Shareholder support the REJECTION of the Offer

Pubished 6th June 2017


InterQuest Group PLC - ITQ

Shareholder support the REJECTION of the Offer
Released 09:37 06-Jun-2017

RNS Number : 2634H
InterQuest Group PLC
06 June 2017

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

6 June 2017

InterQuest Group plc

("InterQuest" or the "Company")

Statements of shareholder support
for the REJECTION of the Offer

On 1 June 2017, Chisbridge Limited, a newly created company formed by Gary Ashworth, Chris Eldridge and David Bygrave, announced that it had posted its offer document (the "Offer Document") containing details of its offer for the entire issued and to be issued ordinary share capital of InterQuest at 42 pence per share in cash with a full loan note alternative (the "Offer").

InterQuest is today pleased to announce that it has now received non-binding letters of support (the "Letters of Support") from certain InterQuest Shareholders holding, in aggregate, 7,548,799 ordinary shares of one penny each in the capital of the Company ("InterQuest Shares"), representing approximately 20.1 per cent. of the existing issued InterQuest Shares.

These shareholders have each stated that they believe that the Offer significantly undervalues InterQuest and that they support the rejection of the Offer.

Commenting, David Higgins, sole independent director, said, "I am pleased to have received this strong, public support from these shareholders. This serves to reinforce my position, as the sole independent director, in recommending the rejection of this Offer which materially undervalues InterQuest. I therefore continue to recommend that shareholders take no action in respect of the Offer and ignore the Offer."

InterQuest Shareholders are strongly advised to ignore any documents that may be issued by Chisbridge or its advisers.

Further details of the Letters of Support are set out below:

InterQuest Shareholder

Number of InterQuest Shares held

Percentage of current issued InterQuest Shares1

River and Mercantile Asset Management LLP

2,800,000

7.4

Livingbridge VC LLP

2,250,789

6.0

Mole Valley Asset Management Limited

710,400

1.9

Elderstreet Investments Limited

410,000

1.1

Hazell Carr Edwards FURB

400,000

1.1

Castlefield Investment Partners LLP

291,475

0.8

Tim Fleetwood

279,387

0.7

Blankstone Sington Limited

222,207

0.6

Charlotte Fleetwood

109,541

0.3

Daniel Goldblum

29,800

0.1

Tsippi Goldblum

45,200

0.1

Total

7,548,799

20.1

1: Based on current issued share capital with voting rights of 37,612,000

Capitalised terms used in the Offer Document have the same meanings in this announcement, save where the context provides otherwise.

This announcement contains inside information for the purpose of Article 7 of the Market Abuse Regulation (EU) N0. 596/2014.

Enquiries:

InterQuest Group plc

David Higgins (Independent Director)

Panmure Gordon (UK) Limited
(Financial Adviser, Nomad and Broker)

Dominic Morley Tel: +44 (0) 20 7886 2500
Karri Vuori

Important notices:

Panmure Gordon (UK) Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for InterQuest and the Independent Director and no one else in connection with the Offer and will not be responsible to anyone other than InterQuest and the Independent Director for providing the protections afforded to its clients or for providing advice in relation to the Offer or any other matters referred to herein.

The Independent Director accepts responsibility for the information contained in this announcement. To the best of his knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement for which he is responsible is in accordance with the facts and does not omit anything likely to affect the import of such information.

Disclosure requirements of the City Code on Takeovers and Mergers (the "Code"):

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

Publication on website:

In accordance with Rule 26.1 of the Code, copies of this announcement and the Letters of Support will be made available (subject to certain restrictions relating to persons resident in restricted jurisdictions) at www.interquestgroup.com by no later than 12 noon (London time) on 6 June 2017.

Additional information

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise. Any offer, if made, will be made solely by certain offer documentation which will contain the full terms and conditions of any offer, including details of how it may be accepted.

The distribution of this announcement in jurisdictions other than the United Kingdom and the availability of any offer to shareholders of InterQuest who are not resident in the United Kingdom may be affected by the laws of relevant jurisdictions. Therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom or shareholders of InterQuest who are not resident in the United Kingdom will need to inform themselves about, and observe, any applicable requirements.

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