Comment re Rule 29
April 22 2009 - 8:04AM
UK Regulatory
TIDMDGT
22 April 2009
Dowgate Capital plc (the "Group", the "Company" or "Dowgate")
On 21 April 2009, Dowgate published its preliminary statement of results for
the year ended 31 December 2008 in which was contained the following statement:
"Based on the current carrying value of DCS ("Dowgate Capital Stockbrokers
Ltd") of GBP2.9m and the proposed buy out price of DCA ("Dowgate Capital Advisers
Ltd") of GBP1.5m, the value of the Group's subsidiaries, ignoring any sale
premium in the case of DCS, is GBP4.4m equating to just over 11p per share. This
compares with the Company's share price of 6p at the close of business on 20
April 2009 and following the announcement of Blue Oar's approach."
For clarification, as stated the above figures are taken from the accounts in
the case of DCS and from a proposed MBO in the case of DCA. These valuations
are not connected with Blue Oar's approach and are not prepared in accordance
with Rule 29 of the Code and should not be relied upon as such. Hence these
valuations should not be treated as indicative of any price at which the
Dowgate Board might recommend acceptance of an offer by Blue Oar, if made.
Dowgate Shareholders should take no action in relation to Blue Oar's approach
until appropriate advice is given by the Board.
For further information please visit www.dowgatecapital.co.uk or contact:
Tony Rawlinson, Chairman Dowgate Capital PLC Tel: 020 7492 4777
Neil Badger, Director Dowgate Capital PLC Tel: 01293 517744
Philip Secrett/Colin Grant Thornton Corporate Tel: 020 7383 5100
Aaronson Finance
Isabel Crossley / Chris St Brides Media & Finance Tel: 020 7236 1177
Welsh
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% or more of
any class of 'relevant securities' of Blue Oar or of Dowgate, 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declared, unconditional as to acceptances, lapses or is otherwise withdrawn or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 Blue Oar or Dowgate, 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 Blue Oar or of Dowgate by Blue Oar or Dowgate, 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.
The persons responsible for this announcement are the directors of Dowgate. To
the best of the knowledge and belief of the directors of Dowgate the
information in this announcement is in accordance with the facts and does not
omit anything likely to affect the import of such information.
END
Dowgate Capital (LSE:DGT)
Historical Stock Chart
From May 2024 to Jun 2024
Dowgate Capital (LSE:DGT)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about Dowgate (London Stock Exchange): 0 recent articles
More Dowgate Capital News Articles