Statement regarding Nord Anglia Education plcNordAnglia Education PLC23 October 2006 ('Nord Anglia' or 'the Company') Further to the statement released by Principle Capital Partners Limited ('Principle Capital') on 5 October 2006, Principle Capital announces that it made an approach on behalf of Bulldog Financial Limited, an investment vehicle managed by Principle Capital, and its concert parties on 18 October 2006 to the Board of Nord Anglia to acquire the Company at a price of 200-210p per share in cash (the 'Offer'). The pre-conditions to announcing a firm intention to make the Offer set out in the approach to Nord Anglia include access to Company information to enable a due diligence exercise to be performed and a recommendation by the Board of Nord Anglia that shareholders accept the Offer. Principle Capital also announces that it received a letter this morning from Nord Anglia rejecting the approach and declining to release certain items of high level information to Principle Capital which were requested as initial due diligence items. In making this announcement Principle Capital wishes to make shareholders aware of its approach to Nord Anglia and its regret at the decision by Nord Anglia not to consider the approach favourably despite the significant premium to the current share price represented by the Offer. Principle Capital continues to review all its options relating to its interest in Nord Anglia and reserves the right to waive any or all of the pre-conditions set out in this announcement. However, it emphasises that there can be no certainty that any offer will ultimately be made even if the pre-conditions are satisfied or waived. This announcement does not constitute an offer or invitation to purchase any securities. In accordance with Rule 2.4 of the City Code on Takeovers and Mergers, Principle Capital reserves the right to make an offer at less than 200p per share where the offer is recommended by the board of Nord Anglia. Enquiries: Principle Capital 020 7240 3222 Brian Myerson Close Brothers 020 7655 3100 Stephen Aulsebrook Michael Dubois Close Brothers Corporate Finance Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively as financial adviser to Principle Capital and no-one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than Principle Capital for providing the protections afforded to clients of Close Brothers Corporate Finance Limited nor for providing advice in relation to any matter referred to herein. |
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