Last checked at 29 Apr 2009 09:33
Moonduster Limited
Offer Talks Terminated
On 23 October 2008 Irish Continental Group plc ("ICG") announced that it had received a request from Moonduster Limited ("Moonduster") to postpone the extraordinary general meeting scheduled for 23 October 2008 to enable Moonduster engage with the other major shareholders of the Company with a view to potentially bringing forward an offer for the Company.
On 2 December 2008, Moonduster and Mr Eamonn Rothwell confirmed that they were engaged in discussions with a view to potentially bringing forward an offer for the entire issued and to be issued share capital of ICG. Since then, Moonduster and Mr Rothwell have worked diligently in highly challenging banking markets to bring forward a proposal for consideration by the Independent Directors.
Following an application from the Independent Directors, the Irish Takeover Panel (the "Panel") announced a ruling on 26 March 2009 that, except with the consent of the Panel, Moonduster must by 5.00 p.m. on 20 April 2009 either announce an offer for ICG under Rule 2.5 of the Takeover Rules or announce that it will not proceed with an offer for ICG. The Panel also ruled that in the event that Moonduster announces that it will not proceed with an offer for ICG, Moonduster and any parties acting in concert with it will, except with the consent of the Panel, be bound by the restrictions contained in Rule 2.8 of the Takeover Rules for 12 months from the date of such announcement. This deadline was subsequently extended from 5.00 p.m. on 20 April 2009 to 9.00 a.m. on 29 April 2009.
Moonduster and its concert parties informed the Independent Directors on 28 April 2009 that, despite their best efforts over several months, it was not possible to bring forward an acceptable offer in the current economic climate and difficult funding environment. Accordingly Moonduster and any parties acting in concert with it will not be proceeding with an offer for ICG.
Contact:
James Morrissey
Fleishman Hillard (PR Adviser to Moonduster)
Tel: + 353 86 255 0487
The directors of Moonduster accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of Moonduster (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.
Not for release, publication or distribution, in whole or in part, in, into or from a jurisdiction where it is restricted by law to do so.