Business
Result of Tender Offer
Result of Tender Offer.
About this update from M&c Saatchi Plc
[{"type":"text","content":"\n \nRNS Number : 8480X M&C Saatchi PLC 16 January 2014 \n \n\nM&C Saatchi Plc\nResults of Tender Offer\n \n\n\n\n\n\n\n\n\n\n\n\n\n \n16 January 2014\n \nThe Board of M&C Saatchi plc is pleased to announce the result of the Tender Offer described in the circular issued by the Company to its Shareholders on 19 December 2013. The Tender Offer closed on 15 January 2014 in accordance with the published timetable following shareholder approval at the General Meeting of the Company held on 7 January 2014. \n \nA total of 11,397,188 Ordinary Shares were validly tendered under the Tender Offer and as a result, all Shareholders who have validly tendered Ordinary Shares will have their tenders accepted in full up to their Basic Entitlements, which in aggregate equates to 3,675,295 Ordinary Shares, and excess tenders will be satisfied on a pro rata basis (subject to the provisions of paragraph 7.2 of Part IV in relation to the Directors as set out in the circular) with the remaining excess of 7,721,893 Ordinary Shares tendered into the process being scaled back such that 2,662,505 Ordinary Shares will be purchased from Shareholders who offered to tender more than their Basic Entitlement. Shareholders who validly tendered Ordinary Shares will therefore have tenders accepted for approximately 0.34 Ordinary Shares for every Ordinary Share that they tendered above their Basic Entitlement. In total, 6,337,800 Ordinary Shares will be purchased by Numis Securities at a price per Ordinary Share of £3.35, for a total cost of £21,231,630. This represents approximately 9.27 per cent. of the issued share capital of the Company (excluding shares held in treasury). \n \nIt is expected that the cheques will be dispatched and CREST payments made to selling Shareholders on or before 23 January 2014. Any queries concerning the calculation of accepted tenders and administration of the Tender Offer should be addressed to Computershare Investor Services Plc on +44 (0)870 889 4044.\n \nAs a result of the Tender Offer, there have been the following changes to the interests of the following Directors and their connected persons in Ordinary Shares:\n \n\n\n\n\nDirector\n\n\nNumber of Ordinary Shares successfully tendered\n\n\nHolding of Ordinary Shares following the Tender Offer\n\n\n\n\nLloyd Dorfman\n\n\n13,8...