CFT Chieftain Grp

    RNS Number : 3664H
  Redhall Group PLC
  04 November 2008
   

                         REDHALL GROUP PLC ("REDHALL")
                     RECOMMENDED CASH OFFER (THE "OFFER") 
                    FOR CHIEFTAIN GROUP PLC ("CHIEFTAIN") 


                  CANCELLATION OF TRADING IN CHIEFTAIN SHARES
                                     AND 
                  Compulsory acquisition of Chieftain Shares


  NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO ANY JURISDICTION IF
      TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
                                 JURISDICTION

 Offer unconditional in all respects


 On 31 October 2008, Redhall announced that the Offer had been declared
 unconditional in all respects as a result of the Admission of the Redhall
 Placing Shares having become effective. The Offer will remain open for
 acceptance until further notice.


 Cancellation of Chieftain Shares


 As previously stated, now that the Offer has become unconditional in all
 respects, Redhall has arranged for Chieftain to make an application to the
 London Stock Exchange for the cancellation of trading in Chieftain Shares on
 AIM. It is anticipated that such cancellation will take effect at 7:00 am on
 1 December 2008.


 Compulsory acquisition of Chieftain Shares


 By 1.00 p.m. London time on 3 November 2008, Redhall had received valid
 acceptances of the 
 Offer, from, in aggregate, the holders of 8,158,346 Chieftain Shares
 (representing approximately 
 90.46 per cent. of the existing issued share capital of Chieftain).


 As indicated in paragraph 14 of Part II of the Offer Document, Redhall stated
 that, at such time that Redhall had contracted to acquire at least 90 per
 cent. of the Chieftain Shares to which the Offer relates and at least 90 per
 cent. of the voting rights carried by those Chieftain Shares, and assuming
 that all of the other conditions to the Offer had been satisfied, it intended
 to exercise its rights in accordance with Part 28 of the Companies Act 2006
 (the "Act") to acquire the remaining Chieftain Shares.


 Accordingly, Redhall now intends to exercise its rights pursuant to the Act
 to acquire all outstanding Chieftain Shares on the same terms as the Offer.
 Notices to Chieftain Shareholders who have yet to accept the Offer notifying
 them of the compulsory acquisition of their Chieftain Shares will be
 dispatched as soon as practicable.

 Responsibilities


 This announcement should be read in conjunction with the Offer Document.
 Terms used in this announcement shall have the meanings given to them in the
 Offer Document unless the context otherwise requires.

 Altium Capital Limited ("Altium"), which is authorised and regulated in the
 United Kingdom by the Financial Services Authority, is acting exclusively for
 Redhall and for no-one else in connection with the Offer, the contents of
 this announcement or any other matter referred to herein. Altium is not
 advising any other person or treating any other person as its client in
 relation thereto and will not be responsible to anyone other than Redhall for
 providing the protections afforded to clients of Altium nor for providing
 advice to any other person in relation to the Offer, the contents of this
 announcement or any other matters referred to herein.

 This announcement is not intended to and does not constitute, or form any
 part of, an offer or an invitation to purchase or sell any securities or the
 solicitation of an offer to purchase any securities in any jurisdiction
 pursuant to the Offer or otherwise.  The Offer is made solely through the
 Offer Document and, in the case of certificated Chieftain Shares, the Form of
 Acceptance, which together contain the full terms and conditions of the
 Offer, including details of how to accept the Offer.  Any acceptance or other
 response to the Offer should be made only on the basis of the information
 contained in the Offer Document and the Form of Acceptance.    


 The release, distribution or publication of this announcement in
 jurisdictions other than the UK may be restricted by law and therefore any
 persons who are subject to the laws of any jurisdiction other than the UK
 should inform themselves about and observe any applicable requirements. 


 Copies of this announcement and any documentation relating to the Offer are
 not being, and must not be, directly or indirectly, mailed or otherwise
 forwarded, distributed or sent in or into or from any Restricted Jurisdiction
 and persons receiving such documents (including custodians, nominees and
 trustees) must not mail or otherwise forward, distribute or send such
 documents in or into or from a Restricted Jurisdiction.  The Offer (unless
 otherwise determined by Redhall and permitted by applicable law and
 regulation), will not be made, directly or indirectly, in or into, or by the
 use of the mails, or by any means of instrumentality (including without
 limitation, telephonically or electronically) of interstate or foreign
 commerce of, or any facilities of a national securities exchange of any
 Restricted Jurisdiction, and the Offer will not be capable of acceptance from
 or within any Restricted Jurisdiction.

 Enquiries:

 Redhall Group Plc                                            
 David Jackson/Simon Foster                      01924 385 386

 Altium, Financial advisers to Redhall                        
 Phil Adams/Simon Lord                           0161 831 9133

 Buchanan Communications                                      
 Tim Anderson/Isabel Podda                       020 7466 5000


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