Statement re mandatory offer
February 12 2009 - 1:00AM
UK Regulatory
TIDMBPD
RNS Number : 1936N
Bulgarian Property DevelopmentsPLC
12 February 2009
FOR RELEASE
07.00
12 February 2009
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
FROM AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES
Bulgarian Property Developments PLC
("BPD" or "the Company")
Shareholders advised to take no action in respect of the mandatory offer from
Windsorville Investments Ltd.
The Board of BPD has noted the mandatory offer from Windsorville Investments
Ltd for BPD at 16 pence per ordinary share. This is at a very substantial
discount to the company's last reported NAV. The Board will be meeting with its
advisers later today but meanwhile recommends that shareholders take no action
in respect of their shareholdings in BPD.
Pursuant to Rule 2.10 of the Takeover Code, BPD announces that its issued share
capital consists of 108,238,914 ordinary shares with a nominal value of 25p per
share with voting rights of one vote per ordinary share.
The International Securities Identification Number ('ISIN') for the ordinary
shares is GB00B058TT05.
Enquiries:
Bulgarian Property Developments plc
Ivo Hesmondhalgh (Joint Chief Executive) +44 (0) 20 7243 1336
Matrix Corporate Capital LLP (Nominated Adviser)
Stephen Mischler +44 (0) 20 3206 7203
Cubitt Consulting
Simon Brocklebank-Fowler+44 (0) 20 7367 5100
Brian Coleman-Smith / James Verstringhe
Dealing Disclosure Requirements
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 BPD, all 'dealings' in any
'relevant securities' of that company (including by means of an option in
respect of, or a derivative referenced to, any such 'relevant securities') must
be publicly disclosed by no later than 3.30 pm (London time) on the London
business day following the date of the relevant transaction. This requirement
will continue until the date on which the offer 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unconditional as to acceptances, lapses or is otherwise withdrawn or on which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 BPD, 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 Code, all 'dealings' in 'relevant
securities' of the offeror or of BPD by the offeror or BPD, 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 the companies in whose 'relevant
securities' 'dealings' should be disclosed, and the number of such securities in
issue, can be found on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.
'Interests in securities' arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an 'interest' by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the
Panel's website. If you are in any doubt as to whether or not you are required
to disclose a 'dealing' under Rule 8, you should consult the Panel.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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