Straight PLC Extension to deadline (4788F)

TIDMSTT

RNS Number : 4788F

Straight PLC

25 April 2014

Straight plc ("Straight" or the "Company")

Extension to deadline

Further to the announcement made on 14 February 2014, 14 March 2014 and 09 April 2014 regarding One Fifty One plc ("One51") being in discussions with Straight, One51 is continuing discussions with the board of Straight regarding a possible offer for the whole of the issued share capital of Straight.

This announcement is not an announcement of a firm intention to make an offer under Rule 2.7 of the City Code on Takeovers and Mergers (the "Code") and there can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.

Further extension to deadline in accordance with Rule 2.6(c)

On 14 February 2014, the Company announced that, in accordance with Rule 2.6(a) of the Code, One51 must, by not later than 5.00 p.m. on 14 March 2014, either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. The Company also announced that it could approach the Panel for an extension to this deadline in due course in accordance with Rule 2.6(c) of the Code.

The Company received an original extension from the Panel on 14 March 2014 until 11 April 2014 due to on-going discussions with One51. Further, the Company received an additional extension from the Panel on 09 April 2014 until 25 April 2014 due to on-going due diligence requirements.

One of the requirements for the financing of One 51's possible offer for the whole of the issued share capital of Straight was the signing of the accounts of both the Company and the subsidiary, Straight Manufacturing Limited ("SML"). Due to the delay in the signing of the accounts of SML due to the Easter break there has been a request from One51 for a further extension to be granted to 02 May 2014. Straight has agreed to this request and approached the Panel for consent to this further extension.

Following this further approach from the Board of Straight, the Panel has consented to an extension of the deadline to 5.00 p.m. on 02 May 2014 by which time One51 must either announce a firm intention to make an offer for the Company or announce that it does not intend to make an offer for the Company. This deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

The Company remains in offer discussions with One51 who are currently reviewing information which has been made available by the Company. The anticipated timetable for the completion of these discussions is consistent with the newly extended deadline.

There can be no certainty that an offer will be made for the Company, nor as to the terms on which any offer may be made.

This announcement is being made with the consent of One51.

A summary of the dealing disclosure requirements under the Takeover Code is set out below, which require action by holders of 1 per cent. or more of the Company's issued share capital.

In accordance with Rule 30.4 of the Code, a copy of this announcement will be available on the Company's website (http://www.straight.co.uk/investors/stock-exchange-announcements/).

Enquiries:

Straight Plc

James Newman, Chairman

0113 245 2244

Cenkos Securities plc

Ivonne Cantú/Michael Johnson

020 7397 8900

Redleaf Polhill

Rebecca Sanders-Hewett

020 7382 4730

Disclosure requirements of the Takeover Code (the "Code")

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure."

This information is provided by RNS

The company news service from the London Stock Exchange

END

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