Exercise of Option Agreement (0999K)
11 July 2011 - 4:00PM
UK Regulatory
TIDMMAN
RNS Number : 0999K
Manroy PLC
11 July 2011
11 July 2011
MANROY PLC
("MANROY" OR THE "COMPANY")
EXERCISE OF MANROY USA OPTION AGREEMENT
Further to its announcement released on 1 July 2011, Manroy plc
(AIM:MAN), the UK's leading machine gun manufacturer, announces
that Caledonian Heritable Limited ("Caledonian") has notified the
Company that it elects to receive its consideration of US$2.5
million (GBP1.6 million) payable for the exercise of the option
agreement by Manroy to acquire a 49 per cent. stake in Manroy USA
LLC ("MUSA") and a 50 per cent. share in the factory premises
occupied by MUSA, in ordinary shares of 5p each in the Company to
be issued at 75p per share ("Ordinary Shares").
As Caledonian is a member of the concert party, which is
currently interested in 39.2 per cent. of the Company's issued
share capital, the Company intends to seek a waiver of the
obligations of the concert party under Rule 9 of the City Code on
Takeovers and Mergers (the "Whitewash"), which would require
approval of the Company's independent shareholders at a general
meeting. Any allotment of Ordinary Shares would be deferred until
the business day immediately following expiry of five days
following approval of the Whitewash by independent
shareholders.
A further announcement will be made in due course
For further information please contact:
Manroy Plc Tel: 01252 874 177
Glyn Bottomley, Chief Executive
Paul Carter, Finance Director
Arbuthnot Securities Limited Tel: 020 7012 2000
Tom Griffiths
Ed Groome
Tavistock Communications Tel: 020 7920 3150
Baron Phillips
Simon Compton
This information is provided by RNS
The company news service from the London Stock Exchange
END
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