DGT Dowgate

 

TIDMDGT TIDMBLUE 
 
RNS Number : 7011S 
Dowgate Capital PLC 
22 May 2009 
 

Dowgate Capital Plc ("Dowgate" or the "Company") 
 
 
Re: Offer update 
 
 
 
 
The board of Dowgate notes the earlier announcement today from Blue 
Oar Plc ("Blue Oar") in respect of 
irrevocable undertakings it has received from two shareholders of Dowgate, who 
in aggregate are interested in 16.9% of the Company's issued share capital, to 
accept an offer from Blue Oar, if made, pursuant to Rule 2.5 of the City Code. 
 
The board of Dowgate believes that the level at which Blue Oar is attempting to 
acquire your Company is opportunistic and undervalues Dowgate. 
 
 
Shareholders should note that Blue Oar announced on 16 April 2009 that it was 
considering its position regarding a possible offer for Dowgate.  However, to 
date, no firm offer has been made by Blue Oar and there can be no certainty that 
an offer will be made. 
 
A further announcement will be made in due course.In the meantime, shareholders 
are advised not to take any action. 
 
 
For further information contact: 
 
 
+---------------------------------------------+-----------------------+ 
| Dowgate Capital plc                         |                       | 
+---------------------------------------------+-----------------------+ 
| Tony Rawlinson, Chairman                    | Tel: 020 7492 4777    | 
+---------------------------------------------+-----------------------+ 
| Neil Badger, Director                       | Tel: 01293 517744     | 
+---------------------------------------------+-----------------------+ 
|                                             |                       | 
+---------------------------------------------+-----------------------+ 
| Grant Thornton UK LLP                       | Tel: 020 7383 5100    | 
+---------------------------------------------+-----------------------+ 
| Financial Adviser and Nominated Adviser to  |                       | 
| Dowgate                                     |                       | 
+---------------------------------------------+-----------------------+ 
| Philip Secrett                              |                       | 
+---------------------------------------------+-----------------------+ 
| Colin Aaronson                              |                       | 
+---------------------------------------------+-----------------------+ 
| Salmaan Khawaja                             |                       | 
+---------------------------------------------+-----------------------+ 
 
 
Dealing Disclosure Requirements 
 
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 Blue Oar, or of Dowgate, all "dealings" in 
any "relevant securities" of that company (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 Blue Oar or Dowgate, they will 
be deemed to be a single person for the purpose of Rule 8.3. 
 
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant 
securities" of Blue Oar or of Dowgate by Blue Oar or Dowgate, 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. 
 
 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. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 OUPQLLBLKEBZBBF 
 

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