Waiver of obligation to make a general offer (8624L)
2011年8月5日 - 9:40PM
RNSを含む英国規制内ニュース (英語)
TIDMARGO TIDMAREO
RNS Number : 8624L
ARGO Group Limited
05 August 2011
Argo Group Limited ('AGL')
Waiver of obligation to make a general offer under Rule 9 of the
City Code
Argo Real Estate Opportunities Fund Limited ('AREOF'), a
closed-ended investment company, has today announced the
acquisition of Huincas Properties Limited and Omelit Limited ("the
Cypriot Companies") from Argo Capital Management (Cyprus) Limited
('ACMCL') (a wholly-owned subsidiary of AGL) as agent for certain
funds managed by ACMCL (the "Funds"). In consideration for the
transfer of the Cypriot Companies, AREOF will issue 298,041,718
shares to the Funds. As a consequence, the shareholding of the
Funds in AREOF will increase from 142,444,891 shares, or 46.0 per
cent of AREOF's share capital, to 440,486,609 shares, or 72.4 per
cent of AREOF's share capital.
The Panel on Takeovers and Mergers has confirmed the existence
of a concert party across the AGL Group and has agreed, subject to
the passing of a resolution on a poll by independent shareholders
of AREOF, to waive the obligation that would otherwise arise on the
concert party to make a general offer to shareholders pursuant to
Rule 9 of the City Code as a result of the issue of the 298,041,718
shares to the Funds.
Furthermore, subject to approval by AREOF shareholders, the
Investment Policy of AREOF will be amended in order to extend the
life of AREOF by 5 years from the current termination date of 31
July 2013 to 31 July 2018 and the Performance Fee Hurdle of the
Investment Manager of AREOF, Argo Capital Management Property
Limited (a wholly-owned subsidiary of AGL), will be rebased to a
Net Asset Value Per Share of EUR0.15. As a consequence of the
extension of the life of AREOF to 31 July 2018, the Investment
Management agreement between Argo Capital Management Property
Limited and AREOF will also be extended to run until that date.
Enquiries
Argo Group Limited
Kyriakos Rialas
020 7535 4000
Panmure Gordon
Dominic Morley
020 7459 3600
This information is provided by RNS
The company news service from the London Stock Exchange
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