Offer Declared Unconditional In All Respects
July 07 2010 - 2:00AM
UK Regulatory
TIDMBRK TIDMBRG
RNS Number : 9405O
Brooks Macdonald Group PLC
07 July 2010
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR
FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION
WHERE IT IS UNLAWFUL TO DO SO
7 July 2010
RECOMMENDED CASH OFFER
for Braemar Group plc
by Brooks Macdonald Group plc
OFFER DECLARED UNCONDITIONAL IN ALL RESPECTS
On 8 June 2010, Braemar Management, the Braemar Independent Directors and the
Board of Brooks Macdonald announced the terms of a recommended cash offer to be
made by Brooks Macdonald, to acquire the entire issued and to be issued share
capital of Braemar not subject to the Management Share Purchase Agreement. The
Offer price is 2.25 pence in cash for each Ordinary Share. The full terms of,
and conditions to, the Offer and the procedure for acceptance are set out in the
Offer Document issued by Brooks Macdonald on 15 June 2010.
Brooks Macdonald announces that all of the conditions of the Offer have been
satisfied or waived and the Offer is now unconditional in all respects.
Brooks Macdonald announces that, as at 1.00 p.m. on 6 July 2010 (being the First
Closing Date of the Offer), valid acceptances had been received in respect of a
total of 119,052,527 Ordinary Shares, representing approximately 65.0 per cent.
of the existing issued Ordinary Shares and 88.3 per cent. of the Ordinary Shares
to which the Offer relates. This total includes acceptances received in respect
of 69,041,665 Ordinary Shares (representing approximately 37.7 per cent. of the
existing issued Ordinary Shares and 51.2 per cent. of the Ordinary Shares to
which the Offer relates) which were subject to irrevocable commitments procured
by Brooks Macdonald.
As at 1.00 p.m. on 6 July 2010, Brooks Macdonald and those persons acting in
concert with it had interests in or rights to subscribe for Braemar relevant
securities as follows:
+-------------+-------------+-------------+-------------+-------------+
| Name | Nature of | Number of | Percentage | Percentage |
| | interest | relevant | of existing | of Ordinary |
| | | securities | issued | Shares to |
| | | | Ordinary | which the |
| | | | Shares | Offer |
| | | | | relates |
+-------------+-------------+-------------+-------------+-------------+
| Brooks | Shares | 8,969,638 | 4.9 per | 6.7 per |
| Macdonald | owned | | cent. | cent. |
+-------------+-------------+-------------+-------------+-------------+
As at 1.00 p.m. on 6 July 2010, there were no Ordinary Shares in respect of
which Brooks Macdonald had outstanding irrevocable commitments or letters of
intent.
As at 1.00 p.m. on 6 July 2010, Brooks Macdonald may count 128,022,165 Ordinary
Shares (representing approximately 69.9 per cent. of the existing issued
Ordinary Shares and 95.0 per cent. of the Ordinary Shares to which the Offer
relates) towards satisfaction of the acceptance condition to the Offer (which
Brooks Macdonald declares is now satisfied).
The Offer will remain open for acceptance until 1.00 p.m. on 20 July 2010.
Braemar Shareholders who have not already accepted the Offer are urged to do so
as soon as possible.
To accept the Offer for Ordinary Shares held in certificated form, Braemar
Shareholders should complete, sign and return the Form of Acceptance, which
accompanies the Offer Document, in accordance with the instructions contained
therein and set out in the Offer Document.
To accept the Offer for Ordinary Shares held in uncertificated form (that is, in
CREST), Braemar Shareholders should follow the procedure for electronic
acceptance through CREST in accordance with the instructions set out in the
Offer Document.
The consideration due to accepting Braemar Shareholders is expected to be
despatched either on or before 20 July 2010, in respect of acceptances complete
in all respects and received not later than 1.00 p.m. on 6 July 2010, or within
14 days of the date of receipt of further acceptances which are valid and
complete in all respects.
As anticipated in the Offer Document, Brooks Macdonald will seek to acquire
compulsorily the Ordinary Shares for which it has not received valid acceptances
of the Offer or otherwise acquired, in each case pursuant to Chapter 3 of Part
28 of the Companies Act 2006.
As Brooks Macdonald has attained the required 75 per cent. of the voting rights
attaching to the Ordinary Shares, Brooks Macdonald is taking steps to procure
the cancellation of admission to trading on AIM of the Ordinary Shares. It is
anticipated that cancellation of listing and trading will take effect no earlier
than 4 August 2010.
In accordance with Rule 19.11 of the City Code, a copy of this announcement is
available, subject to certain restrictions relating to persons resident in
Restricted Jurisdictions, for inspection while the Offer remains open for
acceptance on the Brooks Macdonald Group's website at www.brooksmacdonald.com.
Capitalised terms used but not defined in this announcement have the same
meaning given to them in the Offer Document.
Enquiries
Brooks Macdonald Group plc
Tel: +44(0)20 7499 6424
Chris Macdonald (Chief Executive)
Simon Jackson (Finance Director)
Collins Stewart Europe Limited
Financial adviser, Nomad and broker to Brooks Macdonald
Tel: +44(0)20 7523 8350
Bruce Garrow
Mark Connelly
Bankside Consultants
Financial PR adviser to Brooks Macdonald
Tel: +44(0)20 7367 8888
Simon Rothschild
Oliver Winters
This announcement is not intended to and does not constitute or form any part of
an offer to sell or an invitation to purchase or the solicitation of an offer to
subscribe for any securities or the solicitation of any vote or approval in any
jurisdiction pursuant to the Offer or otherwise. The Offer is made solely
through the Offer Document and, in the case of certificated Ordinary Shares, the
Form of Acceptance, which together contain the full terms and conditions of the
Offer, including details of how to accept the Offer. Any acceptance or other
response to the Offer should be made only on the basis of the information
contained in the Offer Document and, in the case of certificated Ordinary
Shares, the Form of Acceptance.
Overseas Shareholders
The distribution of this announcement in jurisdictions other than the United
Kingdom may be restricted by the laws of those jurisdictions and therefore
persons into whose possession this announcement comes should inform themselves
about, and observe any such restrictions. Failure to comply with any such
restrictions may constitute a violation of the securities laws of any such
jurisdiction.
Unless otherwise determined by Brooks Macdonald, the Offer is not being, and
will not be, made, directly or indirectly, in or into or by the use of the mails
of, or by any other means or instrumentality (including, without limitation,
electronic mail, facsimile transmission, telex, telephone, internet or other
forms of electronic communication) of interstate or foreign commerce of, or any
facility of a national securities exchange of any Restricted Jurisdiction and
will not be capable of acceptance by any such use, means or facility or from
within any such Restricted Jurisdiction. Accordingly, unless otherwise
determined by Brooks Macdonald, copies of this announcement and any other
documentation relating to the Offer (including, without limitation, the Form of
Acceptance) are not being, and must not be, directly or indirectly, mailed or
otherwise forwarded, distributed or sent in or into or from any Restricted
Jurisdiction and persons receiving such documents (including custodians,
nominees and trustees) must not mail or otherwise forward, distribute or send
any such documents in or into or from any such Restricted Jurisdiction, as doing
so may invalidate any purported acceptance of the Offer. Any person (including,
without limitation, custodians, nominees and trustees) who would, or otherwise
intends to, or who may have a contractual or legal obligation to, forward this
announcement and/or the Form of Acceptance (if applicable) and/or any other
related document to any jurisdiction outside the United Kingdom should inform
themselves of, and observe, any applicable legal or regulatory requirements of
any relevant jurisdiction. It is the responsibility of each Overseas Shareholder
to inform himself, herself or itself about and observe any applicable legal
requirements.
No Overseas Shareholder receiving a copy of this announcement and/or the Form of
Acceptance and/or any other documentation relating to the Offer in a Restricted
Jurisdiction may treat the same as constituting an invitation or offer to him
and in such circumstances, this announcement and/or the Form of Acceptance
and/or any other documentation relating to the Offer are sent for information
only. It is the responsibility of any Overseas Shareholder receiving a copy of
this announcement and/or the Form of Acceptance and/or any other documentation
relating to the Offer in any jurisdiction outside the United Kingdom who wishes
to accept the Offer to satisfy himself as to the full observance of the laws and
regulatory requirements of that jurisdiction in connection with the Offer,
including obtaining any governmental, exchange control or other consents which
may be required, and compliance with any other necessary formalities which need
to be observed and the payment of any transfer or other taxes or duties that may
be or become due under the laws of such jurisdiction. Any such Overseas
Shareholder will be responsible for any such transfer or other taxes or duties
by whomsoever payable and Brooks Macdonald (and any person acting on behalf of
Brooks Macdonald) shall be fully indemnified and held harmless by such Overseas
Shareholder for any such transfer or other taxes or duties or other requisite
payments as Brooks Macdonald (and any person acting on behalf of Brooks
Macdonald) may be required to pay.
This announcement has been prepared for the purpose of complying with English
law and the Code and the information disclosed may not be the same as that which
would have been disclosed if this announcement had been prepared in accordance
with the laws of jurisdictions outside England.
Dealing disclosure requirements
Under Rule 8.3(a) of the City Code, any person who is interested in 1 per cent.
or more of any class of relevant securities of an offeree company or of any
paper offeror (being any offeror other than an offeror in respect of which it
has been announced that its offer is, or is likely to be, solely in cash) must
make an Opening Position Disclosure following the commencement of the offer
period and, if later, following the announcement in which any paper offeror is
first identified. An Opening Position Disclosure must contain details of the
person's interests and short positions in, and rights to subscribe for, any
relevant securities of each of: (i) the offeree company; and (ii) any paper
offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a)
applies must be made by no later than 3.30 p.m. on the 10th business day
following the commencement of the offer period and, if appropriate, by no later
than 3.30 p.m. on the 10th business day following the announcement in which any
paper offeror is first identified. Relevant persons who deal in the relevant
securities of the offeree company or of a paper offeror prior to the deadline
for making an Opening Position Disclosure must instead make a Dealing
Disclosure.
Under Rule 8.3(b) of the City Code, any person who is, or becomes, interested in
1 per cent. or more of any class of relevant securities of the offeree company
or of any paper offeror must make a Dealing Disclosure if the person deals in
any relevant securities of the offeree company or of any paper offeror. A
Dealing Disclosure must contain details of the dealing concerned and of the
person's interests and short positions in, and rights to subscribe for, any
relevant securities of each of: (i) the offeree company; and (ii) any paper
offeror, save to the extent that these details have previously been disclosed
under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must
be made by no later than 3.30 p.m. on the business day following the date of the
relevant dealing.
If two or more persons act together pursuant to an agreement or understanding,
whether formal or informal, to acquire or control an interest in relevant
securities of an offeree company or a paper offeror, they will be deemed to be a
single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any
offeror and Dealing Disclosures must also be made by the offeree company, by any
offeror and by any persons acting in concert with any of them (see Rules 8.1,
8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose relevant
securities Opening Position Disclosures and Dealing Disclosures must be made can
be found in the Disclosure Table on the Panel's website at
www.thetakeoverpanel.org.uk, including details of the number of relevant
securities in issue, when the offer period commenced and when any offeror was
first identified. If you are in any doubt as to whether you are required to make
an Opening Position Disclosure or a Dealing Disclosure, you should contact the
Panel's Market Surveillance Unit on +44 (0)20 7638 0129.
The directors of Brooks Macdonald accept responsibility for the information
contained in this announcement other than that relating to Braemar. To the best
of their knowledge and belief (having taken all reasonable care to ensure that
such is the case), the information contained in this announcement for which they
are responsible is in accordance with the facts and does not omit anything
likely to affect the import of such information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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