Business
Offer for NMT Group PLC
Offer for NMT Group PLC.
About this update from Volvere Plc
[{"type":"text","content":"\n Volvere PLC\n14 September 2006\n\n\n \n \nOFFER FOR NMT GROUP PLC\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR \nFROM THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN OR ANY OTHER \nJURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF \nSUCH JURISDICTION\n\nFOR IMMEDIATE RELEASE\n 14 September 2006\n\n\n\n Recommended Offer\n\n\n by\n\n\n Volvere plc ('Volvere')\n\n\n for the entire issued and to be issued share capital of\n\n\n NMT Group PLC ('NMT')\n\n\nSummary\n\n• The Independent Volvere Directors and the Independent NMT Directors are \npleased to announce that they have reached agreement on the terms of a \nrecommended share offer, to be made by Volvere, to acquire the entire issued \nshare capital of NMT not already owned by Volvere ('the Offer').\n\n• The Independent NMT Directors, having been so advised by Shore Capital, \nconsider the terms of the Offer to be fair and reasonable and have agreed to \nrecommend the Offer to NMT Shareholders. In providing its advice to the \nIndependent NMT Directors, Shore Capital has taken into account the\ncommercial assessments of the Independent NMT Directors.\n\n• The Offer will be 1 New Volvere Share for every 3 NMT Shares.\n\n• Based on the Closing Price of 182.5 pence per Volvere Share on\n13 September 2006, being the latest practicable date prior to the publication of\nthis announcement, the Offer values each NMT Share at approximately 60.8 pence,\nrepresenting a premium of approximately 20.5 per cent. over the Closing Price of\nan NMT Share of 50.5 pence at the close of business on 13 September 2006, being\nthe last business day before the date of this announcement, and values the\nexisting issued ordinary share capital of NMT at approximately £5.3 million.\n\n• Volvere already holds 2,604,683 NMT Shares representing 29.9 per\ncent. of NMT's issued ordinary share capital.\n\n• An irrevocable undertaking to accept the Offer has been received\nfrom Wood Hall Securities Limited in respect of 1,400,000 NMT Shares\nrepresenting approximately 16 per cent. of NMT's current issued ordinary share\ncapital. This irrevocable undertaking will continue to be binding even in the\nevent of a competing offer being made for NMT.\n\n• Volvere's existing shareholding, combined with the NMT Shares\nsubject t...