The Board is pleased to announce that it has received the immediate and unequivocal support of shareholders representing in aggregate 54.72 per cent. of the issued share capital of the Company (as detailed below). On the basis of these letters of intent to reject the Offer which have been received from shareholders holding a majority of the shares in the Company, the Offer cannot succeed and will fail.
Majority shareholder support for the Board's rejection of the Offer
The following shareholders have all confirmed their support for the Board's rejection of the Offer and their intention not to accept the Offer:
– Aberdeen Asset Management, holding 8,948,539 shares, representing 16.05 per cent. of the issued share capital of the Company;
– Alcatel-Lucent Bell Pensioenfonds ofp, holding 5,750,000 shares, representing 10.32 per cent. of the issued share capital of the Company;
– Fidelity Investment International, having discretionary management control over 5,464,284 shares, representing 9.80 per cent. of the issued share capital of the Company;
– members of the Hadsley-Chaplin family, holding in aggregate 5,209,098 shares, representing 9.35 per cent. of the issued share capital of the Company;
– J.P. Morgan Asset Management (UK) Limited, having discretionary management control over 2,819,546 shares, representing 5.06 per cent. of the issued share capital of the Company;
– Montanaro Asset Management, holding 1,500,000 shares, representing 2.69 per cent. of the issued share capital of the Company; and
– El Oro Limited, holding 379,926 shares, representing 0.68 per cent. of the issued share capital of the Company.
In addition to the shareholder support for the Board's rejection of the Offer set out above, the directors of M.P. Evans do not intend to accept the Offer in respect of their own holdings of shares, consisting in aggregate of 429,212 shares (excluding shares held by Peter Hadsley-Chaplin and Philip Fletcher, which are included as part of the Hadsley-Chaplin family holding above), representing 0.77 per cent. of the issued share capital of the Company.
Accordingly, shareholders representing a total of 54.72 per cent. of the issued share capital of the Company have confirmed their intention not to accept the Offer and their support for the Board's rejection of the Offer.