NSAM New Star

 

TIDMNSAM TIDMHGG 
 
RNS Number : 2078M 
New Star Asset Management Group PLC 
26 January 2009 
 

New Star Asset Management Group PLC 
26 January 2009 
 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR 
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE 
RELEVANT LAWS OF SUCH JURISDICTION. 
New Star Asset Management Group PLC ("New Star" or the "Company") 
Statement regarding press speculation 
 
 
New Star notes the announcement released by Henderson Group plc ("Henderson") on 
25 January 2009 in response to press speculation of a potential transaction 
involving Henderson and the Company. As noted in that announcement New Star and 
Henderson are in discussions regarding a potential transaction, including a 
possible offer for the Company's ordinary shares, which would be conditional 
upon, inter alia, completion of the proposed capital restructuring which the 
Company has agreed with its bank syndicate (the "Restructuring"). There can be 
no certainty that any transaction or an offer for the Company's ordinary shares 
will be forthcoming nor as to the terms on which any transaction or an offer, if 
forthcoming, will be made. New Star is in any event committed to and continues 
to pursue implementation of the Restructuring. 
 
 
If any transaction were forthcoming, substantially all the proceeds would be 
applied to the repayment of the Company's current liabilities and therefore it 
is not certain that any transaction will lead to a significant return, if any, 
to current shareholders. There can be no assurance that any offer for the 
Company's ordinary shares, if forthcoming, would be at or above the level of the 
Company's current share price. 
 
 
On 22 January 2009 New Star posted a circular to its shareholders in connection 
with the proposed cancellation of admission of its ordinary shares to the 
Official List of the UK Listing Authority and to trading on the London Stock 
Exchange's market for listed securities. This is the first step towards 
implementing the Restructuring. 
 
 
This announcement is being made without the agreement or approval of Henderson. 
Enquiries: 
UBS Investment Bank 020 7567 8000 
Jim Renwick 
Rahul Luthra 
Citigate Dewe Rogerson 
Anthony Carlisle        020 7638 9571 (office) and 07973 611888 (mobile) 
UBS Limited ("UBS Investment Bank") is acting as financial adviser to New 
Star and is not acting for any other person in relation to the matters referred 
to in this announcement. UBS will not be responsible to anyone other than New 
Star for providing the protections afforded to its clients nor for providing 
advice in relation to the contents of this announcement. 
 
 
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 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 3.30 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 the offeror, 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 
   END 
 
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