TIDMNDH
RNS Number : 5626P
Network Data Holdings PLC
26 March 2009
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26 March 2009
NETWORK DATA HOLDINGS PLC
("Network Data" or the "Company")
Update on Possible Offer and Property Disposal
Further to the announcement made on 28 January 2009, confirming that the Company
had received a preliminary approach which might or might not lead to an offer
for the Company, the Board of Network Data has held discussions with a number of
interested parties regarding the possibility of an offer. It has become apparent
that a number of parties are interested in acquiring the broker network owned by
the business, but none of the discussions have resulted in an acceptable
potential offer for the Company. Accordingly, the Board announces that no offer
has been made for the Company's ordinary shares and it is no longer in
discussions with any party regarding the possibility of an offer for the
Company's ordinary shares, therefore the Company is no longer in an offer
period.
The Board has concluded that in light of the financial position of the Company
and the current difficult trading conditions in the mortgage broking market, it
is in the best interests of the Company to pursue the approaches for the
mortgage broking business.
The Board also announces that whilst discussions continue with a number of
interested parties regarding the possibility of an offer for its head office,
Botleys Mansion, it has been informed by the party that made an offer for the
property, as announced on 24 October 2008, that they are not able to complete
the purchase of the property at the present time. Accordingly, the Board does
not anticipate an early disposal of the property.
The company has sought the agreement of its bankers to continue to support the
Company whilst it seeks an orderly disposal of both the mortgage network
business and the property with a view to repaying debt and realising value for
its shareholders.
Further announcements will be made in due course
Enquiries:
Richard Griffiths
Chief Executive, Network Data Holdings
Tel: 01932 875 728
John Riddell
Noble & Company
Tel: 020 7763 2200
This information is provided by RNS
The company news service from the London Stock Exchange
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