NNG Newport Network

    RNS Number : 1808B
  Newport Networks Group PLC
  12 August 2008
   

    12 August 2008

    Newport Networks Group PLC (the "Company")
    Update

    Further to previous announcements, the Directors continue to seek an offer for the entire issued share capital of the Company or its
technology and discussions with various interested parties are ongoing. However, the Directors cannot be sure of a successful conclusion to
these discussions and accordingly have taken action to reduce costs significantly. Following a period of consultation, the Company has
served notice to the majority of its employees that their positions are to be made redundant. The Company will then be reduced to a residual
core of people that have the necessary skill mix to manage the transfer of the Company's technology to any potential acquirer as well as
evaluating all options available to the Company.

    Enquiries:

    Newport Networks Group PLC                       Tel: 01291 435 700
    John Everard, Chief Executive
    John Ackroyd, Finance Director

    Evolution Securities                                      Tel: 020 7071 4300
    Robert Collins / Tim Redfern / Neil Elliot


    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% or more of any class of 'relevant securities' of Newport Networks Group PLC, 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 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otherwise withdrawn or on which the 'offer period' otherwise ends.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 Newport Networks Group PLC, they will be deemed to be a single person for the purpose of Rule 8.3.

    Under the provisions of Rules 8.1 of the Code, all 'dealings' in 'relevant securities' of Newport Networks Group PLC by a potential
offeror, or Newport Networks Group PLC, 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.

This information is provided by RNS
The company news service from the London Stock Exchange
 
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