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Intelligent Safety Electronics Pte. Ltd (ISE) and FireAngel Safety Technology Group PLC (FireAngel) jointly requested the suspension of the offer timetable for ISE's offer for FireAngel, effective 8 December 2023. This request was made because conditions related to official authorisation or regulatory clearance will not be satisfied or waived by 5.00pm on 9 December 2023, a request which the Panel Executive has agreed to.
| Date | 8 Dec 2023 |
| Time | 15:30:00 |
| Category | Acquisitions and alliances |
| ID | 2303W |
2023/14
OFFER BY
INTELLIGENT SAFETY ELECTRONICS PTE. LTD ("ISE")
FOR
FIREANGEL SAFETY TECHNOLOGY GROUP PLC ("FIREANGEL")
OFFER TIMETABLE SUSPENDED
Rule 31.8 of the Takeover Code provides that, except with the consent of the Panel, the board of an offeree company should not announce any material new information after Day 39 of the offer timetable. Normally, therefore, the last day for the announcement by FireAngel of material new information in the context of the offer by ISE would be 11 December 2023.
Under Rule 31.4(a) of the Code, if one or more conditions to an offer relating to an official authorisation or regulatory clearance has not been satisfied or waived by 5.00 pm on the second day prior to Day 39, the Panel will normally suspend the offer timetable:
|
(i) |
at the joint request of the offeror and the offeree company; or |
|
(ii) |
at the request of either the offeror or the offeree company, provided that at least one of the outstanding conditions relates to a material official authorisation or regulatory clearance. |
ISE and FireAngel have jointly requested a suspension of the offer timetable in accordance with Rule 31.4(a)(i) on the basis that one or more conditions to the offer relating to an official authorisation or regulatory clearance will not be satisfied or waived by 5.00pm on 9 December 2023.
The Panel Executive has agreed to this request and has therefore suspended the offer timetable.
Under Rule 31.4(b), the offer timetable will resume on the date on which the last condition relating to a relevant official authorisation or regulatory clearance is satisfied or waived, which date will then become the 28th day prior to Day 60 of the revised offer timetable.
In accordance with Rule 31.4(d), when the offer timetable resumes in accordance with Rule 31.4(b), ISE will make an announcement confirming the new Day 60.
The requirement for ISE to make announcements of acceptance levels under Rule 17.1(a)(i) of the Code will not apply for the duration of the suspension of the offer timetable and will recommence when the offer timetable resumes.
8 December 2023