HTH Hartest Hldgs.

 

TIDMHTH 
 
RNS Number : 4270G 
Hartest Holdings PLC 
01 February 2010 
 

                              HARTEST HOLDINGS PLC 
 
                           Extension to PUSU Deadline 
 
 
On 31 December 2009, the deadline imposed upon Delta Controls Limited ("Delta") 
to either announce a firm intention to make an offer for Hartest Holdings Plc 
("Hartest" or "Company") under Rule 2.5 of the City Code on Takeovers and 
Mergers or announce that it does not intend to make an offer for Hartest, was 
extended to 5.00pm on Monday, 1 February 2010. 
 
On 12 January 2010, Delta announced that agreement in principle had been reached 
with the board of Hartest with a view to Delta making a cash offer for the whole 
of the issued and to be issued share capital of Hartest at a price of 69 pence 
per share and that Delta had received a letter of intent from Elektron plc 
("Elektron") to enter into an irrevocable undertaking to accept an offer, when 
made, at 69 pence per share. Elektron holds the voting control over 1,992,722 
ordinary shares representing 23.2 per cent of the existing voting share capital 
of Hartest.  The announcement further stated that the possible offer was 
conditional, inter alia, upon the board of Hartest Holdings suspending the 
proposed interim dividend of 0.67 pence per share.  As the record date for the 
interim dividend has now passed the board of Hartest has agreed that Delta's 
offer, if made, will be subject to a minimum price per share 68.33 pence in 
cash. 
 
Since 31 December 2009, discussions between Delta and Hartest have continued in 
good faith and significant progress has been made in the due diligence process 
required by Delta and its bankers.  However, due to the necessary approval 
process by Delta's bank, this process has not yet been completed and, as the 
proposed Offer will be partially funded by a banking facility made available to 
Delta, it is not possible for Delta to make an offer by the existing deadline. 
 
The board of Hartest continue to believe that a cash offer by Delta, should it 
be made, will be worthy of shareholder consideration and, having regard to the 
progress made and the limited additional work required, have agreed to Delta's 
request to extend the deadline by which Delta must make their offer to 5.00pm on 
22 February 2010. 
 
Shareholders are reminded that there can be no certainty that an offer will be 
made for the Company and further announcements will be made in due course. 
 
 
For further information 
 
Geoff Spink                             Hartest Holdings Plc               01252 
749 530 
Executive Chairman 
 
William Vandyk                       Astaire Securities Plc             020 7448 
4400 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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