Business
Recommended Offer for Protec
Recommended Offer for Protec.
About this update from Synectics Plc
[{"type":"text","content":"\n Quadnetics Group PLC\n18 November 2005\n\n\n\n\nQuadnetics Group PLC\n18 November 2005\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE\nUNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF IRELAND, SOUTH AFRICA OR \nJAPAN\n\nRECOMMENDED OFFER FOR PROTEC PLC\n\nOffer Extended\n\nAs at 1.00 pm on 18 November 2005, valid acceptances had been received in\nrespect of 120,807,939 Protec Shares (representing approximately 75.26 per \ncent. of Protec's issued share capital).\n\nPrior to the posting of the Offer Document, Quadnetics had received \nirrevocable undertakings from the Protec Directors and certain other Protec \nShareholders to accept the Offer in respect of, in aggregate, 99,758,979 \nProtec Shares representing 62.15 per cent. of the existing issued Protec \nShares. Of these irrevocable undertakings the Board has received valid \nacceptances from, in aggregate, 78,252,406 Protec Shares, representing 48.75 \nper cent. of the existing issued Protec Shares.\n\nQuadnetics announces that it is extending the Offer until further notice.\n\nNow that Quadnetics has acceptances in relation to over 75 per cent. of \nProtec Shares, the process of de-listing Protec from AIM will commence.\n\nAt a board meeting today 83,828 New Quadnetics Shares were allotted to \nholders of Protec Shares who had validly accepted the Offer.\n\nSettlement of consideration\n\nApplication will be made to the London Stock Exchange for these New \nQuadnetics Shares to be admitted to trading on AIM on Thursday 24 November \n2005.\n\nDelivery of share certificates/CREST transfers\n\nShare certificates for these New Quadnetics Shares will be despatched to \nProtec Shareholders who have validly accepted the Offer in respect of Protec \nShares held in certificated form within 14 days.\n\nTransfer into CREST for Protec Shareholders who have accepted the Offer in\nrespect of these Protec Shares held in within CREST will take place with 14\ndays.\n\nTerms defined in the Offer Document dated 30 September 2005 shall, unless the\ncontext requires otherwise, have the same meanings in this announcement.\n\nEnquiries\n\nQuadnetics 01527 850080\nRuss Singleton, Chief Executive\nNigel Poultney, Finance Director\n\nBrewin Dolphin Securities Ltd 0113 241 0130\n(Financial Adviser and Corporate Broker to Quadnetics)\nNeil Baldwin\nKeith Williams...