Business
Offer for Newbury
Offer for Newbury.
About this update from Coats Group Plc
[{"type":"text","content":"\n Guinness Peat Group PLC\n19 December 2007\n\n\n Not for release, publication or distribution, in whole or in part, in, into or\n from the US, Canada or Australia or any jurisdiction where to do so would\n constitute a violation of the laws of such jurisdiction.\n\n\n GPG Acquisitions No. 5 Limited\n\n (a wholly owned subsidiary of Guinness Peat Group plc)\n\n FURTHER RE: CASH OFFER FOR NEWBURY RACECOURSE PLC\n\n\n19 December 2007\n\n\nGPG Acquisitions notes the defence circular posted yesterday by Newbury\nRacecourse and which, in its view, is long on rhetoric and innuendo but\nglaringly fails to address the key issues critical to Shareholders.\n\nIn particular, the defence circular fails to provide:-\n\n- any assurance that 2007 will NOT be the fifth successive year of operating\n losses* for Newbury Racecourse;\n\n- any real comfort as to the Newbury Board's ability to execute successfully its\n proposed transformation of the Company into a leisure, entertainment and \n events business;\n\n- any assurance that the net returns from the proposed partnership, in respect\n of the Company's substantial surplus land, will, in today's monetary terms, be\n in excess of £7 per Newbury Racecourse Share.\n\n*before exceptional items\n\nGPG remains convinced that its premium offer of £11 cash per Newbury Racecourse\nShare provides an attractive alternative to an uncertain future under the\nstewardship of the current Newbury Board and has no hesitation in recommending\nit to Shareholders for their serious and immediate consideration.\n\nA further communication will be made to Shareholders in due course.\n\n\nENQUIRIES\n\nGPG Acquisitions No. 5 Limited Tel: (020) 7484 3370\nBlake Nixon, Director\n\nStrand Partners Limited Tel: (020) 7409 3494\nSimon Raggett\n\nCitigate Dewe Rogerson Tel: (020) 7638 9571\nKevin Smith\n\n\nOTHER INFORMATION\n\nTerms defined in the document posted to Shareholders on 7 December 2007\ncontaining the formal Offer for Newbury Racecourse have the same meaning in this\nannouncement.\n\nCopies of the Offer Document and the Form of Acceptance remain available (during\nnormal business hours) from Strand Partners at 26 Mount Row, London W1K 3SQ and\nfrom the offices of Computershare Investor Services PLC, The Pavilions,\nBridgwater Road, Bristol BS99 7NH throughout the period during which the Offer\nremains open fo...