Business
Offer for The 3rd Man Group p
Offer for The 3rd Man Group p.
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[{"type":"text","content":"\n RNS Number : 6304K Datacash Group PLC 22 December 2008 \n \n22 December 2008\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM AUSTRALIA, JAPAN, THE REPUBLIC OF IRELAND, SOUTH AFRICA OR THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT WOULD BE UNLAWFUL TO DO SO\n\nFor immediate release 22 December 2008\n\n\nRECOMMENDED CASH OFFER\nby \nDatacash Fraud Services Limited\n(a wholly owned subsidiary of Datacash Group Plc)\nfor\nThe 3rd Man Group plc\nother than for those shares otherwise contracted to be acquired by Datacash Fraud Services Limited\n\nSummary\nThe Boards of Datacash Fraud Services Limited (Datacash Fraud Services) and The 3rd Man Group plc (3rd Man) are pleased to announce that they have reached agreement on the terms of a recommended offer to be made by Datacash Fraud Services for the entire issued and to be issued ordinary share capital of 3rd Man not already otherwise contracted to be acquired by Datacash Fraud Services (Offer). The Independent 3rd Man Directors will unanimously recommend 3rd Man Shareholders to accept the Offer.\n\nThe Offer will be made on the basis of 30 pence in cash for each 3rd Man Share (Offer Price) and values the entire existing issued and to be issued ordinary share capital of 3rd Man at approximately £3.25 million. The Offer Price represents a premium of approximately 18 per cent. over the value of the last 3rd Man Share traded on the JP Jenkins Limited trading exchange on 22 November 2007.\n\nThe Independent 3rd Man Directors, who have been so advised by Seymour Pierce Limited, unanimously consider the terms of the Offer to be fair and reasonable. In providing advice to the Independent 3rd Man Directors, Seymour Pierce Limited has taken into account the commercial assessments of the Independent 3rd Man Directors.\n\nAccordingly, the Independent 3rd Man Directors will unanimously recommend 3rd Man Shareholders to accept the Offer.\n\nIn addition, pursuant to the Acquisition Agreement, terms have been agreed for Paul Simms and Steve Tyas (Management) and their immediate family interests, Anne Couter and Vanessa Tyas (Spouses) to exchange their shareholdings in 3rd Man, being, in aggregate, 2,...