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RNS Number : 7573X
ACM Shipping Group PLC
20 February 2012
20 February 2012
ACM Shipping Group plc
("ACM" or the "Company")
Statement re Discussions with RS Platou
On 27 January 2012, the Company announced that it had received an approach by RS Platou ASA ("RS Platou"), a private Norwegian business, which had made an indicative offer to acquire the entire issued and to be issued share capital of ACM.
Given the potential strategic fit between the two businesses, both geographically and across business lines, the Board has carefully considered RS Platou's proposal to ACM shareholders. The Board believes that the proposal does not reflect full shareholder value, and has therefore not been able to accept the proposal. However, it has instead commenced discussions with RS Platou's London operation, RS Platou LLP, which was formed in 2009, with a view to both businesses working together.
In accordance with Rule 2.6(a) of the Takeover Code (the "Code"), RS Platou has informed ACM that it does not intend to make an offer for the Company. Accordingly, the Company is no longer in an offer period for the purposes of the Code.
This announcement has been made with the agreement and approval of RS Platou and RS Platou LLP.
For further information, please contact:
ACM Shipping Group plc
Johnny Plumbe, Chief Executive Tel: +44 (0) 20 7484
6311
Ian Hartley, Finance Director Tel: +44 (0) 20 7484
6311
RS Platou
Richard Fulford-Smith Tel: +44 (0) 20 7332
Chris Chasty 6127
Chris.chasty@platoulondon.com Tel: +44(0) 20 7332 6128
Execution Noble & Company Limited
John Llewellyn-Lloyd Tel: +44 (0) 20 7456
Harry Stockdale 9191
Media enquiries:
Abchurch
Henry Harrison-Topham / Joanne Shears Tel: +44 (0) 20 7398
7702
A copy of this announcement will be made available on the Company's website at www.acmshippinggroup.com as soon as possible.
Important Notice
Execution Noble & Company Limited, which is authorised and regulated in the UK by the Financial Services Authority, is acting for ACM and no-one else in connection with the possible offer and will not regard any other person as a client in relation to the possible offer and will not be responsible to anyone other than ACM for providing the protections afforded to clients of Execution Noble & Company Limited or for providing advice in relation to the possible offer or any matters referred to in this announcement.
Notes to Editors
ACM is one of the world's principal shipbrokers, providing a full range of integrated ship broking services for the global market. It is widely recognised as a market leader in oil transportation. The Company's key activities are spot freight brokerage, time charter and project brokerage, sale and purchase, new buildings, demolition and derivatives brokerage. In June 2010, the group expanded its offering into dry cargo through the acquisition of the business of Endeavour Shipbrokers Pty Limited and has also recently set up a new dry cargo venture in London. This is in line with ACM's stated strategy to become an integrated global ship broking services provider.
Established in London in 1982, the Company has since expanded its international operations with offices based in London, Singapore, India, Australia, UAE and China. ACM employs over 150 brokers and support staff who provide clients with global experience and intimate local knowledge of the world's shipping centres. The group has a strong network of clients which include major oil producers, independent oil traders, ship-owners and operators.
ACM was admitted to AIM on 6 December 2006. For more information on the Company and its group please visit www.acmshippinggroup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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