As a consequence of this announcement, an “Offer Period” has commenced in respect of Airea in accordance with the rules of the City Code on Takeovers and Mergers (the “Code”).
In accordance with Rule 2.6(a) of the Code, James Halstead is required, by no later than 5.00 p.m. on 2 May 2018, to either announce a firm intention to make an offer for Airea 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. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.
This is an announcement falling under Rule 2.4 of the Code and the Board would like to emphasise that this announcement does not amount to a firm offer under Rule 2.7 of the Code and there can be no certainty that any Possible Offer will be made, nor as to the terms on which any Possible Offer might be made.
A further announcement will be made as and when appropriate.