Pyrrho Investment Limited Form 8 (OPD) MWB Business Exchange Plc (9437X)
15 Febrero 2013 - 1:05AM
UK Regulatory
TIDMMBE
RNS Number : 9437X
Pyrrho Investment Limited
15 February 2013
FORM 8 (OPD)
PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER
Rule 8.1 of the Takeover Code (the "Code")
1. KEY INFORMATION
(a) Identity of the person whose positions/dealings are Gallant Victor Holdings Limited
being disclosed:
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(b) Owner or controller of interests and short Pyrrho Investments Limited
positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is
insufficient
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(c) Name of offeror/offeree in relation to whose MWB Business Exchange Plc
relevant securities this form relates:
Use a separate form for each offeror/offeree
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(d) If an exempt fund manager connected with an
offeror/offeree, state this and specify identity
of offeror/offeree:
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(e) Date position held/dealing undertaken: 14 February 2013
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(f) Has the discloser previously disclosed, or are they Opening Position Disclosure made by Pyrrho Investments
today disclosing, under the Code in Limited on 9 January 2013
respect of any other party to this offer?
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2. POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE
(a) Interests and short positions in the relevant securities of
the offeror or offeree to which the disclosure relates following
the dealing (if any)
Class of relevant security: Ordinary 0.1 pence shares
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Interests Short positions
-------------------------------------------------- ------------------- ------------------
Number % Number %
-------------------------------------------------- ------------ ----- ------------- ---
(1) Relevant securities owned and/or controlled: 10,846,046 16.7 Nil
-------------------------------------------------- ------------ ----- ------------- ---
(2) Derivatives (other than options): Nil Nil
-------------------------------------------------- ------------ ----- ------------- ---
(3) Options and agreements to purchase/sell: Nil Nil
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TOTAL: 16.7 16.7 Nil
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All interests and all short positions should be disclosed.
Details of any open derivative or option positions, or
agreements to purchase or sell relevant securities, should be given
on a Supplemental Form 8 (Open Positions).
(b) Rights to subscribe for new securities (including directors'
and other executive options)
Class of relevant security in relation to which subscription right exists: None
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Details, including nature of the rights concerned and relevant percentages: None
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If there are positions or rights to subscribe to disclose in
more than one class of relevant securities of the offeror or
offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for
each additional class of relevant security.
(c) Irrevocable commitments and letters of intent
Details of any irrevocable commitments or letters of intent
procured by the party to the offer making the disclosure
or any person acting in concert with it (see Note 3 on
Rule 2.11 of the Code)
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Pursuant to the irrevocable undertaking given previously
by MWB Property Limited (MWBPL) to Marley Acquisitions
Limited (MAL) in connection with the offer made by MAL
on 17 January 2013 (the Regus Irrevocable Undertaking),
MWBPL has irrevocably undertaken to MAL that if (i) there
is a higher offer for MWBPL's shareholding in MWB Business
Exchange Plc during the eight week period expiring at 23:59
(London-time) on 14 February 2013 (the Marketing Period)
and (ii) MAL does not make a revised offer prior to 00.01
(London-time) on the fourth Business Day following the
expiry of the Marketing Period which is at least GBP500,000
more than the amount payable to MWBPL pursuant to the highest
offer made during the Marketing Period (a Revised Offer),
MWBPL will accept the highest offer made during the Marketing
Period in respect of its holding of 48,863,129 ordinary
shares in MWB Business Exchange Plc.
Gallant Victor Holdings Limited (GVHL), MWBPL and MWB Group
Holdings Plc (MWB) have entered into a framework agreement
under which MWBPL and MWB have irrevocably undertaken to
GVHL that if (i) its offer is the highest offer made during
the Marketing Period and (ii) the amount of consideration
offered pursuant to its offer to MWBPL is equal to, or
greater than, GBP35,000,000, and (iii) MAL does not make
a Revised Offer, MWBPL shall, and MWB shall procure that
MWBPL shall, fulfil the obligation described above to MAL
under the Regus Irrevocable Undertaking given to MAL in
respect of the offer by GVHL.
The framework agreement will cease to be binding if the
offer by GVHL fails, lapses or is withdrawn (other than
in connection with a switch to a Scheme of Arrangement
with the consent of the Panel and the joint administrators
to MWB and MWB Serviced Office Holdings Limited).
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3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
(a) Purchases and sales
Class of relevant security Purchase/sale Number of securities Price per unit
--------------------------- -------------- --------------------- ---------------
(b) Derivatives transactions (other than options)
Class of relevant Product description Nature of dealing Number of reference Price per unit
security e.g. CFD e.g. opening/closing a securities
long/short position,
increasing/reducing a
long/short position
------------------------- -------------------- ------------------------- ------------------------- ---------------
(c) Options transactions in respect of existing securities
(i) Writing, selling, purchasing or varying
Class of Product Writing, Number of Exercise Type Expiry date Option money
relevant description purchasing, securities price per e.g. paid/
security e.g. call selling, to which unit American, received per
option varying etc. option European unit
relates etc.
------------- ------------- ------------- ------------- -------------- ------------- ------------ -------------
(ii) Exercising
Class of relevant security Product description Number of securities Exercise price per unit
e.g. call option
--------------------------- -------------------- --------------------- ------------------------
(d) Other dealings (including subscribing for new securities)
Class of relevant security Nature of dealing Details Price per unit (if applicable)
e.g. subscription, conversion
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The currency of all prices and other monetary amounts should be
stated.
Where there have been dealings in more than one class of
relevant securities of the offeror or offeree named in 1(c), copy
table 3(a), (b), (c) or (d) (as appropriate) for each additional
class of relevant security dealt in.
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal
or informal, relating to relevant securities which may be an inducement to deal or refrain
from dealing entered into by the person making the disclosure and any party to the offer or
any person acting in concert with a party to the offer:
If there are no such agreements, arrangements or understandings, state "none"
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None
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(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the person
making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which
any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
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None
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(c) Attachments
Is a Supplemental Form 8 (Open Positions) attached? NO
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Date of disclosure: 14 February 2013
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Contact name: Paul Cummins, Gallant Victor Holdings Limited
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Telephone number: +852 2376 0686
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Public disclosures under Rule 8 of the Code must be made to a
Regulatory Information Service and must also be emailed to the
Takeover Panel at monitoring@disclosure.org.uk. The Panel's Market
Surveillance Unit is available for consultation in relation to the
Code's dealing disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at
www.thetakeoverpanel.org.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
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