Business
Tender Offer
Tender Offer.
About this update from Lpa Group Plc
[{"type":"text","content":"\n LPA Group PLC\n01 November 2006\n\n\n\nLPA Group Plc (the 'Company')\n1 November 2006\n\n\n\nThe following has been extracted from a letter sent to shareholders yesterday\nevening.\n\n\n\n'Unsolicited Tender Offer\n\n\n\nSHAREHOLDERS ADVISED TO TAKE NO ACTION\n\n\n\nOn Thursday, 26 October, your Board received notice of a tender offer from\nAndrew Perloff for up to 3,095,968 shares, representing 28.39% of our issued\nshare capital, at 25p per share.\n\n\n\nYour Board has had no direct contact with Mr Perloff or anyone connected with\nhim. We are concerned that he is seeking to gain effective control of your\ncompany without launching a full offer for the company.\n\n\n\nShareholders should note that the tender offer document, issued by his adviser,\nJohn East & Partners, on behalf of Mr Perloff, includes no mention whatsoever of\nthe reasons behind this tender offer.\n\n\n\nShareholders should be aware that in the interim statement published on 22 June\n2006, the unaudited balance sheet as at 31 March 2006 showed equity\nshareholders' funds of £6.02 million, equating to 55.2p per share.\n\n\n\nThis figure does not take into account any uplift through the revaluation of our\nfreehold property assets. Our 1.5 acre headquarters site at Saffron Walden, for\nexample, is located in an area zoned for residential development and is believed\nby the Board to be worth substantially more than its current book value.\n\n\n\nAs announced in our formal response today to the tender offer, your Board will\nnot be accepting in respect of its shareholdings, which total 1,169,540 shares\n(10.73% of the issued share capital).\n\n\n\nThe Group's financial year closed on 30 September and your Board will be writing\nto you again shortly to update you on current trading, and to give you more\ndetails of our forward order book.\n\n\n\nIn the meantime, I strongly urge shareholders to follow our lead and to ignore\nthis opportunistic tender offer.'\n\n\nEnquiries:\n\nPeter Pollock Chief Executive 01799 512844\nStephen Brett Finance Director 01799 512860\nJames Glancy Teather & Greenwood Limited 020 7426 9000\nRobert Naylor Teather & Greenwood Limited 020 7426 9000\n\nGareth David College Hill 020 7457 2020\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2580,"tagName":"div"}]