Intention to Cancel Admission (1868T)

TIDMPSQ

RNS Number : 1868T

Parseq PLC

01 December 2011

Parseq PLC ("Parseq" of the "Company")

Intention to Cancel Admission to Trading on AIM

The Board notes the announcement made earlier today by CNH Bidco Limited ("Bidco") that the recommended cash offer by Bidco for the whole of the issued and to be issued share capital of Parseq not already owned by Bidco and parties acting in concert with it (the "Offer"), has been declared wholly unconditional.

Bidco announced that as at 10.35 a.m. today, Bidco had received valid acceptances of the Offer in respect of a total of 91,315,980 Parseq Shares, representing approximately 54.13 per cent. of the ordinary issued share capital of Parseq. This includes (i) 61,100,445 Parseq Shares (representing 13.41 per cent. of the issued share capital of Parseq) in respect of which irrevocable undertakings had been received and (ii) 18,349,556 Parseq Shares allotted on the exercise of certain Parseq Options. In addition, Bidco has completed the purchase of the 155,356,253 Parseq Shares (representing approximately 34.11 per cent. of the issued share capital of Parseq (following the exercise of the Parseq Options) owned by Rami Cassis and the Cassis Trustees pursuant to the RC Agreement. Therefore, taken together, Bidco has received valid acceptances of the Offer and acquired the RC Shares which amount in aggregate to 246,672,233 Parseq Shares, representing approximately 54.13 per cent. of the issued share capital of Parseq.

Bidco also stated its intention that if Bidco were to receive acceptances under the Offer in respect of, or otherwise were to acquire, 90 per cent. in value of the shares to which the Offer relates and not less than 90 per cent. of the voting rights carried by those shares, to exercise its rights pursuant to the provisions of Chapter 3 of Part 28 of the Companies Act 2006 to acquire compulsorily on the same terms as the Offer the remaining Parseq Shares in respect of which acceptances have not been acquired or agreed to be acquired pursuant to the Offer.

In relation to the above, and at the request of Bidco, Parseq is, in accordance with Rule 41 of the AIM Rules for Companies, notifying its intention to cancel the admission to trading on AIM of Parseq Shares ("Cancellation"), subject to Bidco having received valid acceptances in excess of 75% of all of the Parseq Shares. The earliest time at which the Cancellation could become effective is 7.00am on 3 January 2012. In addition, Cancellation can only take place five business days after the date on which Bidco has, by virtue of its shareholding and acceptances of the Offer, acquired or agreed to acquire issued share capital carrying not less than 75 per cent. of the voting rights attaching to the Parseq Shares.

The Company will make a further announcement in due course to update shareholders on the Cancellation.

Cancellation would significantly reduce the liquidity and marketability of any Parseq shares that have not been accepted pursuant to the Offer. Following the Cancellation, there would be no future market for Parseq shareholders to realise their investment in Parseq. Shareholders are still able to buy and sell Parseq shares prior to the Cancellation.

Terms used but not defined in this announcement shall have the meaning given to them in the Offer Document published by the Bidco on 18 November 2011.

For further information please contact:

 
 Parseq plc 
 Rami Cassis                      Tel: 020 7870 2299 
 
 Biddicks 
 Sophie Lane / Zoe Biddick        Tel: 020 3178 6378 
 
 Canaccord Genuity (NOMAD) 
 Simon Bridges / Cameron Duncan   Tel: 020 7050 6500

This information is provided by RNS

The company news service from the London Stock Exchange

END

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