ENK PLC Director Disclosure and Offer Update (4932M)
September 18 2012 - 1:00AM
UK Regulatory
TIDMENK
RNS Number : 4932M
ENK PLC
18 September 2012
Director Disclosure and Offer Update
18 September 2012 - ENK PLC ("ENK" or the "Company") (AIM, ASX:
ENK) announces that the remaining Independent Directors of the
Company, namely Robert Gregory, Mark Hanlon, and Neil Herbert have
elected to accept the unconditional offer from DMCI Holdings Inc.
and D&A Income Limited (the "Joint Offerors") in relation to
the shares of which they are the beneficial owner as set out below.
In electing to accept the Offer the directors have taken into
consideration the fact that the Joint Offerors, as at 14 September
2012, own or have received valid acceptances in respect of a total
of 229,783,653 shares, representing approximately 87.7 per cent. of
the entire issued share capital of ENK.
Director Number of Percentage of issued
Shares share capital
-------------------- -------------- -------------------------
Robert Gregory 1,235,000 0.47
-------------------- -------------- -------------------------
Mark Hanlon 776,800 0.30
-------------------- -------------- -------------------------
Neil Herbert 900,000 0.34
-------------------- -------------- -------------------------
Total 2,911,800 1.11
-------------------- -------------- -------------------------
Accordingly, all the Independent Directors of ENK have now
elected to accept the Offer in respect of their entire beneficial
holdings in ENK.
Delisting
At the request of the Joint Offerors, the Company has applied
for its shares to be delisted from AIM. The Company will also apply
for the delisting of its shares on the ASX. The last day of
dealings on AIM will be 15 October 2012 and the cancellation of
trading in shares on AIM is expected to take effect at 7.00 a.m.
(London time) on 16 October 2012.
Once the Company's ordinary shares have been delisted from
trading on AIM and the ASX no dealing facility will be offered and,
following the cancellation, any transaction in ENK Shares would
need to be negotiated privately directly between the buyer and
seller. As a result, the liquidity and marketability of ENK Shares
will be significantly reduced.
Offer Timetable
The Offer will remain open until 1.00 p.m. (London time) on
Friday, 28 September 2012. Acceptances of the Offer by Shareholders
must be received by 1.00 p.m. (London time) on 28 September 2012.
Acceptances by CDI holders must be received by 7.00 p.m. (Sydney
time) on Wednesday, 26 September 2012.
Recommendation
The Independent Directors do not believe that it would be in the
best interests of ENK Shareholders to remain in a minority equity
position in the company as it is the Joint Offerors' intention to
delist ENK from AIM and the ASX, which will significantly reduce
liquidity and the ability for shareholders to sell their
shares.
Accordingly, the Independent Directors strongly recommend that
Shareholders and CDI holders accept the Offer as soon as possible
and in any event by no later than the closing dates of the Offer
set out above.
Details on how to accept the Offer are set out in full in the
Offer Document dated 24 August 2012. If you do not have one, you
may request a copy of the Offer Document and Form of Acceptance by
contacting Computershare UK on 0870 889 4064 or Computershare
Australia on 1300 609 184 or +61 9415 4312, if telephoning from
outside Australia. Terms defined in the Offer Document have the
same meanings in this announcement.
For more information or to view a copy of this document, please
visit www.enk.co.uk or contact:
Robert Gregory, Managing Director, ENK Tel: +63 917 513 4970
Mark Hanlon, Finance Director, ENK Tel: +61 8 9226 1111
David Rhodes, Endeavour Tel: +44 20 7590 2720
Chris Sim, Neil Elliot, Investec Tel: +44 20 7597 5970
Tim Blythe or Robert Kellner, Blythe Weigh Communications Tel: +44 20 7138 3204
This information is provided by RNS
The company news service from the London Stock Exchange
END
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