The Board of Huveaux announces that the Company has received preliminary approaches from a number of private equity houses in relation to a possible offer for the Company. Discussions are at a very early stage and there can be no certainty that an offer will be made, nor as to the terms on which any offer might be made.
Following the announcement that there will not be a General Election in 2007, the Board is confident that the Company will deliver its usual strong performance in the final quarter of the year. However, the Board now expects trading EBITDA for the year to 31 December 2007 to be in the range of £6 million to £7 million.
The Company is now considered to be in an offer period under the City Code on Takeovers and Mergers (the “Code”) and is required under Rule 28 of the Code to report upon any profit forecast or estimate published during an offer period. This report is being prepared in relation to the trading update above and will be announced and sent to shareholders in due course.
Enquiries:
Dresdner Kleinwort Limited – Nominated Adviser
Charles Batten
Joe Thompson
Tel: 020 7623 8000
Dealing Disclosure Requirements:
Under the provisions of Rule 8.3 of the Code, if any person is, or becomes, “interested” (directly or indirectly) in 1% or more of any class of “relevant securities” of Huveaux PLC, 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until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the “offer period” otherwise ends.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 Huveaux PLC, 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 Huveaux PLC by Huveaux PLC, or by any of its “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.
Disclosure in accordance with Rule 2.10 of the Code:
In accordance with Rule 2.10 of the Code, Huveaux PLC confirms that it has in issue and admitted to trading on the London Stock Exchange 151,998,453 ordinary shares of 10 pence each under the ISIN code GB000031129579.
Dresdner Kleinwort Limited:
Dresdner Kleinwort Limited, which is authorised and regulated by the Financial Services Authority, is acting for Huveaux PLC and for no-one else in connection with the contents of this announcement and will not be responsible to anyone other than Huveaux PLC for providing the protections afforded to customers of Dresdner Kleinwort Limited, or for affording advice in relation to the contents of this document or any matters referred to herein. Dresdner Kleinwort Limited has given and not withdrawn its written consent to the issue of this announcement with the inclusion of the reference to its name in the form and context in which it is included.