RTY Rutley (See LSE:DPE)

 

TIDMRTY 
 
RNS Number : 1282X 
Black Sea Global Properties Limited 
07 August 2009 
 

Not for release, publication or distribution in or into the United States of 
America, Canada, Australia, the Republic of South Africa or Japan 
7 August 2009 
BLACK SEA GLOBAL PROPERTIES LIMITED AND 
 RUTLEY EUROPEAN PROPERTY LIMITED 
RECOMMENDED CASH OFFER 
BY 
BLACK SEA GLOBAL PROPERTIES LIMITED 
FOR 
RUTLEY EUROPEAN PROPERTY LIMITED 
OFFER UPDATE 
On 9 July 2009, the board of Black Sea Global Properties Limited ("BSGP") 
announced the terms of a revised cash offer (the "Increased Offer"), to be made 
by BSGP for the whole of the issued and to be issued redeemable preference share 
capital of Rutley European Property Limited ("Rutley" or the "Company") not 
already owned or otherwise contracted to be acquired by BSGP. On 24 July 2009, 
having received valid acceptances in respect of 140,843,147 Rutley Shares, 
representing approximately 67.31 per cent. of the existing issued redeemable 
preference share capital of Rutley, the Increased Offer was declared 
unconditional in all respects. 
The board of BSGP is pleased to announce that, as of 3.00pm (London Time) on 
7 August 2009, when the Increased Offer closed, valid acceptances had been 
received in respect of a total of 157,957,495 Rutley Shares, representing 
approximately 75.49 per cent. of the existing issued redeemable preference share 
capital of Rutley. 
BSGP also acquired 150,000 Rutley Shares prior to making the offer for Rutley, 
representing a total of approximately 0.07 per cent. of the existing issued 
redeemable preference share capital of Rutley. 
Accordingly, BSGP either owns, or has received valid acceptances in respect of, 
a total of 158,107,495 Rutley Shares, representing, in aggregate, approximately 
75.56 per cent. of the existing issued redeemable preference share capital of 
Rutley. 
As a result, Rutley has less than 25 per cent. of its Shares in public hands 
and, as such, is technically in breach of Listing Rule 6.1.19 (3). Rutley may 
therefore be required to cancel the admission of its Shares to the Official List 
of the UK Listing Authority (the "UKLA") and to trading on the London Stock 
Exchange's market for listed securities (the "Listing").  However, BSGP remains 
committed to retaining Rutley's London listing and is currently considering a 
number of options to enable the Company to comply with Listing Rule 6.1.19 (3). 
BSGP is currently in discussions with the UKLA regarding the options available 
to comply with Listing Rule 6.1.19 (3). The Listing will be maintained pending 
the outcome of these discussions. A further announcement will be made in due 
course. 
Dinu Patriciu of BSGP commented: "At the outset of this process we made it clear 
that our intention was to take a majority stake in Rutley which would allow us 
to stabilise the Company's financial position, take other measures to improve 
the Company's performance and create a platform for future growth. At the same 
time, we always intended to retain Rutley's listing on the London Stock Exchange 
and our offer was designed to allow those shareholders wishing to remain 
invested to do so. We are pleased that our offer has been accepted and are now 
working with our advisers to ensure that we are able to retain the Company's 
listing." 
David Pinckney, chairman of Rutley, commented: "I am pleased by the success of 
the offer by BSGP for Rutley and look forward to continuing my work as the 
chairman of the Company alongside our new majority shareholder." 
Terms used but not defined in this announcement shall have the meaning given to 
them in the Increased Offer Document posted to Rutley Shareholders on 10 July 
2009. 
Enquiries 
+----------------------------------------------+----+----------------------+ 
| Lazard & Co., Limited (Financial Adviser to  |    | +44 (0) 20 7187 2000 | 
| BSGP)                                        |    |                      | 
| Patrick Long                                 |    |                      | 
| Michael Bressler                             |    |                      | 
+----------------------------------------------+----+----------------------+ 
| Oriel Securities Limited (Broker to BSGP)    |    | +44 (0) 20 7710 7600 | 
| Tom Durie                                    |    |                      | 
| Sapna Shah                                   |    |                      | 
+----------------------------------------------+----+----------------------+ 
| Financial Dynamics (PR adviser to BSGP)      |    | +44 (0) 20 7831 3113 | 
| Richard Sunderland                           |    |                      | 
| Stephanie Highett                            |    |                      | 
| Rachel Drysdale                              |    |                      | 
|                                              |    |                      | 
+----------------------------------------------+----+----------------------+ 
Lazard & Co., Limited ("Lazard"), which is regulated by the Financial Services 
Authority, is acting for BSGP in connection with the Increased Offer and no-one 
else and will not be responsible to anyone other than BSGP for providing the 
protections afforded to customers of Lazard or for providing advice in relation 
to the Increased Offer. 
Oriel Securities Limited ("Oriel"), which is regulated by the Financial Services 
Authority, is acting for BSGP in connection with the Increased Offer and no-one 
else and will not be responsible to anyone other than BSGP for providing the 
protections afforded to customers of Oriel or for providing advice in relation 
to the Increased Offer. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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