Posting of Scheme Document
16 10월 2009 - 3:00PM
UK Regulatory
TIDMPWR
RNS Number : 8852A
Powerleague Group plc
16 October 2009
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
16 October 2009
Recommended acquisition of Powerleague Group plc ('Powerleague') by Patron
Sports Leisure S.a.r.l. ('Patron Sports Leisure')
Posting of Scheme Document
On 2 October 2009, the board of Patron Sports Leisure and the Independent
Directors announced that they had reached agreement on the terms of a
recommended cash offer for the acquisition of the entire issued and to be issued
share capital of Powerleague (other than the Powerleague Shares already held by
Patron Sports Leisure and the Management Team Exchange Shares), to be effected
by means of a scheme of arrangement between Powerleague and its shareholders
pursuant to the provisions of Part 26 of the Companies Act 2006 (the 'Scheme').
Powerleague is today posting a scheme document to its shareholders (the 'Scheme
Document') which sets out, among other things, the full terms and conditions of
the Scheme and an explanatory statement (pursuant to section 897 of the
Companies Act 2006), together with the action to be taken by Powerleague
Shareholders. Notices convening the Court Meeting and the General Meeting at
which resolutions will be proposed to, among other matters, approve the Scheme
are also set out in the Scheme Document.
The expected timetable of principal events is:
+----------------------------------------------------+----------------------+
| Event | Time |
| | and/or |
| | date |
| | (2009) |
+----------------------------------------------------+----------------------+
| Latest time for receipt of the blue Forms of Proxy | 10.00 |
| for the Court Meeting | a.m. on 7 |
| | November |
+----------------------------------------------------+----------------------+
| Latest time for receipt of the white Forms of | 10.15 |
| Proxy for the General Meeting | a.m. on 7 |
| | November |
+----------------------------------------------------+----------------------+
| Voting Record Time in respect of the Court Meeting | 6.00 p.m. |
| and the General Meeting | on 7 |
| | November |
+----------------------------------------------------+----------------------+
| Court Meeting | 10.00 |
| | a.m. on 9 |
| | November |
+----------------------------------------------------+----------------------+
| General Meeting | 10.15 |
| | a.m. on 9 |
| | November |
+----------------------------------------------------+----------------------+
| | |
+----------------------------------------------------+----------------------+
| The following dates are subject to change: | |
| | |
+----------------------------------------------------+----------------------+
| Last day of dealings in, and for registration of | 25 |
| transfers of, and disablement | November |
| in CREST of, Powerleague Shares | |
+----------------------------------------------------+----------------------+
| Scheme Record Time | 6.00 p.m. |
| | on 25 |
| | November |
+----------------------------------------------------+----------------------+
| Court Hearing to sanction the Scheme and to | 26 |
| confirm the Capital Reduction | November |
+----------------------------------------------------+----------------------+
| Effective Date | 27 |
| | November |
+----------------------------------------------------+----------------------+
| Cancellation of admission to trading on AIM of | 8.00 a.m. |
| Powerleague Shares | on 27 |
| | November |
+----------------------------------------------------+----------------------+
| Latest date for dispatch of cheques and crediting | 11 |
| of CREST accounts | December |
| for cash consideration due under the Scheme | |
+----------------------------------------------------+----------------------+
These times and dates are indicative only and will depend, among other things,
on the date upon which the Court sanctions the Scheme and confirms the
associated Capital Reduction and the date upon which the Conditions are
satisfied or waived (if capable of waiver).
Copies of the Scheme Document are available for inspection during normal
business hours on any business day at the offices of Osborne Clarke, One London
Wall, London EC2Y 5EB as soon as practicable after this announcement up to and
including the Effective Date (or, if applicable, the date the Scheme lapses or
is withdrawn). Copies of the Scheme Document and this announcement will also be
available on Patron Capital's and Powerleague's websites at
www.patroncapital.com/portfolio/patronsportsleisure.htm and
www.powerleague.co.uk respectively.
+----------------------------------------------------------+-------------------+
| Enquiries: | |
+----------------------------------------------------------+-------------------+
| Powerleague Group plc | +44 (0) 141 887 |
| Claude Littner | 7758 |
| Sean Tracey | |
| | |
+----------------------------------------------------------+-------------------+
| Ernst & Young LLP (Financial | +44 (0) 20 7951 |
| Adviser to Powerleague) | 2000 |
| Tim Medak | |
| Graham Swindells | |
| | |
+----------------------------------------------------------+-------------------+
| Patron Sports Leisure | +44 (0) 20 7629 |
| Keith Breslauer | 9417 |
| Shane Law | |
| | |
+----------------------------------------------------------+-------------------+
| Altium Capital Limited | +44 (0) 207 484 |
| (Financial Adviser to Patron | 4040 |
| Sports Leisure) | |
| Ben Thorne | |
| Sam Fuller | |
| Katherine Hobbs | |
| | |
+----------------------------------------------------------+-------------------+
| Tavistock Communications | +44 (0) 207 920 |
| Limited (PR Adviser to | 3150 |
| Powerleague) | |
| Lulu Bridges | |
| Paul Young | |
+----------------------------------------------------------+-------------------+
Capitalised terms used in this announcement have the meanings given to them in
the Scheme Document.
Altium Capital Limited, which is authorised and regulated in the United Kingdom
by the Financial Services Authority, is acting exclusively as financial adviser
to Patron Sports Leisure and no one else in connection with the Proposals and
will not be responsible to anyone other than Patron Sports Leisure for providing
the protections afforded to clients of Altium Capital Limited, or for providing
advice in relation to the Proposals or any matter referred to in this
announcement.
Ernst & Young LLP, which is authorised and regulated in the United Kingdom by
the Financial Services Authority, is acting exclusively as financial adviser
to Powerleague and no one else in connection with the Proposals and will not be
responsible to anyone other than Powerleague for providing the protections
afforded to clients of Ernst & Young LLP or for providing advice in relation to
the Proposals or any matter referred to in this announcement.
This announcement is not intended to, and does not constitute or form part of
any offer to sell or an invitation to purchase or subscribe for any securities
pursuant to the Proposals or otherwise or the solicitation of any vote or
approval in any jurisdiction. The Proposals will be made solely through the
Scheme Document, which will contain the full terms and conditions of the
Proposals, including details of how to vote in respect of the Proposals. Any
acceptance or other response to the Proposals should be made only on the basis
of the information in the Scheme Document. Powerleague Shareholders are advised
to read carefully the formal documentation in relation to the Scheme once it has
been despatched.
The distribution of this announcement in jurisdictions other than the UK may be
restricted by law and therefore any persons who are subject to the laws of any
jurisdiction other than the UK should inform themselves about, and observe, any
applicable legal or regulatory requirements. This announcement has been prepared
in accordance with English law and the Code, and information disclosed may not
be the same as that which would have been prepared in accordance with the laws
and regulations of jurisdictions outside England.
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Code, if any person is, or becomes,
"interested" (directly or indirectly) in one per cent. or more of any class of
"relevant securities" of Powerleague, all "dealings" in any "relevant
securities" of Powerleague (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 Scheme becomes effective or 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
Powerleague, 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 Powerleague, by Patron Sports Leisure or Patron Capital, 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 securities in
issue, can be found on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.
"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 within this section are defined in the Code, which can
also be found on the 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 Panel.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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