Offer Rejection Update (2270F)

TIDMDIAM

RNS Number : 2270F

Diamond Circle Capital Plc

12 June 2012

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, JAPAN, AUSTRALIA, NEW ZEALAND OR SOUTH AFRICA OR IN OR INTO ANY OTHER JURISDICTION IF TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

Diamond Circle Capital Plc ("Diamond Circle Capital" or the "Company")

Offer update

The Board continues to believe that it is not in the interests of Shareholders to accept the offer made on 8 May 2012 by Mr Abdallah Chatila (the "Offeror") for Diamond Circle Capital at US$3.50 per Share in cash (the "Offer") as it fundamentally undervalues the Shares.

Further, the Board continues to believe that if it were to undertake a managed portfolio liquidation, it would be possible to realise and return to Shareholders greater value than that which is currently on offer from the Offeror.

On 1 June 2012 the Board announced that it had held initial discussions with the Offeror and that it would endeavour to continue such discussions with a view to maximising Shareholder value in the short term.

Since the date of such announcement, the Board has held a number of further discussions with the Offeror regarding the future of the Company. As a result of those discussions, the Offeror has now indicated to the Board his intention to support the Board's proposal to return value to Shareholders by way of a managed portfolio liquidation and his intention to vote in favour of such proposal if and when put to shareholders at a general meeting of the Company.

An announcement setting out further details of the proposal will be made in due course.

THE BOARD CONTINUES TO RECOMMEND THAT SHAREHOLDERS SHOULD NOT ACCEPT THE OFFER AND SHOULD TAKE NO ACTION IN RESPECT OF THEIR SHAREHOLDING.

For further information please contact:

Numis Securities Limited

Tel: 020 7260 1000

David Benda / Nathan Brown

Redleaf Polhill

Tel: 020 7566 6700

Emma Kane/Rebecca Sanders-Hewett

Numis Securities Limited, which is authorised and regulated by the Financial Services Authority, is acting exclusively for Diamond Circle Capital Plc and for no-one else in connection with the Offer and will not be responsible to anyone other than Diamond Circle Capital Plc for providing the protections afforded to clients of Numis Securities Limited, or for providing advice in relation to the Offer or any other matters referred to herein.

Forward Looking Statements

This document contains statements that are or may be forward-looking with respect to the financial condition, results of operations and businesses of DCC. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, valuation, performance or achievements of DCC, or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

The Directors accept responsibility for the information contained in this announcement. T o the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they accept responsibility 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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