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Consort Medical offer 27.5p for Medical House |
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RECOMMENDED CASH OFFER OF 27.5 PENCE PER SHARE
BY CONSORT MEDICAL PLC FOR THE MEDICAL HOUSE PLC
Level of acceptances and extension of the Offer
On 24 September 2009, Consort Medical made a recommended cash offer (with a Loan Notes Alternative) for the entire issued and to be issued share capital of The Medical House.
The Consort Medical Board is pleased to announce that, as at 1.00 p.m. (London time) on 15 October 2009, being the first closing date of the Offer, valid acceptances of the Offer had been received in respect of a total of 37,755,757 The Medical House Shares, representing approximately 62.8 per cent of the existing issued share capital of The Medical House.
As a result of share purchases made since 24 September 2009, Consort Medical holds 28,000 The Medical House Shares, representing approximately 0.046 per cent of the existing issued share capital of The Medical House.
Accordingly, as at 1.00 p.m. (London time) on 15 October 2009, being the first closing date of the Offer, Consort Medical owned or had received valid acceptances in respect of a total of 37,783,757 The Medical House Shares, representing approximately 62.8 per cent of the existing issued share capital of The Medical House.
On 24 September 2009, the Consort Medical Board announced that it had received irrevocable undertakings to accept the Offer in respect of 21,184,173 The Medical House Shares, representing approximately 35.2 per cent of the existing issued share capital of The Medical House. Valid acceptances have been received in respect of all of these The Medical House Shares.
The Consort Medical Board announces that the Offer, which remains subject to the terms and conditions set out in the Offer Document and the Form of Acceptance, has been extended for a period of 14 days and will therefore remain open for acceptance until 1.00 p.m. (London time) on 29 October 2009.
Assuming the Offer becomes or is declared wholly unconditional and subject to any applicable requirements of the UKLA and AIM, Consort Medical intends to procure the cancellation of the admission to trading on AIM of The Medical House Shares. If this cancellation occurs, it will significantly reduce the liquidity and marketability of any The Medical House Shares not acquired pursuant to the Offer.
The Medical House Shareholders who have not yet accepted the Offer and who hold The Medical House Shares in certificated form are urged to complete, sign and return the Form(s) of Acceptance by hand (during normal business hours) or by post as soon as possible but in any event so as to be received no later than 1.00 p.m. (London time) on 29 October 2009 by Capita Registrars at Corporate Actions, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU. Additional Forms of Acceptance are available from Capita Registrars, by telephoning 0870 162 3121 or, if calling from outside the UK, on +44 208 639 3399. If you hold your The Medical House Shares in uncertificated form (that is, in CREST) you are urged to accept the Offer by TTE Instructions as soon as possible and, in any event, so as to be settled not later than 1.00 p.m. (London time) on 29 October 2009.
Save as disclosed above, neither Consort Medical nor any person acting in concert with Consort Medical for the purposes of the Offer is interested in or has any rights to subscribe for any The Medical House Shares nor does any such person have any short position or any arrangement in relation to The Medical House Shares. For these purposes "arrangement" includes any agreement to sell or any dealing obligation or right to require another person to purchase or take delivery of, and borrowing or lending of, The Medical House Shares. An "arrangement" also includes any indemnity or option arrangement, any agreement or understanding, formal or informal, of whatever nature, relating to The Medical House Shares which may be an inducement to deal or refrain from dealing in such securities. "Interest" includes any long economic exposure, whether conditional or absolute, to changes in the prices or securities and a person is 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 used in this announcement shall have the meaning given to them in the Offer Document dated 24 September 2009, unless the context requires otherwise.
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