Business
Termination of Discussions
Termination of Discussions.
About this update from Wilmington Plc
[{"type":"text","content":"\n Wilmington Group Plc\n21 August 2006\n\n\n21 August 2006\n\n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA,\n CANADA, JAPAN OR UNITED STATES\n \n PROPOSED MERGER OF METAL BULLETIN PLC ('METAL BULLETIN') AND\n WILMINGTON GROUP PLC ('WILMINGTON')\n\nFollowing the announcement by Metal Bulletin on 9 August 2006 that its board was \nrevoking its recommendation of the proposed merger of Metal Bulletin and \nWilmington, the adjournment sine die of the Metal Bulletin extraordinary general \nmeeting on 10 August 2006 and the subsequent announcement by Wilmington that the \nWilmington court meeting and extraordinary general meeting on 10 August 2006 had \naccordingly been adjourned sine die, Wilmington announces that Wilmington and \nMetal Bulletin have terminated discussions regarding the proposed merger and that \nWilmington and Metal Bulletin have agreed that the implementation agreement dated \n8 May 2006 between them relating to the proposed merger be terminated with \nimmediate effect.\n\nAs a result of the withdrawal of the Metal Bulletin board's recommendation of the \nproposed merger, Wilmington has received a sum of £1.4 million pursuant to the \ninducement fee agreement dated 5 May 2006 between Wilmington and Metal Bulletin.\n\nWilmington and Metal Bulletin have also agreed that their respective directors \n(and their connected persons) and shareholders who have given irrevocable \nundertakings to vote in favour of resolutions to approve and implement the \nproposed merger be released from such undertakings with immediate effect.\n\nThe Panel on Takeovers and Mergers has confirmed to Wilmington that, upon this \nannouncement being made, the 'offer period' for the purposes of the proposed \nmerger will come to an end and, accordingly, the requirement under Rule 8 of \nthe City Code to disclose dealings in any 'relevant securities' of Wilmington \nwill cease to apply.\n\nEnquiries:\n\nWeber Shandwick +44 20 7067 0700\nPR adviser\nNick Oborne\nHelen Thomas\n\nHoare Govett +44 20 7678 8000\nFinancial adviser\nJustin Jones\nStephen Bowler\n\nCorporate broker\nSara Hale\nJohn Fishley\n\nMarshall Securities +44 20 7490 3788\nRule 3 adviser\nRobert Luetchford\nIan Tibbs\n\n\nResponsibility\n\nThe directors of Wilmington accept responsibility for the information contained\nin this announcement and, to the best o...