Business
Update on Offer for Touchstone Innovations plc
Update on Offer for Touchstone Innovations plc.
About this update from Ip Group Plc
[{"type":"text","content":"\n \nRNS Number : 3644P IP Group PLC 30 August 2017 \n\nTHIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES OR IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. \n30 August 2017\nUpdate on Offer for Touchstone Innovations plc\nAcceptances and statements of support in aggregate in excess of 90%\nOn 20 June 2017, IP Group plc (\"IP Group\") announced the terms of an offer to be made by IP Group for the whole of the issued and to be issued share capital of Touchstone Innovations plc (\"Touchstone\"). The offer document in relation to the Offer was posted to shareholders on 18 July 2017 (\"Offer Document\"). Capitalised terms used but not defined in this announcement shall have the meaning given to them in the Offer Document.\n1. Acceptances and statements of support in aggregate in excess of 90%\nAs at 3pm on 29 August 2017, IP Group had received valid acceptances of its Offer, hard irrevocable undertakings and nonbinding letters of intent in support of its Offer in respect of Touchstone Shares representing 90.1033 per cent. of the current issued share capital of Touchstone, comprising: \na) Valid acceptances of the Offer in respect of 16,798,086 Touchstone Shares, representing approximately 10.4204 per cent. of the current issued share capital of Touchstone. Of these, acceptances have been received in respect of 16,120,000 Touchstone Shares (representing approximately 9.9997 per cent. of the current issued share capital of Touchstone), pursuant to the terms of the hard irrevocable undertaking given by Invesco, which is presumed by the Takeover Panel to be acting in concert with IP Group; \n \nb) Hard irrevocable undertakings to accept the Offer from Woodford and Lansdowne, in respect of 32,240,413 shares representing, in aggregate, approximately 19.9997 per cent. of Touchstone's share capital; and\n \nc) Nonbinding letters of intent from each of Invesco, Woodford, Lansdowne and Imperial College in respect of 96,211,780 shares representing, in aggregate, approximately 59.6832 per cent. of Touchstone's issued share capital. \nAs stated in the Offer Document, under the Companies Act, if a \"takeover offer\" (as defined...