Comland Commercial PLC
18 August 2006
FOR IMMEDIATE RELEASE
18 August 2006
Comland Commercial Plc ('Comland Commercial' or the 'Company')
Possible offer
The Board of Comland Commercial confirms that it has received an approach which
may or may not lead to an offer for the entire issued share capital of the
Company. Any offer, if it were made, would have to be at a level significantly
above the current market price for it to receive the recommendation of the Board
of the Company. The group is a property trader, and therefore carries its
properties at the lower of cost and net realisable value. Any offer would have
to reflect the underlying value of the group's property assets.
A further announcement will be made as soon as practicable.
This announcement is being made without the approval of the party which has made
the approach to the Company. Accordingly there is no certainty that any offer
will be made for the Company and, if made, there is no certainty as to the terms
of such an offer.
Comland Commercial announces, in accordance with Rule 2.10 of the City Code on
Takeovers and Mergers, that at the close of business on 17 August 2006 its
issued share capital consisted of 4,556,520 ordinary shares of 10 p each. The
International Securities Identification Number is GB 0001859072.
Enquiries
Comland Commercial Plc
Chris Martin 01628 535 777
Deloitte Corporate Finance
Leonie Grimes 020 7936 3000
The Directors of Comland Commercial accept responsibility for the information
contained in this announcement. To the best of the knowledge and belief of the
Directors of Comland Commercial (who have taken all reasonable care to ensure
that such is the case), the information contained in this announcement for which
they accept responsibility is in accordance with the facts and does not omit
anything likely to affect the import of such information.
Deloitte Corporate Finance is acting for Comland Commercial and for no-one else
in connection with the possible offer and will not regard any other person as
its client nor be responsible to anyone other than Comland Commercial for
providing the protections afforded to clients of Deloitte Corporate Finance nor
for providing advice in relation to the possible offer or any matter referred to
herein. Deloitte Corporate Finance is a division of Deloitte & Touche LLP, which
is authorised and regulated by the Financial Services Authority in respect of
regulated activities.
Under the provisions of Rule 8.3 of the Takeover Code (the 'Code'), if any
person is, or becomes, 'interested' (directly or indirectly) in 1 per cent. or
more of any class of 'relevant securities' of Comland Commercial, all 'dealings'
in any 'relevant securities' of Comland Commercial (including by means of an
option in respect of, or a derivative referenced to, any such 'relevant
securities') must be publicly disclosed by not later than 3.30 p.m. (London
time) on the London business day following the date of the relevant transaction.
This requirement will continue until the date on which any offer for Comland
Commercial becomes, or is declared, unconditional as to acceptances, lapses or
is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or
more persons act together pursuant to an agreement or understanding, whether
formal or informal, to acquire an 'interest' in 'relevant securities' of Comland
Commercial, they will be deemed to be a single person for the purpose of Rule
8.3.
Under the provisions of Rule 8.1 of the City Code, all 'dealings' in 'relevant
securities' of Comland Commercial by the potential offeror or Comland Commercial
or by any of their respective 'associates', must be disclosed by no later than
12.00 noon (London time) on the London business day following the date of the
relevant transaction.
A disclosure table, giving details of companies in whose 'relevant securities' '
dealings' should be disclosed, and the number of such securities in issue, can
be found on the Panel's website at www.thetakeoverpanel.org.uk.
This information is provided by RNS
The company news service from the London Stock Exchange