Business
Offer Update
Offer Update.
About this update from Synectics Plc
[{"type":"text","content":"\n Quadnetics Group PLC\n27 January 2006\n\n\nRECOMMENDED CASH OFFER ('OFFER') BY BREWIN DOLPHIN SECURITIES LTD ON\nBEHALF OF QUADNETICS GROUP PLC ('QUADNETICS') FOR PROTEC PLC ('PROTEC')\n\nCOMPULSORY ACQUISITION OF PROTEC ORDINARY SHARES\n\nOn 9 November 2005, Quadnetics Group plc announced that the offer for the entire\nissued and to be issued ordinary share capital (the Offer) of Protec plc as set\nout in the offer document dated 30 September 2005 (the Offer Document), had\nbecome unconditional in all respects.\n\nAs at 3.00 p.m. on 26 January 2006, valid acceptances have been received in\nrespect of 130,670,319 Protec Shares, representing approximately 81.4 per cent\nof the issued ordinary share capital of Protec.\n\nIn addition Quadnetics has contracted to acquire a further 21,506,571 Protec\nShares, representing approximately 13.4 per cent in value of the issued ordinary\nshare capital of Protec.\n\nAccordingly, having contracted to acquire and/ or received valid acceptances of\nthe Offer in respect of over 90 per cent. in value of the Protec Shares to which\nthe Offer relates by 26 January, Quadnetics will as soon as practicable give\nnotice to those Protec Shareholders who have not accepted the Offer informing\nthem that it will compulsorily acquire their Protec Shares by applying sections\n428 to 430F of the Companies Act 1985.\n\nThe Offer will remain open for acceptance until further notice.\n\nTerms defined in the Offer Document have the same meaning in this announcement.\n\n\n\nIn addition the Company announces that the Protec plc All Employee Share\nOwnership Plan ('AESOP') has today acquired 17,314 Ordinary Shares of 20 pence\neach in the Company. This purchase has been made in accordance with the rules\nof the AESOP following the acquisition of Protec PLC by the Company.\n\n\n\nThese shares will be held within the AESOP for a qualifying period before they\nare transferred to participants of AESOP. The AESOP currently holds 227,355\nOrdinary Shares representing 1.5 per cent. of the Company's issued share\ncapital.\n\n\n\nThe Trustees of the AESOP include Nigel Poultney who is a Director of the\nCompany.\n\nEnquiries:\n\nNigel Poultney Quadnetics Group PLC 01527 850080\n\nENDS\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2568,"tagName":"div"}]