Alternative Networks plc Scheme of arrangement (7269S)
December 23 2016 - 4:30AM
UK Regulatory
TIDMAN.
RNS Number : 7269S
Alternative Networks plc
23 December 2016
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION.
FOR IMMEDIATE RELEASE
23 DECEMBER 2016
RECOMMENDED CASH ACQUISITION
of
ALTERNATIVE NETWORKS PLC
by
DAISY INTERMEDIATE HOLDINGS LIMITED
OFFER UPDATE - SCHEME OF ARRANGEMENT BECOMES EFFECTIVE
Further to the announcement of sanction of the Scheme by Court
on 21 December 2016, Alternative Networks plc ("Alternative
Networks") and Daisy Intermediate Holdings Limited ("Daisy") are
pleased to announce that the Scheme to give effect to the
Acquisition has now become effective and Alternative Networks has
now become a subsidiary of Daisy.
Each of the non-executive directors of Alternative Networks has
resigned as a director with immediate effect.
Alternative Networks Shareholders on the register at the Scheme
Record Time, being 6.00 p.m. on 22 December 2016, will receive 335
pence in cash for each Alternative Networks Share held. The latest
date for despatch of cheques and settlement of cash consideration
in relation to the Acquisition through CREST is on or by 6 January
2017.
The trading of Alternative Networks Shares on AIM has today been
cancelled. The admission to trading of Alternative Networks Shares
on AIM is expected to be cancelled at Alternative Networks' request
with effect from 7.00 a.m. (UK time) on 28 December 2016. A further
announcement will be made when the admission to listing and to
trading of the Alternative Networks Shares have each been
cancelled.
Enquiries:
Alternative Networks
Gavin Griggs Tel: +44 (0) 870 190 7444
Investec Bank plc (Rule 3 adviser, nominated adviser and joint
corporate broker to Alternative Networks)
Patrick Robb Tel: +44 (0) 20 7597 5000
Andrew Pinder
Carlton Nelson
N M Rothschild & Sons Limited (Financial adviser to
Alternative Networks)
Warner Mandel Tel: +44 (0) 20 7280 5000
Stephan Bocklet
finnCap Limited (Joint corporate broker to Alternative
Networks)
Stuart Andrews Tel: +44 (0) 20 7220 0565
Bell Pottinger Financial & Corporate (Public relations
adviser to Alternative Networks)
Elly Williamson Tel: +44 (0) 20 3772 2500
Anna Legge
Definitions
Save where otherwise defined herein or where the context
otherwise requires, terms defined in the document sent to
shareholders of Alternative Networks dated 28 November 2016 (the
"Scheme Document") bear the same meanings when used in this
announcement (the "Announcement").
Disclaimers
Investec Bank plc ("Investec"), which is authorised by the
Prudential Regulation Authority ("PRA") and regulated in the United
Kingdom by the FCA and the PRA, is acting exclusively for
Alternative Networks and for no one else in connection with the
matters set out in this Announcement and will not regard any other
person as its client in relation to the matters referred to in this
Announcement and will not be responsible to anyone other than
Alternative Networks for providing the protections afforded to
clients of Investec nor for providing advice in relation to the
Acquisition or any other matter or arrangement referred to in this
Announcement.
N M Rothschild & Sons Limited ("Rothschild), which is
authorised and regulated in the United Kingdom by the FCA, is
acting exclusively for Alternative Networks and for no one else in
connection with the Acquisition and the contents of this
Announcement and will not regard any other person as its client in
relation to the matters referred to in this Announcement and will
not be responsible to anyone other than Alternative Networks for
providing the protections afforded to clients of Rothschild, or for
providing advice in relation to the Acquisition, the contents of
this Announcement or any other matters referred to herein.
finnCap Limited ("finnCap), which is authorised and regulated by
the FCA in the United Kingdom, is acting exclusively for
Alternative Networks and for no one else in connection with the
matters set out in this Announcement and will not regard any other
person as its client in relation to the matters referred to in this
Announcement and will not be responsible to anyone other than
Alternative Networks for providing the protections afforded to
clients of finnCap nor for providing advice in relation to the
Acquisition or any other matter or arrangement referred to in this
Announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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