7digital Group PLC - Update on the Concert Party
("7digital" or "the Company")
Update on the
As previously announced on the
The Company is subject to the City Code on Takeovers and Mergers (the "City Code". Under Rule 9 of the City Code, any person who acquires an interest (as deﬁned in the City Code) in shares which, taken together with shares in which he is already interested in and which persons acting in concert with him are interested, carry 30 per cent. or more of the voting rights of a company which is subject to the City Code, is normally required to make a general offer to all the remaining shareholders to acquire their shares.
Similarly, when any person, together with persons acting in concert with him/her, is interested in shares which in the aggregate carry not less than 30 per cent. of the voting rights of such a company but does not hold shares carrying more than 50 per cent. of such voting rights, a general offer will normally be required if any further interests in shares are acquired by any such persons. Such a General offer must be made in cash and at the highest price paid by the persons required to make the offer for any interest in shares of the company during the 12 months prior to the announcement of the offer.
When members of a concert party hold more than 50 per cent. of the voting rights in a company, no obligation to make such a general offer will normally arise from acquisitions by any member of the concert party. They may accordingly increase their aggregate interests in shares without incurring any such obligation to make a general offer, although individual members of a concert party will not be able to increase their percentage interests in shares through or between a relevant general offer threshold without Panel consent.
020 7099 7777
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Holly Ashmore, PR Manager
Arden Partners (nominated adviser and broker)
020 7614 5900
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This information is provided by RNS, the news service of the
Quick facts: 7Digital Group PLC
Market Cap: £51.58 m
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