Business
Comment on Rule 2.4 Ann. by P
Comment on Rule 2.4 Ann. by P.
About this update from Seascape Energy Asia Plc
[{"type":"text","content":"\n RNS Number : 9966L Liberty PLC 14 May 2010 \n \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n \nPRESS ANNOUNCEMENT\n \nFOR IMMEDIATE RELEASE\n \n14 May 2010\n \nLiberty Plc (\"Liberty\")\n \nCOMMENT ON RULE 2.4 ANNOUNCEMENT BY PYRRHO INVESTMENT LIMITED\n \nPyrrho Investment Limited (\"Pyrrho\") has today issued a Rule 2.4 announcement in relation to Liberty. Liberty announces that it wishes to clarify the various points raised therein, as follows.\n \nØ On 6 May 2010, both the Liberty Board and MWB Group Holdings Plc (\"MWB\") Board, resolved to proceed with the BlueGem Proposed Offer of 186 pence per share, for the following reasons:\n \no it was the best price on the table;\n \no BlueGem had already undertaken over four months of extensive due diligence on Liberty, so its proposal was fully researched; and\n \no BlueGem was prepared to commit to declare the offer unconditional as to acceptances from 86.3% of shareholders, instead of the customary 90%. As hard irrevocable undertakings to vote in favour of the BlueGem Proposed Offer had been obtained for 86.3% of the Liberty ordinary shares this gave the BlueGem Proposed Offer a high degree of certainty. \n \nØ Pyrrho had been aware of the possible sale of Liberty since the strategic review announcement on 27 July 2009, yet showed absolutely no interest in acquiring Liberty until it submitted an indicative and highly conditional proposal on 4 May 2010. \n \nØ If the Liberty Board had not agreed to proceed with the BlueGem Proposed Offer on 6 May 2010 it would have fallen away. Pyrrho's advisers were fully aware of this and knew that the Liberty Board had to make a decision then and there.\n \nØ The Liberty Board correctly decided to proceed with the higher and more fully developed proposal from BlueGem instead of moving to a completely new potential bidder at a lower price. \n \nØ Having originally proposed making an offer in the range of 190-200 pence on 4 May 2010, Pyrrho subsequently, on 6 May 2010, proposed a lower offer at 185 pence. Arbuthnot, Pyrrho's advisers, informed MWB's advisers on 6 May 2010 that Pyrrho was not prepared to increa...