Business
NO INCREASE TO OFFER
NO INCREASE TO OFFER.
About this update from Parkmead Group Plc
[{"type":"text","content":"\n \nRNS Number : 5429H Parkmead Group (The) PLC 21 June 2013 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n21 June 2013\n \nRECOMMENDED ALL-SHARE OFFER\nfor\nLochard Energy Group PLC (\"Lochard Energy\")\nby\nThe Parkmead Group plc (\"Parkmead\")\n \n(to be implemented by way of a Scheme of Arrangement\nunder Part 26 of the Companies Act 2006)\n\nNO INCREASE TO OFFER\n \nPrior to the announcement of the recommended offer on 23 May 2013 (\"Offer Announcement\"), Parkmead had conducted extensive due diligence on Lochard Energy and had formulated the terms of its offer based, inter alia, on the anticipated future performance and risks of the Athena field. \n \nHaving undertaken full technical, financial and legal due diligence of Lochard Energy and its assets, the board of Parkmead believes that its offer for Lochard Energy reflects fully the value of Lochard Energy. Therefore, Parkmead confirms that its offer of 0.385 Parkmead Shares for each Lochard Energy Share is final, and that this offer will not be increased. \n \nThe Parkmead offer has been recommended by the Lochard Energy Directors who believe that the terms of the Acquisition are in the best interests of Lochard Energy and the Lochard Energy Shareholders, as a whole. \n \nParkmead has also received irrevocable undertakings or letters of intent to vote in favour of the Scheme and the resolutions at the Court Meeting and the General Meeting, both being held on 11 July 2013, from certain Lochard Energy Shareholders in respect of 123,719,434 Lochard Energy Shares representing, in aggregate, approximately 41.4 per cent. of the issued ordinary share capital of Lochard Energy. A summary of the irrevocable undertakings and the letter of intent given by Lochard Energy Shareholders is contained in Appendix I to this announcement. Parkmead reserves its right under Rule 32.2 of the City Code on Takeovers and Mergers (the 'Takeover Code') to increase the offer in the event that a third party announces a firm intention to make an offer for Lochard Energy. \n \nThe scheme circular to Lochard Energy Shareholders containing the terms and conditions of the offer from Parkmead was posted t...