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26 September 2016
Live Microsystems Inc.
Offer update - Possible offer for Atlantic Carbon Group plc ("ACG")
On 19 September 2016, ACG announced that it had received preliminary approaches from both Atrum Coal NL ("Atrum") and Live Microsystems Inc., ("Live Microsystems") which may or may not lead to an offer being made for the entire issued share capital of ACG. As a result of that announcement, in accordance with Rule 2.6(a) of the City Code on Takeovers and Merger (the "Code"), each of Atrum and Live Microsystems must, by not later than 5.00 p.m. on 17 October 2016 either announce a firm intention to make an offer for ACG in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Panel on Takeovers and Mergers (the "Panel") in accordance with Rule 2.6(c) of the Code.
On 23 September 2016, ACG announced that it had received a further preliminary approach from Royal Energy Resources Inc. ("Royal Energy") which may or may not lead to an offer for ACG by Royal Energy.
In its initial discussions with the board of ACG, Live Microsystems indicated that it was considering a possible offer for ACG on the basis of either a wholly cash offer or an offer comprising part cash and part new shares of Live Microsystems. Live Microsystems has now confirmed to the board of ACG that, if it does proceed with any offer for ACG, it will be a wholly cash offer.
Live Microsystems is continuing with in its dialogue with the board of ACG and a further announcement will be made in due course. At this stage there can be no certainty that any offer will be made.
In light of the above, it has been confirmed by the Panel that no disclosure of interests and dealings in the securities of Live Microsystems will be required for the purposes of Rule 8 of the Code. Attention is drawn to the summary of Rule 8 set out in the announcement released by ACG on 19 September 2016.
For further information contact:-
Matthew A. Gerritsen 001-617-869-0891
Live Microsystems, Inc.
This information is provided by RNS