Forum Archive Index - April 2001

["DR" <kat47@bigfoot.com>]

Some recent history:

06.04.01 :+8.5, (161.5) PricewaterhouseCoopers announces, on behalf of a Newco to be formed by Marcus Margulies, the Executive Chairman of Time Products and shareholders connected with him, that preliminary discussions are continuing between the potential offeror, the Independent Directors of the Company and institutional shareholders in order to reach agreement on a recommended offer for the company. Any offer, if it were made, would be at a price not less than 180p per share, less any final dividend for the financial year ended 31 January 2001 which may be payable by the Company to shareholders. Any formal recommended offer for the company would only be made after satisfaction of a number of pre-conditions, principally completion of satisfactory due diligence on behalf of the lending bank to the potential offeror, and irrevocable undertakings to accept the offer being received from major institutional shareholders.
28.03.01 :+4.5, (146) notes today's announcement by Guinness Peat Group ("GPG") of its tender offer for 4,950,000 ordinary shares representing 11.8% of the issued share capital of the Company at a price up to £1.50 per share. As was announced by the board in its interim statement to shareholders, the Company has continued to review the group's strategic options. Several options are currently being considered, including a recent approach from management to acquire the Company at a price per share in excess of the maximum tender price offered by GPG of £1.50. This approach may or may not lead to an offer for the entire issued share capital of the Company.
26.01.01 :-2, (120.5) an article in the Times suggests the company is the subject of a management buyout.

D.