ISG PLC Response to Cathexis (0849N)
27 January 2016 - 6:00PM
UK Regulatory
TIDMISG
RNS Number : 0849N
ISG PLC
27 January 2016
27 January 2016
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 OR REGULATIONS OF THAT
JURISDICTION
ISG plc ("ISG" or the "Company")
Continued rejection of the offer from Cathexis UK Holdings
Limited ("Cathexis") of 143p per share (the "Offer") and Trading
Update
The Board of ISG notes the announcement made by Cathexis on 26
January 2016 that the Offer has been extended to 1.00pm (London
time) on 1 February 2016. The Board also notes once again the very
low level of acceptances to the Offer (843,422 shares equating to
1.7% of the Company's current issued share capital), a clear
indication that Shareholders agree with the Board in its continued
rejection of the Offer.
As a consequence of being in an offer period, the Board has
advanced its initial internal review of the interim results and
reports the following:
-- The interim results for the Group will be published on 8 March 2016
-- Overall Group trading results for the financial year ending
30 June 2016 are expected to be in line with the Board's
expectations following the pre-AGM statement on 1 December 2015
-- Trading in UK Fit Out and Engineering Services continues to
outperform and will exceed the Board's expectations, however the
costs to close out certain remaining contracts in UK Construction
that were entered into during the challenging tendering market
conditions between 2011 and 2013 are expected to rise by an
offsetting amount
-- Progress on the turnaround plan for UK Construction
continues. All but three of the c.360 contracts entered into during
the period 2011-2013 are now complete on site
-- The costs to date of defending the Offer (which are
non-underlying costs) will be provided for at the half year
-- The overall results for the current financial year will have
a greater second half weighting
-- The order book as at 31 December 2015 was GBP1.1bn, in line
with the level disclosed on 1 December 2015
-- The Board reaffirms its intention to pay an interim dividend
ALL ISG SHAREHOLDERS ARE ADVISED TO CONTINUE TO TAKE NO ACTION
WHATSOEVER AND TO IGNORE THE OFFER.
Enquiries:
ISG plc
David Lawther, Chief Executive Officer 020 7392 5250
Jonathan Houlton, Group Finance Director
Numis
Michael Meade 020 7260 1000
Stuart Ord
Ben Stoop
Instinctif
Matthew Smallwood, Helen Tarbet 020 7457 2020
Disclaimer
Numis Securities Limited, which is authorised and regulated in
the United Kingdom by the Financial Conduct Authority, is acting
exclusively for ISG and no one else in connection with the Offer
and the contents of this announcement and will not be responsible
to anyone other than ISG for providing the protections afforded to
its clients nor for providing advice in connection with the Offer
or any matter referred to herein.
Publication on Website
A copy of this announcement will be available on the Company's
website (www.isgplc.com) by no later than 12 noon (London time) on
28 January 2016. The content of the website referred to in this
announcement is not incorporated into and does not form part of
this announcement.
Responsibility statement
The Directors of ISG accept responsibility for the information
contained in this announcement. To the best of the knowledge and
belief of the Directors, who have taken all reasonable care to
ensure such is the case, the information contained in this
announcement is in accordance with the facts and does not omit
anything likely to affect the import of such information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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