John David Group (The) PLC
25 May 2005
25 May 2005
THE JOHN DAVID GROUP PLC ('JD')
Document issued in response to the Cash Offer by Goldman Sachs International on
behalf of Manchester Square Enterprises Limited for JD ('the Offer')
The Independent Directors of JD, being all the Directors of JD other than John
Wardle and David Makin ('the Independent Directors'), will today post to JD
Shareholders and holders of options under the JD Share Option Schemes their
response to the Offer and their advice to JD Shareholders. Copies of the
document ('Response Document') are available from Investec Investment Banking, 2
Gresham Street, London EC2V 7QP.
The Response Document includes a recommendation (extracted without material
adjustment) from the Independent Directors which reads as follows:
'The Independent Directors, who have been so advised by Investec Investment
Banking, consider the terms of the Offer are neither fair nor reasonable so far
as JD Shareholders are concerned. The Independent Directors are of the view that
the Offer fails to account for the significant improvement in JD's recent
trading performance as described in the Preliminary Results and that it
undervalues JD's business, assets, goodwill and prospects.
Accordingly, the Independent Directors recommend that you reject the offer, as
they intend to do in respect of any JD Shares which they own. In providing such
advice, Investec Investment Banking has taken into account the commercial
assessments of the Independent Directors.'
Enquiries:
The John David Group Plc Tel: 0870 873 0333
Peter Cowgill, Executive Chairman
Barry Bown, Chief Executive
Brian Small, Finance Director
Investec Investment Banking Tel: 020 7597 5970
David Currie
Stefan Borson
Hogarth Partnership Limited Tel: 020 7357 9477
Andrew Jaques
Barnaby Fry
Investec Investment Banking, a division of Investec Bank (UK) Limited, which is
authorised and regulated in the United Kingdom by the Financial Services
Authority, is acting for JD and for no one else in connection with the Offer and
will not regard anyone else as its customer in relation to the Offer.
This information is provided by RNS
The company news service from the London Stock Exchange