GSD Goldshield Grp

 

TIDMGSD 
 
RNS Number : 5007B 
Goldshield Group plc 
28 October 2009 
 

28 October 2009 
 
 
 
 
Independent Directors of Goldshield recommend 485p offer by Midas 
The Independent Directors of Goldshield Group plc ("Goldshield" or the 
"Company") note the announcement by AIT Investments Limited ("AIT") that it will 
no longer be pursuing the acquisition of Goldshield and that, with the consent 
of the Panel, AIT is withdrawing its offer of 480p per Goldshield share. 
Accordingly, the Independent Directors now intend to recommend unanimously that 
shareholders accept the increased cash offer of 485p per Goldshield share 
announced by Midas Bidco Limited ("Midas") on 25 October 2009 to be implemented 
by way of a scheme of arrangement. 
In addition, the Independent Directors welcome the announcement by Ajit Patel, a 
member of the AIT consortium and a 4.8% shareholder in the Company, that he will 
request the trustees of the Goldshield shares for which he and his family are 
beneficiaries to vote in favour of the Midas offer. 
The Independent Directors anticipate that documents to implement the Midas 
scheme of arrangement will be sent to shareholders next week. They currently 
expect that if shareholders vote in favour of the Midas offer at a meeting to be 
convened in November, the transaction should complete in December. 
 
 
Further announcements will be made in due course. 
 
 
 
 
Further information: 
 
 
Gleacher Shacklock LLP 
Kieran Murphy 
Angus Russell 
Tel: 020 7484 1150 
 
 
Numis Securities Ltd 
Michael Meade 
Oliver Cardigan 
Tel: 020 7260 1000 
 
 
Brunswick Group LLP 
Michael Harrison 
Justine McIlroy 
Tel: 020 7404 5959 
 
 
 
 
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 the Company all "dealings" in any 
"relevant securities" of the 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unconditional as to acceptances, lapses or is otherwise withdrawn or on which 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 the Company, 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 the Company by Midas or any other potential offeror or the 
Company, 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 
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. 
 
 
Gleacher Shacklock, which is authorised and regulated in the United Kingdom by 
the Financial Services Authority, is acting exclusively for the Company and no 
one else in connection with any offer and will not be responsible to anyone 
other than Company for providing the protections afforded to clients of Gleacher 
Shacklock or for providing advice in relation to any offer or for the contents 
of this announcement. 
 
 
Numis Securities, which is authorised and regulated in the United Kingdom by the 
Financial Services Authority, is acting exclusively for the Company and no one 
else in connection with any offer and will not be responsible to anyone other 
than Company for providing the protections afforded to clients of Numis 
Securities or for providing advice in relation to any offer or for the contents 
of this announcement. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 OUPBGBDGGDDGGCI 
 

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