Langbar International

Date of dealing No. Shares Buy/Sell Price Resultant Total Percentage
4 Oct 2005 750,000 Sell 64.38p 37,550,892 21.68%
6 Oct 2005 2,100,000 Sell 55.19p 35,450,892 20.47%
7 Oct 2005 600,000 Sell 61.5p 34,850,892 20.12%
10 Oct 2005 250,000 Sell 59.8p 34,600,892 19.98%

Merry Christmas one and all!

Above is a list of Rybak's sells before suspension. On 6 October Rybak sold over 1% of the share capital of LGB and thus it was necessary for him to disclose that by midday on 7 October in accordance with Rule 8.3 of the take over panel. Was the sell disclosed in accordance with the takeover panel rules? No. Instead, the share sale of 6 October and sales on 7 and 10 October were not disclosed until 11 October after the market had closed. I believe that those who bought just prior to suspension would not have done so had the relevant disclosures been carried out on 6 and 7 October regarding Rybak's sales. You should complain to the takeover panel directly as to why Rybak's sale disclosers were delayed.

As for the rest of us, how many would have sold had the 8.3 announcement on the 11th been disclosed during trading hours? Why was it delayed? Possibly to allow some of the big boys out after the market had closed! Since we know that even the most recent sale of Rybak was done on 10 October there should have been no reason whatsoever why that 8.3 discloser should not have been announced by noon by the takeover panel in accordance with their own rules. We were not even afforded the chance to sell because of the unnecessary and somewhat curious delay with the announcement.