TIDMSTT
RNS Number : 4758E
Straight PLC
09 April 2014
Date: 9 April 2014
On behalf of: Straight plc ("Straight" the "Company" or
"the Group")
For immediate release
Straight plc
Extension to deadline and delay of year end results
Further to the announcement made on 14 February 2014 and 14
March 2014 regarding One Fifty One plc ("One51") being in
discussions with Straight, One51 is continuing discussions with the
board of Straight regarding a possible offer for the whole of the
issued share capital of Straight.
This announcement is not an announcement of a firm intention to
make an offer under Rule 2.7 of the City Code on Takeovers and
Mergers (the "Code") and there can be no certainty that an offer
will be made, nor as to the terms on which any offer will be
made.
Further extension to deadline in accordance with Rule 2.6(c)
On 14 February 2014, the Company announced that, in accordance
with Rule 2.6(a) of the Code, One51 must, by not later than 5.00
p.m. on 14 March 2014, either announce a firm intention to make an
offer for the Company in accordance with Rule 2.7 of the Code or
announce that it does not intend to make an offer, in which case
the announcement will be treated as a statement to which Rule 2.8
of the Code applies. The Company also announced that it could
approach the Panel for an extension to this deadline in due course
in accordance with Rule 2.6(c) of the Code.
The Company received an original extension from the Panel on 14
March 2014 until 11 April 2014 due to on-going discussions with
One51.
Following a further request from the Board of Straight, the
Panel has consented to an extension of the deadline to 5.00 p.m. on
25 April 2014 by which time One51 must either announce a firm
intention to make an offer for the Company or announce that it does
not intend to make an offer for the Company. This deadline will
only be extended with the consent of the Panel in accordance with
Rule 2.6(c) of the Code.
The Company remains in offer discussions with One51 who are
currently reviewing information which has been made available by
the Company. The anticipated timetable for the completion of these
discussions is consistent with the newly extended deadline.
There can be no certainty that an offer will be made for the
Company, nor as to the terms on which any offer may be made.
This announcement is being made with the consent of One51.
A summary of the dealing disclosure requirements under the
Takeover Code is set out below, which require action by holders of
1 per cent. or more of the Company's issued share capital.
In accordance with Rule 30.4 of the Code, a copy of this
announcement will be available on the Company's website
(http://www.straight.co.uk/investors/stock-exchange-announcements/).
The Company also announces a short delay in releasing its final
results for the year ended 31 December 2013 which were due to be
announced on 10 April, on account of the ongoing negotiations with
One51. The Company will announce these final results on Thursday 17
April.
Enquiries:
Straight Plc
James Newman, Chairman
0113 245 2244
Cenkos Securities plc
Ivonne Cantú/Michael Johnson
020 7397 8900
Redleaf Polhill
Rebecca Sanders-Hewett
020 7382 4730
Disclosure requirements of the Takeover Code (the "Code")
Under Rule 8.3(a) of the Code, any person who is interested in
1% or more of any class of relevant securities of an offeree
company or of any securities exchange offeror (being any offeror
other than an offeror in respect of which it has been announced
that its offer is, or is likely to be, solely in cash) must make an
Opening Position Disclosure following the commencement of the offer
period and, if later, following the announcement in which any
securities exchange offeror is first identified. An Opening
Position Disclosure must contain details of the person's interests
and short positions in, and rights to subscribe for, any relevant
securities of each of (i) the offeree company and (ii) any
securities exchange offeror(s). An Opening Position Disclosure by a
person to whom Rule 8.3(a) applies must be made by no later than
3.30 pm (London time) on the 10th business day following the
commencement of the offer period and, if appropriate, by no later
than 3.30 pm (London time) on the 10th business day following the
announcement in which any securities exchange offeror is first
identified. Relevant persons who deal in the relevant securities of
the offeree company or of a securities exchange offeror prior to
the deadline for making an Opening Position Disclosure must instead
make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes,
interested in 1% or more of any class of relevant securities of the
offeree company or of any securities exchange offeror must make a
Dealing Disclosure if the person deals in any relevant securities
of the offeree company or of any securities exchange offeror. A
Dealing Disclosure must contain details of the dealing concerned
and of the person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the offeree
company and (ii) any securities exchange offeror, save to the
extent that these details have previously been disclosed under Rule
8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies
must be made by no later than 3.30 pm (London time) on the business
day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire or control an
interest in relevant securities of an offeree company or a
securities exchange offeror, they will be deemed to be a single
person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree
company and by any offeror and Dealing Disclosures must also be
made by the offeree company, by any offeror and by any persons
acting in concert with any of them (see Rules 8.1, 8.2 and
8.4).
Details of the offeree and offeror companies in respect of whose
relevant securities Opening Position Disclosures and Dealing
Disclosures must be made can be found in the Disclosure Table on
the Takeover Panel's website at www.thetakeoverpanel.org.uk,
including details of the number of relevant securities in issue,
when the offer period commenced and when any offeror was first
identified. You should contact the Panel's Market Surveillance Unit
on +44 (0)20 7638 0129 if you are in any doubt as to whether you
are required to make an Opening Position Disclosure or a Dealing
Disclosure."
Notes for editors:
About Straight plc
-- Straight plc provides environmental products and services to
both the UK market and overseas.
-- The Group is the UK's leading manufacturer and supplier of
specialist kerbside recycling containers, as well as being a key
supplier of a broad range of waste and recycling container
solutions.
-- Founded in 1993 by the current Chief Executive, Jonathan
Straight, the business has since supplied more than 25 million
kerbside boxes, baskets and caddies to local authorities across the
UK, securing its position as the industry leader.
-- The business operates through two divisions:
- The core Trade Business supplying products in bulk to local
authorities, utilities, the waste industry, retailers and other
businesses
- The Retail Business supplying a range of proprietary
environmentally friendly consumer products directly to the public,
often in partnership with a local authority or a utility.
-- Almost two thirds of the products the Group supplies are now
produced in Straight's own factory.
-- Straight plc has established diverse overseas sales channels
for its products, some of which are manufactured locally to their
markets in North America and in Australia. Other markets are
serviced from UK production.
-- Straight plc is a founding member of the Social Stock
Exchange, an online portal to promote investment in businesses with
social or environmental impacts.
Further information about the company and its products can be
found at: http://www.straight.co.uk/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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