Motorola Solutions Offer Update

  Motorola Solutions - Offer Update

RNS Number : 2199J
Motorola Solutions, Inc.
03 August 2012




NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD  CONSTITUTE 
A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

FOR IMMEDIATE RELEASE

3 August 2012

                            RECOMMENDED CASH OFFER

                                      by

               MOTOROLA SOLUTIONS, INC. ("MOTOROLA SOLUTIONS")

                                     for

                             PSION PLC ("PSION")

                  OFFER UPDATE AND EXTENSION OF OFFER PERIOD

                                      

Introduction

On 15 June 2012 Motorola Solutions and Psion announced that they had agreed on
the terms of  a recommended cash  offer to  be made by  Motorola Solutions  to 
acquire the  entire  issued and  to  be issued  share  capital of  Psion  (the 
"Offer"). The full terms  and conditions of the  Offer and the procedures  for 
acceptance were set out in the offer document issued by Motorola Solutions  on 
12 July 2012 (the "Offer Document").

Terms used in this announcement have the  meanings given to them in the  Offer 
Document unless stated otherwise. All references to time in this  announcement 
are to London time.

Level of acceptances

As at 1.00 p.m. on 2 August 2012,  being the First Closing Date of the  Offer, 
Motorola Solutions had received valid acceptances  of the Offer in respect  of 
98,276,380 Psion Shares  (representing approximately  69.43 per  cent. of  the 
existing issued share capital of Psion,  and approximately 77.10 per cent.  of 
the Psion Shares  to which  the Offer relates),which  Motorola Solutions  may 
count towards the satisfaction of the acceptance condition to the Offer.

So far as  Motorola Solutions is  aware, none of  these acceptances have  been 
received from  persons acting  in concert  with Motorola  Solutions. Of  these 
acceptances, acceptances  have  been received  in  respect of,  in  aggregate, 
32,581,226 Psion  Shares (representing  approximately 23.02  percent. of  the 
existing issued  share capital  of Psion)  which were  subject to  irrevocable 
undertakings procured by Motorola Solutions.

In  addition,   Motorola  Solutions   also   owns  14,077,244   Psion   Shares 
(representing approximately  9.94  per  cent. of  the  existing  issued  share 
capital of Psion).

Accordingly, as at 1.00 p.m. on 2 August 2012, Motorola Solutions either owned
or had  received valid  acceptances of  the Offer  in respect  of a  total  of 
112,353,624 Psion Shares  (representing approximately 79.38  per cent. of  the 
existing issued share capital of Psion).

The percentages of  Psion Shares referred  to in this  announcement are  based 
upon a figure of 141,534,790 Psion Shares in issue on 2 August 2012.

Extension of Offer

The Offer, which remains subject  to the terms and  conditions set out in  the 
Offer Document, is being  extended and will remain  open for acceptance  until 
the next closing date which will be 1.00 p.m. on 23 August 2012.

Psion Shareholders who have not yet accepted  the Offer are urged to do so  by 
the following deadlines:

· If you  are a  holder of Psion  Shares in  certificated form,  you 
should complete and return the Form of Acceptance, which accompanied the Offer
Document, together with your original share certificates or other documents of
title, to the Receiving Agent as soon  as possible so it is received no  later 
than 1.00 p.m. on 23 August 2012.

· If you are a holder  of Psion Shares in uncertificated form,  that 
is, in  CREST, your  Electronic  Acceptance should  be  made and  settled,  in 
accordance with the  instructions set out  in the Offer  Document, as soon  as 
possible and, in any event, no later than 1.00p.m. on 23 August 2012.

Interests in Psion Shares

Save as set out above, on 2 August 2012 (being the last practicable date prior
to the publication of this announcement), neither Motorola Solutions, nor  any 
person acting in concert  with Motorola Solutions has  any right to  subscribe 
for any relevant securities of Psion nor  does any such person have any  short 
position (whether  conditional  or  absolute  and  whether  in  the  money  or 
otherwise), including any short position under a derivative or any arrangement
in  relation  to  any  relevant  securities  of  Psion.  For  these  purposes, 
"arrangement" includes any  agreement to  sell or any  delivery obligation  or 
right to require another person to  purchase or take delivery of any  relevant 
securities of Psion and any borrowing or lending of any relevant securities of
Psion which have not been on-lent or sold.

Further information

Psion Shareholders are  advised to  be very  wary of  any unsolicited  advice, 
offers to buy shares or any other correspondence in connection with the  Offer 
that does not originate from Motorola Solutions, Psion, the Receiving Agent or
Psion Shareholders' own stockbrokers.

A copy of this announcement will be made available free of charge, subject  to 
certain restrictions relating to persons resident in Restricted Jurisdictions,
on Motorola  Solutions'  website at  www.motorolasolutions.com/disclosure  and 
Psion's website at http://investorrelations.psion.com by no later than 12 noon
on 6 August 2012.

Enquiries:

Motorola Solutions                                

Nicholas Sweers (Public Relations)                Tel: +1 847 450 4957

Simon Craddock (Public Relations)                 Tel: +44 (0)7738 928 092

Shep Dunlap (Investor Relations)                  Tel: +1 847 400 6291
Goldman Sachs International (financial adviser to Tel: +44 (0) 20 7774 1000
Motorola Solutions)

Mark Sorrell

Adrian Beidas
Psion                                             Tel: +44 (0) 20 7025 6860

John Conoley - CEO                                

Adrian Colman - CFO
Canaccord Genuity Hawkpoint (financial adviser    Tel: +44 (0) 20 7665 4500
and Rule3 adviser to Psion)

Simon Russell

Alex Ballantine
Canaccord Genuity (broker to Psion)               Tel: +44 (0) 20 7523 8000

Erik Anderson

Emma Gabriel
Buchanan Communications                           Tel: +44 (0) 20 7466 5000

Charles Ryland                                    Email: psion@buchanan.uk.com

Suzanne Brocks

Louise Hadcocks

Goldman Sachs International, which is  authorised and regulated in the  United 
Kingdom by the FSA,  is acting exclusively for  Motorola Solutions and no  one 
else in connection with the Offer and will not be responsible to anyone  other 
than Motorola Solutions for providing  the protections afforded to clients  of 
Goldman Sachs International nor for giving advice in relation to the Offer  or 
any matter or arrangement referred to in this announcement.

Canaccord Genuity Hawkpoint Limited, which is authorised and regulated in  the 
United Kingdom by the FSA, is acting exclusively for Psion plc and no one else
in connection with the Offer and will not be responsible to anyone other  than 
Psion plc  for providing  the  protections afforded  to clients  of  Canaccord 
Genuity Hawkpoint Limited nor  for giving advice in  relation to the Offer  or 
any matter or arrangement referred to in this announcement.

Canaccord Genuity Limited,  which is  authorised and regulated  in the  United 
Kingdom by the FSA,  is acting exclusively  for Psion plc and  no one else  in 
connection with the  Offer and will  not be responsible  to anyone other  than 
Psion plc  for providing  the  protections afforded  to clients  of  Canaccord 
Genuity Limited nor for giving advice in  relation to the Offer or any  matter 
or arrangement referred to in this announcement.

This announcement is not intended to, and does not, constitute or form part of
any offer, invitation or the solicitation  of an offer to purchase,  otherwise 
acquire, subscribe for, sell or otherwise dispose of, any securities  pursuant 
to this  announcement or  otherwise. The  Offer is  made solely  by the  Offer 
Document and the  Form of  Acceptance accompanying the  Offer Document,  which 
contains the full terms and conditions of the Offer, including details of  how 
the Offer may be accepted. Any decision  in respect of, or other response  to, 
the Offer should be made only on the basis of the information contained in the
Offer Document.

The release, publication or distribution of this announcement in jurisdictions
other than  the United  Kingdom and  the availability  of the  Offer to  Psion 
Shareholders who are not resident in the United Kingdom may be affected by the
laws of relevant jurisdictions. Therefore any  persons who are subject to  the 
laws of any jurisdiction other than  the United Kingdom or Psion  Shareholders 
who are not  resident in  the United Kingdom  will need  to inform  themselves 
about, and  observe,  any  applicable requirements  and/or  restrictions.  Any 
failure to  comply  with these  restrictions  may constitute  a  violation  of 
securities law of any  such jurisdiction. To the  fullest extent permitted  by 
law, Motorola Solutions and Psion disclaim any responsibility or liability for
the violation of such restrictions by such persons.

                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


OUPPTMTTMBMMTLT -0- Aug/03/2012 06:00 GMT
 
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