"text","content":"\n \nRNS Number : 2802T Carclo plc 02 July 2018 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\nFOR IMMEDIATE RELEASE 2 Jul 2018\nResponse to announcement from Consort Medical plc\nCarclo plc (\"Carclo\" or the \"Company\") notes today's announcement by Consort Medical plc (\"Consort\") and confirms that it received a highly preliminary indicative non-binding all paper proposal for the Company from Consort on 29 May 2018 (the \"Proposal\"). The Proposal valued each Carclo share at 116 pence to be satisfied in new Consort shares.\nThe Board of Carclo (the \"Board\") discussed the Proposal, together with its advisers, and concluded that the Proposal in no way reflected the fundamental value of the Company. Consequently, the Board was unanimous in rejecting this opportunistic approach on 01 June 2018. \nThe Board is confident in Carclo's standalone strategy and growth prospects and believes the Company's long-term value should not be affected by the challenges which management are addressing. This process will be strengthened by the announced appointments of Mark Rollins as Chairman, Sarah Matthews-DeMers as Group Finance Director, and Joe Oatley as a Non-Executive Director, all of whom take up their respective roles this month.\nThe Board believes the focus on the Company's two core divisions, Carclo Technical Plastics (\"CTP\") and LED Technologies, will deliver a successful future for the Group and notes Consort's primary interest appears to be only in the CTP division.\nWe also note the statement that Carclo has rejected requests from Con...