Statement re Possible Offer
21 Ottobre 2009 - 5:29PM
UK Regulatory
TIDMRNOW
RNS Number : 1831B
Research Now plc
21 October 2009
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| NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, |
| INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A |
| VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION |
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| PRESS ANNOUNCEMENT |
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| FOR IMMEDIATE RELEASE |
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| 21 October 2009 |
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| RESEARCH NOW PLC ("RESEARCH NOW" OR THE "COMPANY") |
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| |
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| Approach by e-Rewards, Inc. ("e-Rewards") |
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| |
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| The board of Research Now ("the Board") notes the recent movement in its |
| share price and announces that it has received an indicative offer from |
| e-Rewards which may or may not lead to an offer being made for the entire |
| issued and to be issued share capital of Research Now at a price of not |
| less than 430 pence in cash per share. |
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| |
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| This would represent a premium of 30.3 per cent. to the closing price of |
| 330 pence per share on 4 September 2009, the last business day prior to |
| e-Rewards' indicative offer letter to the Research Now Board, and a |
| premium of 46.7 per cent. to the average Research Now closing price of |
| 293 pence per share for the 12 months ended 20 October 2009. |
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| |
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| Based in Dallas in the United States and employing more than 300 |
| professionals in Dallas, London, Los Angeles, New York, San Francisco, |
| Chicago, Seattle and Paris, e-Rewards is the world's largest |
| "by-invitation-only" online research panel, serving more than 900 |
| research firms. The boards of Research Now and e-Rewards believe that a |
| combination of their businesses would bring significant benefits to |
| clients and employees of both companies. |
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| |
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| Research Now continues to perform well as a standalone business but the |
| Board recognises that, due to the cash nature and value of the offer, it |
| is in the interests of Research Now shareholders and other stakeholders |
| to facilitate further discussions with e-Rewards. |
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| |
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| In accordance with Rule 2.10 of the City Code on Takeovers and Mergers, |
| Research Now confirms that it has 18,762,306 ordinary shares of 2 pence |
| each in issue and admitted to trading on AIM under the UK ISIN code |
| GB00B0CTWT77. |
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| |
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| This announcement has been made with the approval of e-Rewards but there |
| can be no certainty that an offer will be made. |
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| |
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| A further announcement will be made in due course. |
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| Enquiries | |
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| | |
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| RESEARCH NOW | 020 7921 2400 |
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| Geoff Westmore | |
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| Chris Havemann | |
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| Nathan Runnicles | |
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| | |
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| HAWKPOINT | 020 7665 4500 |
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| Simon Gluckstein | |
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| Emily Ashwell | |
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| | |
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| CANACCORD ADAMS | 020 7050 6500 |
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| Mark Williams | |
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| | |
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| HUDSON SANDLER | 020 7796 4133 |
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| Alistair | |
| Mackinnon-Musson | |
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| Nathan Field | |
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| Hawkpoint Partners Limited, which is regulated by The Financial Services |
| Authority, is acting for Research Now and no one else in connection with |
| this matter and will not be responsible to anyone other than Research Now |
| and its directors for providing the protections afforded to clients of |
| Hawkpoint Partners Limited or for providing advice in relation to this |
| matter, the content of this announcement or any matter referred to |
| herein. |
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| |
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| Canaccord Adams Limited, which is regulated by The Financial Services |
| Authority, is acting for Research Now and no one else in connection with |
| this matter and will not be responsible to anyone other than Research Now |
| and its directors for providing the protections afforded to clients of |
| Canaccord Adams Limited or for providing advice in relation to this |
| matter, the content of this announcement or any matter referred to |
| herein. |
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| |
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| Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if |
| any person is, or becomes, "interested" (directly or indirectly) in 1% or |
| more of any class of "relevant securities" of Research Now, all |
| "dealings" in any "relevant securities" of Research Now (including by |
| means of an option in respect of, or a derivative referenced to, any such |
| "relevant securities") must be publicly disclosed by no later than 3.30 |
| pm (London time) on the London business day following the date of the |
| relevant transaction. This requirement will continue until the date on |
| which the offer becomes, or is declared, unconditional as to acceptances, |
| lapses or is otherwise withdrawn or on which the "offer period" otherwise |
| ends. If two or more persons act together pursuant to an agreement or |
| understanding, whether formal or informal, to acquire an "interest" in |
| "relevant securities" of Research Now, they will be deemed to be a single |
| person for the purpose of Rule 8.3. |
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| Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant |
| securities" of Research Now by the offeror or Research Now, or by any of |
| their respective "associates", must be disclosed by no later than 12.00 |
| noon (London time) on the London business day following the date of the |
| relevant transaction. |
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| A disclosure table, giving details of the companies in whose "relevant |
| securities" "dealings" should be disclosed, and the number of such |
| securities in issue, can be found on the Takeover Panel's website at |
| www.thetakeoverpanel.org.uk. |
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| "Interests in securities" arise, in summary, when a person has long |
| economic exposure, whether conditional or absolute, to changes in the |
| price of securities. In particular, a person will be treated as having an |
| "interest" by virtue of the ownership or control of securities, or by |
| virtue of any option in respect of, or derivative referenced to, |
| securities. Terms in quotation marks are defined in the Code, which can |
| also be found on the Takeover Panel's website. If you are in any doubt as |
| to whether or not you are required to disclose a "dealing" under Rule 8, |
| you should consult the Takeover Panel. |
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| In accordance with Rule 19.11, a copy of this announcement can be found |
| at www.researchnow.co.uk |
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This information is provided by RNS
The company news service from the London Stock Exchange
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