Termination of Offer Process and Trading Update
17 Luglio 2008 - 8:01AM
UK Regulatory
RNS Number : 2669Z
TMN Group PLC
17 July 2008
17 July 2008
TMN Group PLC
Termination of Offer Process and Trading Update
On 19 May 2008, the independent non-executive directors of TMN Group plc ("TMN" or the "Company") announced that it had received an
indicative cash offer of 70p per share from funds advised by August Equity LLP ("August Equity"). However, despite the Company continuing
to perform in line with its management's expectations, August Equity have been unable to secure sufficient third party debt financing to
support an offer acceptable to the Board. Accordingly the independent non-executive directors have terminated the discussions with August
Equity with immediate effect.
The Company confirms that current trading is in line with the Board's expectations and guidance given in its trading statement on 25
April 2008. The executive directors, Mark Smith and Craig Dixon, along with the non-executive directors look forward to the continued
running of the Company as a listed PLC with confidence. The Company expects to release its results for the financial year ended 30 April
2008 in the week commencing 1 September 2008.
Peter Harkness, Chairman of TMN Group plc commented,
"Whilst we understand that difficult debt market conditions has resulted in August Equity being unable to deliver an acceptable offer to
the Board, the Board is united in its confidence in TMN's future as a listed Company. TMN is a leader in the field of online direct
marketing and we continue to look forward to achieving our strategic goals and creating value for shareholders."
Regarding trading, Mark Smith, CEO of TMN Group plc, commented,
"In our first few months, the Group has shown strong resilience, trading is in line with management expectations, and we hold a cautious
optimism with regards the remainder of the financial year".
Enquiries:
TMN Group plc www.TMNplc.com 020 7440 9310
Peter Harkness, Chairman
Mark Smith, CEO
Craig Dixon, CFO
Investec Investment Banking, NOMAD and broker to TMN 020 7597 4000
Erik Anderson / Ben Poynter
College Hill 020 7457 2815
Adrian Duffield
This information is provided by RNS
The company news service from the London Stock Exchange
END
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