Back to News
8 December 2004
This document is prohibited from release, publication or distribution in or into Australia, Canada, Japan or the United States. Accordingly, by clicking "I Agree", you represent that Countryside Properties is lawfully entitled to make the content of the following pages of this website available to you under applicable securities laws in your jurisdiction. If you are unable to give this representation, do not view the content of the following pages of this website.
The Independent Directors of the Company note the recent press speculation concerning Rock Pacific Limited ("Rock Pacific") and its intention to possibly make a takeover offer for the Company.
As announced by Rock Pacific on 26 November 2004, Rock Pacific is an investment company whose shareholders include Paul Kemsley and vehicles in which Daniel Levy and Joe Lewis are interested and Rock Pacific is interested in 17,665,000 ordinary shares in the Company and has an economic interest in a further 4,650,000 shares. These interests represent, in aggregate, approximately 28.1 per cent of the issued share capital of the Company.
The Independent Directors confirm that the Company has been approached by Rock Pacific requesting access to due diligence information to enable it to consider whether it wishes to make an offer for the Company. Certain information has been made available to Rock Pacific and its advisers and their review of that information is ongoing.
Matters are at a very preliminary stage and, to date, no definitive discussions have taken place with Rock Pacific as to the price, terms and conditions of any possible offer. As such, there can be no certainty that Rock Pacific''s interest will lead to an offer being made for the Company. The Company understands from Rock Pacific that, under rule 6 of the City Code on Takeovers and Mergers, any offer made by Rock Pacific would need to be at a price of not less than 280 pence per share.
The Independent Directors continue unanimously to recommend the offer made on behalf of Copthorn Limited on 19 November 2004.
Enquiries:
Countryside Properties PLC
01277 260000
David Thornham
N M Rothschild & Sons Limited
020 7280 5000
Alex Midgen
Kevin Ramsden
The Independent Directors of the Company accept responsibility for this announcement and, to the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
N M Rothschild & Sons Limited is acting for the Company in connection with the matters referred to above and no one else and will not be responsible to anyone other than the Company for providing the protections offered to clients of N M Rothschild & Sons Limited nor for providing advice in relation to the matters referred to above.
Back to News
Information correct as at 08/12/2004