28 July 2016
UPDATE REGARDING RECOMMENDED OFFER FOR THE WHOLE OF THE ISSUED SHARE CAPITAL OF ST. MARK CONTRACTS LIMITED ('SMC')
-- AS AT 1 PM ON 28 JULY 2016, THE FIRST CLOSING DATE OF THE OFFER 92.28
PER CENT VALID ACCEPTANCES HAD BEEN RECEIVED
-- THE RESOLUTIONS PUT TO SHAREHOLDERS OF ST MARK HOMES PLC ("SMH") TO
APPROVE THE OFFER WERE PASSED AT THE GENERAL MEETING HELD ON19 JULY 2016
On 17 June 2016 the Boards of SMC and SMH announced the terms of a recommended all share offer for the entire issued share capital of SMC. The terms and conditions of that offer were set out in an Offer Document dated 17 June 2016.
SMH announces that as at 1.00 p.m. on 28 July 2016 (being the first closing date for the Offer), valid acceptances under the Offer had been received in respect of 714,500 SMC Shares, representing 92.28 per cent of the issued share capital of SMC. In accordance with the terms of the offer the offer is now therefore wholly unconditional in respect of acceptances. Notwithstanding this, the Directors have agreed to extend the offer period for a further 14 days (i.e. 11 August 2016) to allow any remaining shareholders in SMC to accept the terms of offer.
In any event as SMH has already acquired a relevant interest in more than 90% of the Company's shares it intends (in due course) to exercise its right to acquire any remaining shares at 11 August 2016 under the compulsory acquisition provisions of the Companies Act on the same terms as under the Offer.
The Directors of St Mark Homes PLC accept responsibility for this announcement.