Radstone Technology PLC
30 August 2006
For Immediate Release 30 August 2006
RADSTONE TECHNOLOGY PLC
("Radstone" or the "Company")
Offer by Eurotech S.p.A. ("Eurotech") for the Company
The Board of Radstone notes the announcement by Eurotech regarding a cash offer
for Radstone at 360 pence per ordinary share (the "revised offer").
On 11 August 2006, Eurotech approached the Board of Radstone in relation to a
proposed cash offer of not less than 350 pence per share. The Board of Radstone
reviewed the proposals carefully, in conjunction with its financial advisers
Close Brothers and with its stockbrokers JPMorgan Cazenove, and unanimously
concluded that the proposals significantly undervalued the Company and its
prospects and as such, the Board of Radstone unanimously rejected Eurotech's
proposals.
The revised offer of 360 pence per ordinary share represents an increase of, at
most, 2.9 per cent. above the previous proposal. Accordingly the Board remains
unanimously of the view that the revised offer undervalues the Company.
Shareholders are strongly advised to take no action in respect of their
shareholdings. The Board is fully committed to explore all options in order to
maximise shareholder value, and a further announcement will be made in due
course.
Enquiries
Radstone Technology plc Tel: 01327 359 444
Jeff Perrin, Chief Executive
Peter Cavill, Director
Close Brothers Corporate Finance Limited Tel: 020 7655 3100
Simon Willis
Andrew Cunningham
David Wardrop
JPMorgan Cazenove Tel: 020 7588 2828
Julian Cazalet
Shona Graham
David Harvey-Evers
Buchanan Communications Tel: 020 7466 5000
Mark Edwards
Nicola Cronk 07973 313 365
Susanna Gale
The directors of Radstone accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the directors of
Radstone (who have taken all reasonable care to ensure that such is the case),
the information contained in this announcement is in accordance with the facts
and does not omit anything likely to affect the import of such information.
Close Brothers Corporate Finance Limited which is regulated by The Securities
and Futures Authority Limited in the United Kingdom, is acting for Radstone and
no one else in connection with this matter and will not be responsible to anyone
other than Radstone for providing the protections afforded to customers of Close
Brothers Corporate Finance Limited nor for providing advice in relation to this
matter.
JPMorgan Cazenove which is regulated by The Securities and Futures Authority
Limited in the United Kingdom, is acting for Radstone and no one else in
connection with this matter and will not be responsible to anyone other than
Radstone for providing the protections afforded to customers of JPMorgan
Cazenove nor for providing advice in relation to this matter.
This information is provided by RNS
The company news service from the London Stock Exchange