Business
Rule 2.7 Announcement
Rule 2.7 Announcement.
About this update from Tracsis Plc
[{"type":"text","content":"\n \nRNS Number : 8711A Tracsis PLC 26 March 2013 \n \n\n RULE 2.7 ANNOUNCEMENT\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 \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)\nAnd\nNOTICE OF GENERAL MEETING OF SKY HIGH PLC\n \nThe boards of Sky High and Tracsis have today agreed 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 below), at 15.25p per Sky High Share (the \"Offer\").\n \nThe Offer values Sky High's entire issued ordinary share capital (including the Management Roll Over Shares and the Prowse Trust Shares) at approximately £3.28 million and an Offer Document has today been dispatched to all Sky High shareholders (the \"Offer Document\"), setting out the terms and conditions of the Offer.\n \nSummary\n· The Offer represents a premium of approximately 69.44% to the Closing Price per Offer Share of 9p on 25 March 2013 (being the last Business Day prior to the date of the Announcement);\n· The Offer represents a premium of approximately 76.91% to the weighted average Closing Price per Offer Share of 8.6p for the six months ended 25 March 2013 (being the last Business Day prior to the date of the Announcement).\n· Mark Mattison, Grant Wilson and Martin Prowse, directors of Sky High, are acquiring 308,563 shares in Tracsis pursuant to the terms of a Management Agreement (the details of which are set out below) and in respect of which the Sky High Shareholders are being asked to vote at the Sky High General Meeting, and Alex Johnson, who is not a Sky High Shareholder, is a party to certain Management Arrangements, they have not taken part in consideration of the Offer as directors of Sky High.\n \n· The Offer is conditional, amongst other things, on:\no v...