Business
Offer Update
Offer Update.
About this update from Tracsis Plc
[{"type":"text","content":"\n \nRNS Number : 5155C Tracsis PLC 17 April 2013 \n \n\n \nNot for release, publication or distribution, in whole or in part, directly or indirectly, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.\n \n \n \nTRACSIS PLC\n \n(\"Tracsis\" or the \"Company\")\n \nRECOMMENDED CASH OFFER\nFOR THE ENTIRE ISSUED SHARE CAPITAL OF SKY HIGH PLC\n(other than those shares acquired by Tracsis under the Management Agreement and the Prowse Trust Agreement)\n \nOFFER DECLARED UNCONDITIONAL AS TO ACCEPTANCES\nOFFER DECLARED UNCONDITIONAL IN ALL RESPECTS\n \nBackground\n \nOn 26 March 2013 the boards of Sky High and Tracsis announced the terms of a recommended cash offer to be made by Tracsis for the entire issued ordinary share capital of Sky High, excluding the Management Roll Over Shares and the Prowse Trust Shares (as defined in the Offer Document) at 15.25p per Sky High Share (the \"Offer\"). The full terms of, and conditions to the Offer and the procedure for acceptance were set out in the offer document issued by Tracsis plc on 26 March 2013 (the \"Offer Document\").\n \nTracsis is pleased to announce that the Offer has now become unconditional as to acceptances.\n \nFurthermore, on 15 April 2013, the shareholders of Sky High approved the Management Agreement; the Prowse Trust Agreement and the Management Arrangements. Accordingly, Tracsis is pleased to announce that each of the conditions to the Offer, as set out in the Offer Document, has been satisfied and the Offer is declared unconditional in all respects.\n \nPursuant to Rule 31.4 of the Takeover Code, the Offer will remain open for acceptances until 1.00pm on 1 May 2013. Tracsis will not extend the Offer beyond 1 May 2013.\n \nLevel of Acceptances\n \nAs at 1.00pm on 16 April 2013 (being the first closing date of the Offer), Tracsis had received valid acceptances from Sky High Shareholders in respect of 16,509,705 Sky High Shares representing approximately 92.62% of the Offer Shares and approximately 76.72% of the existing issued ordinary share capital of Sky High.\n \nThese acceptances include acceptances received in respect of:\n \n(i) 1,714,256 Sky High Shares ...