Michelmersh Brick Holdings PLC
01 August 2007
Michelmersh Brick Holdings plc
('Michelmersh' or 'the Company')
Acceptance of Offer for Baggeridge Brick Plc Shares at 247p Per Share
Michelmersh announced on 4 June 2007 that it held a 23.12 per cent. stake in
Baggeridge Brick PLC ('Baggeridge') and was continuing to evaluate a possible
offer for Baggeridge at a price of no less than 225 pence per share. In light of
an increased offer for Baggeridge by Wienerberger Finance Service B.V.
('Wienerberger') at a price of 247 pence per share, the Board of Michelmersh
confirmed on 15 June 2007, that it would no longer be proceeding with an offer
for Baggeridge. Michelmersh acquired its 23.1 per cent. interest in Baggeridge
at an average cash acquisition price of 214.8 pence per share.
On 3 July 2007, Michelmersh announced that it had acquired a further 809,000
Baggeridge ordinary shares, increasing its holding to 25.1 per cent of the
issued share capital of Baggeridge. The consideration for these shares was
satisfied by way of the issue of 1,998,230 new Michelmersh shares.
After further consideration, the Board of Michelmersh has decided that it is in
the best interests of the Company to accept the offer of 247 pence per share by
Wienerberger in respect of its entire holding of 10,356,869 ordinary shares
in Baggeridge and has effected this acceptance.
In a trading update issued on 3 July 2007, Michelmersh announced that it
continues to see strong demand for its products across all group companies and
that the Board anticipates underlying operating profit for the six months to 30
June 2007 will be significantly higher than the comparable period in 2006 and
will be ahead of estimates for the period.
The Company will announce its interim results on 10 September 2007.
Enquiries:
Michelmersh Brick Holdings plc
Martin Warner 01442 870 227
Nominated Adviser and Broker
Charles Stanley Securities 020 7149 6000
Russell Cook
Anthony Noakes
Tavistock Communications 020 7920 3150
Jeremy Carey
Rachel Drysdale
This information is provided by RNS
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