Last checked at 10 Mar 2010 10:59
| For Immediate Release | 10 March 2010 |
HARGREAVES SERVICES PLC
("Hargreaves" or the "Group")
Statement in response to press speculation
Hargreaves Services plc ("Hargreaves") notes yesterday's statement from UK Coal plc ("UK Coal") regarding its discussions over a potential merger transaction and the subsequent press speculation linking Hargreaves to such a transaction.
Hargreaves confirms that, as part of its regular consideration of a range of strategic opportunities, the Board is in the early exploratory stages of cautiously reviewing a potential merger with UK Coal.
Discussions with UK Coal are at a very early stage and there is no certainty that any transaction will result.
A further announcement will be made when appropriate.
A copy of this announcement will be available at www.hargreavesservices.co.uk.
For further details:
| Buchanan Communications Tim Anderson, Catherine Breen, Stasa Filiplic | 0207 466 5000 |
| Brewin Dolphin Investment Banking Andrew Emmott | 0845 213 4730 |
Dealing Disclosure Requirements:
Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of Hargreaves or of UK Coal, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Hargreaves or UK Coal, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of Hargreaves or of UK Coal by Hargreaves or UK Coal, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at http://www.thetakeoverpanel.org.uk.
"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.