Arden Partners plc
16 May 2008
Arden Partners plc ('Arden' or the 'Company')
Update on possible offer talks
On 6 May 2008, the board of Arden (the 'Board') announced that it was in preliminary talks with Cenkos Securities plc ('Cenkos') regarding a potential combination of the two businesses, which may or may not have led to an offer being made for the Company. The Board announces that all discussions with Cenkos in this regard have now ceased.
The Board, however, announces that it has had preliminary approaches from other parties which may or may not lead to an offer being made for the Company.
A further announcement will be made in due course as appropriate.
For further information please contact:
Arden Partners plc 0121 423 8900
Jonathan Keeling
Altium Capital Limited (Rule 3 adviser and NOMAD to Arden) 0207 484 4040
Phil Adams
Buchanan Communications Limited (PR adviser to Arden) 0207 466 5000
Mark Edwards
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1 per cent. or more of any class of "relevant securities" of Arden, 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 3:30pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which an offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends.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 Arden, 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 Arden by Arden, 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 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 Takeover 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 Takeover Panel.