Strategic Review (1965U)
19 Dicembre 2011 - 8:00AM
UK Regulatory
TIDMPGC
RNS Number : 1965U
Prologic plc
19 December 2011
Prologic plc
Announcement of Strategic Review
Prologic plc ("Prologic" or the "Company"), a leading IT
solutions provider to fashion and lifestyle clients, announces that
it has appointed Cobalt Corporate Finance to undertake a strategic
review of the Company.
In its Interim Results announcement today, the Company reported
that it had continued to perform profitably (before restructuring
costs) throughout the first half of the current financial year,
despite difficult trading conditions in the retail sector. During
the six months ended 30 September 2011, the Company completed a
restructuring of the business, resulting in a simpler, leaner
management structure with clearer lines of responsibility and a
cost base reduced by GBP1.12 million on an annualised basis.
Having completed the restructuring of the business, along with
the recent launch of two major new software releases, the Board
believes that the prospects of the business would be further
strengthened by securing additional resources. In that regard,
Prologic has appointed Cobalt Corporate Finance to undertake a
strategic review of the business. At this stage, all options
available to the Company are being considered and as such may or
may not result in an offer being made for the Company.
Tom Fischer, CEO of Prologic, commented: "We took definitive
action in restructuring the business earlier in the year and while
the effect on our trading results is not yet apparent, we expect to
see the benefits flowing through towards the end of the current
financial year and beyond. Management is now focusing on securing
additional resources to further strengthen the Company's prospects
and to this end we look forward to working with Cobalt to identify
the best way forward for the Company and its stakeholders."
Enquiries:
Prologic plc
Tom Fischer, CEO
David Parry, Finance Director 01442 876 277
Arbuthnot Securities Limited (NOMAD and
Broker)
Ed Groome
Antonio Bossi 020 7012 2000
Cobalt Corporate Finance
David Ford
Chris Williams 020 7491 1271
Biddicks
Zoe Biddick 020 3178 6378
Disclosure in accordance with Rule 2.10 of the Takeover Code
In accordance with Rule 2.10 of the City Code on Takeovers and
Mergers (the "Takeover Code"), Prologic has 10,000,000 ordinary
shares of 0.5p each in issue, these being the only relevant
securities it has in issue within the meaning of the Takeover Code.
The ISIN reference number for these securities is GB00B01JDH34.
Dealing Disclosure Requirements
Under Rule 8.3(a) of the Takeover Code, any person who is
interested in 1% or more of any class of relevant securities of
Prologic 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) Prologic 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.
(London time) on the 10th business day following the commencement
of the offer period and, if appropriate, by no later than 3.30 p.m.
(London time) 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 Prologic 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 Takeover Code, any person who is, or
becomes, interested in 1% or more of any class of relevant
securities of Prologic or of any paper offeror must make a Dealing
Disclosure if the person deals in any relevant securities of
Prologic 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) Prologic 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. (London time) 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 Prologic 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 Prologic and
by any offeror and Dealing Disclosures must also be made by
Prologic, 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 Prologic 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 Takeover 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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