| Mon 26 Oct 2009, 12:57 | | MYD - Myriad Medical Holdings Limited - Ruling by the Securities Regulation |
|
MYD
MYD
MYD - Myriad Medical Holdings Limited - Ruling by the Securities Regulation
Panel ("SRP"), Appeal Against the Ruling and Unrelated Cautionary Announcement
Myriad Medical Holdings Limited
Registration no. 2006/006371/06
Share Code: MYD & ISIN Code: ZAE000085825
("Myriad" or "the company")
RULING BY THE SECURITIES REGULATION PANEL ("SRP"), APPEAL AGAINST THE RULING AND
UNRELATED CAUTIONARY ANNOUNCEMENT
RULING BY THE SRP
Myriad has been advised that the executive director of the SRP has issued a
ruling to the effect that:
- the proposed specific repurchase (the "repurchase") by Myriad of the shares
owned by Messrs Jacob and Reuben Shapiro and their respective associates
(as more fully detailed in the circular to shareholders dated 7 October
2009) constitutes an affected transaction in terms of the Securities
Regulation Code on Takeovers and Mergers ("the Code");
- Blackstar Group Plc, Blackstar (Cyprus) Investors Ltd (collectively
"Blackstar") and Vermogen Medical (Pty) Ltd ("Vermogen") are acting in
concert in relation to the repurchase as primary concert parties and that
the primary concert parties are acting in concert with Visio Capital
Management (Pty) Ltd ("Visio"), GR Parker and Earth Medical CC (certain of
the parties who irrevocably undertook to vote in favour of the specific
repurchase) as secondary concert parties,
- accordingly, if the repurchase is implemented, Blackstar and Vermogen must
make a mandatory offer, in terms of Rule 8.1 of the SRP Code, to the
remaining Myriad shareholders at a price of 85 cents per share, failing
which the obligation to make a mandatory offer will fall on Visio, GR
Parker and Earth Medical CC in terms of Rule 8.2 of the SRP Code.
APPEAL AGAINST THE RULING OF THE SRP
Myriad has been advised that Blackstar, Vermogen, Visio, GR Parker and Earth
Medical CC have lodged an appeal against the ruling both as regards merits and
price on grounds that include that:
- the specific repurchase is not an affected transaction in terms of the SRP
code; and
- the parties in question are not acting in concert as defined in the SRP
code.
Myriad is advised that the appeal will be heard by the SRP as soon as
practically possible and will announce the precise dates for the hearing of the
appeal once these have been settled. In the circumstances shareholders are
advised to exercise caution in their dealing in Myriad shares until a further
announcement is made.
UNRELATED CAUTIONARY ANNOUNCEMENT
In a matter unrelated to the SRP ruling detailed above, shareholders are advised
that the company has entered into negotiations in relation to a potential
acquisition which, if successfully concluded, may have a material effect on the
price of Myriad`s shares. Accordingly, shareholders are advised to exercise
caution when dealing in Myriad shares until a full announcement is made.
26 October 2009
Transactional Designated Adviser to Myriad
Java Capital (Proprietary) Limited
Designated Adviser to Myriad
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 26/10/2009 12:57:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
