RNS Announcements
Offer Update Announcement - 26 September 2007
On 21 and 24 September 2007, Moonduster Limited ("Moonduster") made several
market announcements that pursuant to various acquisitions, through contracts
for difference, of voting rights over ICG Units between 20 and 24 September 2007
the cash consideration payable pursuant to the Moonduster scheme to acquire the
Company has increased initially to €25.00 and €25.20 per ICG Unit and most
recently to €25.25 per ICG Unit (the "Revised Moonduster Scheme" and together
the "Moonduster Announcements").
On 25 September 2007, Moonduster communicated to the Independent Directors that,
if it was requested to do so, it would be unwilling to proceed with the Revised
Moonduster Scheme unless there is a reasonable prospect of the Revised
Moonduster Scheme being successful. In particular, Moonduster also confirmed
that it will only be willing to consent to any necessary amendments to the
implementation agreement dated 14 June 2007 between Moonduster and the Company
in circumstances where it has received confirmation from Aella that it will not
oppose the Revised Moonduster Scheme. In effect this represents a new condition
for the Revised Moonduster Scheme. However, the Moonduster Announcements made no
reference to any proposed new conditions in relation to the Revised Moonduster
Scheme that were not already set out in the announcement of the Moonduster
Scheme on 14 June 2007.
The reconvened court meetings and the reconvened extraordinary general meeting
(EGM) to consider the revised recommended acquisition for cash of the entire
issued and to be issued share capital of ICG by Aella plc ("Aella") for cash
consideration of €24.00 per ICG Unit (the "Revised Aella Scheme") are due to
take place today at The Clarion Hotel Dublin IFSC, International Financial
Services Centre, Dublin 1 on 26 September 2007 with the first reconvened meeting
commencing at 2.30pm.
The Independent Directors continue to recommend the Revised Aella Scheme and
shareholders should note that there can be no certainty that any higher offer,
including the Revised Moonduster Scheme, will actually be made to shareholders.
Depending on the outcome of the Revised Aella Scheme shareholder meetings, the
Independent Directors will consult with the Irish Takeover Panel. A further
announcement will be made in due course.
Enquiries
Irish Continental Group plc Telephone +353 1 855 2222
Independent Directors
John B McGuckian
NCB Corporate Finance Telephone +353 1 611 5611
Liam Booth
Jonathan Simmons
Shane Lawlor
Drury Communications Telephone +353 1 260 5000
Billy Murphy
Paddy Hughes
The Independent Directors of Irish Continental Group plc accept responsibility
for the information contained in this announcement. To the best of their
knowledge and belief (having taken all reasonable care to ensure that such is
the case), the information contained in this announcement for which they take
responsibility is in accordance with the facts and does not omit anything likely
to affect the import of such information.
NCB Corporate Finance Limited, which is authorised in Ireland by the Financial
Regulator under the Investment Intermediaries Act 1995, is acting exclusively
for Irish Continental Group plc and no one else in connection with the
acquisition and will not be responsible to anyone other than Irish Continental
Group plc for providing the protections afforded to clients of NCB Corporate
Finance Limited nor for providing advice in relation to the acquisition.
The Independent Directors of Irish Continental Group plc accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they take responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.
NCB Corporate Finance Limited, which is authorised in Ireland by the Financial Regulator under the Investment Intermediaries Act 1995, is acting exclusively for Irish Continental Group plc and no one else in connection with the acquisition and will not be responsible to anyone other than Irish Continental Group plc for providing the protections afforded to clients of NCB Corporate Finance Limited nor for providing advice in relation to the acquisition.
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