Chemring Group PLC CHG Offer Talks Terminated

  Chemring Group PLC (CHG) - Offer Talks Terminated

RNS Number : 5896Q
Chemring Group PLC
07 November 2012






FOR IMMEDIATE
RELEASE
7 November 2012



                                      

                              CHEMRING GROUP PLC

                  Response to statement by The Carlyle Group

Chemring Group PLC ("Chemring" or "the Company") notes today's announcement by
The Carlyle Group ("Carlyle") that it does not intend to make an offer for the
Company.

On 17 August 2012 Chemring announced that it had received a highly preliminary
expression of interest  from The Carlyle  Group ("Carlyle") in  relation to  a 
possible offer for the  Company. In accordance with  Rule 2.6(a) of the  Code, 
Carlyle was required, by  not later than  5.00 p.m. on  14 September 2012,  to 
announce a firm  intention to make  an offer for  Chemring in accordance  with 
Rule 2.7 of the Code or announce that  it did not intend to make an offer.  At 
the request  of the  Company, the  Panel  consented to  an extension  of  this 
deadline on 14 September  and again on  12 October, to  enable the parties  to 
continue their  on-going  discussions  regarding  a  possible  offer  for  the 
Company.

The Company  will give  a further  update on  27 November  in respect  of  its 
preliminary results for the year ended 31October2012, which are expected  to 
be announced on 24 January 2013.

Whilst Chemring continues to face near term challenges resulting from  defence 
budget constraints in its NATO markets, which are not expected to ease in  the 
immediate future, the Company has  market leading positions and  manufacturing 
expertise  in  the  fields  of  counter-IED,  countermeasures,  munitions  and 
pyrotechnics. In addition,  the Company's  non-NATO markets  will continue  to 
provide the business with further opportunities and gives a balanced  exposure 
to global defence spending.

Following the announcement  on 23 October,  Mark Papworth has  now joined  the 
Company as Chief Executive Officer. Prior to joining Chemring, Mark served as
CEO of the Gas Turbines Services division of Wood Group plc, a leading FTSE100
company. During Mark's tenure at Wood  Group, he implemented and delivered  a 
strategic  review  which  resulted   in  a  successful  turnaround,   improved 
manufacturing capabilities and substantial improvements in profitability.

                                    -ENDS-

Chemring Group

Rupert Pittman Director of Communications and Investor
Relations

01489 881 880 / rupertp@chemring.co.uk



MHP Communications

Andrew Jaques / James White

0203 128 8100

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

END


OTTBRBFTMBBMBBT -0- Nov/07/2012 16:14 GMT
 
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