Business
Offer for Hartest Holdings
Offer for Hartest Holdings.
About this update from Checkit Plc
[{"type":"text","content":"\n RNS Number : 2268Q Elektron PLC 30 July 2010 \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 SUCH JURISDICTION\n \n30 JULY 2010\nFOR IMMEDIATE RELEASE\nMANDATORY CASH OFFER\nby\nELEKTRON PLC\nfor\nHARTEST HOLDINGS PLC\nSUMMARY\n· The Board of Elektron Plc (\"Elektron\" or the \"Offeror\") announces today the terms of a cash offer to be made for the entire issued and to be issued share capital of Hartest Holdings Plc (\"Hartest\") not already owned by Elektron.\n· Elektron acquired 2,577,309 shares, representing approximately 29.95 per cent. of the existing issued share capital of Hartest Holdings Plc (\"Hartest\") from Peter Gyllenhammar at a price of 90 pence per Hartest Share (the \"Acquisition\"). \n· Prior to this Acquisition, Elektron owned 1,992,722 Hartest Shares, representing approximately 23.2 per cent. of the existing issued share capital of Hartest. Accordingly, Elektron now holds 4,570,031 Hartest Shares, representing approximately 53.1 per cent. of the existing issued share capital of Hartest.\n· As a result of the Acquisition, under Rule 9 of the Code, a mandatory cash offer is required to be made for the entire issued share capital of Hartest not already owned by the Offeror at a price of 90 pence per Hartest Share being the highest price paid by the Offeror for Hartest Shares in the previous 12 month period (the \"Offer\"). \n· Under the terms of the Offer, Hartest Shareholders accepting the Offer will receive 90 pence in cash per Hartest Share which represents:\n§ a premium of approximately 5.3 per cent. to the Closing Price of 85.5 pence per Hartest Share on 29 July 2010 (being the last Business Day prior to the date of this Announcement); and\n§ a premium of approximately 14.2 per cent. to the average Closing Price of 78.8 pence per Hartest Share over the last 60 Business Days up to and including 29 July 2010.\n·  ...