Islamic Bank Britain Potential Offer Takeover Code Extension

  Islamic Bank Britain - Potential Offer Takeover Code Extension

RNS Number : 8324Q
Islamic Bank of Britain Plc
12 November 2012






FOR IMMEDIATE RELEASE



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION
   WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
                                 JURISDICTION





12 November 2012

                                      

                                      

                             POTENTIAL OFFER FOR

                                      

               ISLAMIC BANK OF BRITAIN PLC ("IBB" or "COMPANY")

                                      

                           TAKEOVER CODE EXTENSION

                                      

On 15 October 2012, the  board of IBB announced  that, as had previously  been 
announced, Masraf Al Rayan Q.S.C. ("MAR")  has been in discussions with  Qatar 
International Islamic Bank  Q.S.C. ("QIIB") regarding  the purchase of  QIIB's 
shareholding in IBB.



Whilst the board  of IBB has  not received  a direct approach  from MAR,  QIIB 
remain in  discussions  with MAR  regarding  the  sale of  their  IBB  shares, 
representing 88.41 percent of  the issued share capital  of IBB, to MAR.  Any 
such purchase of  IBB Shares  which carry  30 percent  or more  of the  voting 
rights of IBB  would trigger  the requirement for  a general  offer. MAR  has 
further confirmed that  if any offer  is made it  is likely that  it would  be 
solely in cash.



In accordance with Rule 2.6 (a) of  the Takeover Code, MAR was required, by  a 
deadline of not later than 5.00 pm  on 12 November 2012, either to announce  a 
firm intention to make an offer for the Company in accordance with Rule 2.7 of
the Takeover Code  or announce that  it did not  intend to make  an offer,  in 
which case the announcement will be treated  as a statement to which Rule  2.8 
of the Takeover Code applies.



In accordance with Rule  2.6(c) of the  Takeover Code, at  the request of  the 
Company, the Panel on Takeovers and  Mergers has consented to an extension  of 
the relevant deadline to allow ongoing  discussions to conclude until 5.00  pm 
on 10  December 2012,  unless the  Takeover Panel  agrees otherwise;  IBB  can 
request a further extension to this deadline from the Takeover Panel.



There can be no  certainty that an  offer will be  made by MAR  nor as to  the 
terms on which any offer might be made.



This announcement has been made with the consent of MAR.

The board of IBB will make a further announcement in due course.



Enquiries:



IBB
Sultan Choudhury, Managing Director (Interim) Telephone: +44 121 452 7300
www.islamic-bank.com
Cattaneo LLP - Rule 3 Adviser to IBB
Charles Cattaneo                              Telephone: +44 121 616 0395
Ian Stanway
www.cattaneo.co.uk
MAR
Ahmed Swaleh Abdisheikh, COO                  Telephone: +974 4423 5600

This announcement is not intended to be  and does not constitute, or form  any 
part of, an offer to sell or the solicitation of an offer to subscribe for  or 
buy any securities,  nor shall there  be any  sale, issue or  transfer of  the 
securities referred to  in this announcement  in or into  any jurisdiction  in 
contravention of any applicable law.

The directors of IBB  accept responsibility for  the information contained  in 
this announcement relating to IBB. To the best of the knowledge and belief of
the directors of IBB (who have taken all reasonable care to ensure such is the
case), the information contained  in this announcement  is in accordance  with 
the facts and does not affect the import of such information.



Cattaneo LLP is acting  exclusively for IBB  and no one else  and will not  be 
responsible to anyone other than IBB for providing the protections afforded to
customers of Cattaneo LLP or for providing advice in relation to any offer  or 
any other matter referred to in this announcement.



Disclosure requirements of the Takeover Code (the "Code")

Under Rule 8.3(a) of the Code, any person  who is interested in 1% or more  of 
any class of relevant securities of an offeree company or of any paper offeror
(being any offeror  other than  an offeror  in respect  of which  it has  been 
announced that its offer is, or is likely to be, solely in cash) must make  an 
Opening Position Disclosure  following the  commencement of  the offer  period 
and, if later, following the announcement in which any paper offeror is  first 
identified. An  Opening  Position  Disclosure  must  contain  details  of  the 
person's interests and short  positions in, and rights  to subscribe for,  any 
relevant securities of  each of  (i) the offeree  company and  (ii) any  paper 
offeror(s). An Opening  Position Disclosure by  a person to  whom Rule  8.3(a) 
applies must  be made  by no  later than  3.30 pm  (London time)  on the  10th 
business  day  following  the  commencement  of  the  offer  period  and,   if 
appropriate, by no later than 3.30 pm  (London time) on the 10th business  day 
following the announcement  in which  any paper offeror  is first  identified. 
Relevant persons who deal in the relevant securities of the offeree company or
of a  paper offeror  prior to  the  deadline for  making an  Opening  Position 
Disclosure must instead make a Dealing Disclosure.



Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1%
or more of any class of relevant  securities of the offeree company or of  any 
paper offeror  must make  a Dealing  Disclosure  if the  person deals  in  any 
relevant securities of the offeree company or of any paper offeror. A  Dealing 
Disclosure must contain details of the  dealing concerned and of the  person's 
interests and short positions  in, and rights to  subscribe for, any  relevant 
securities of each of (i) the offeree company and (ii) any paper offeror, save
to the extent that these details have previously been disclosed under Rule  8. 
A Dealing Disclosure by a person to  whom Rule 8.3(b) applies must be made  by 
no later than 3.30 pm (London time) on the business day following the date  of 
the relevant dealing.



If two or more persons act together pursuant to an agreement or understanding,
whether formal or  informal, to  acquire or  control an  interest in  relevant 
securities of an offeree company or a paper offeror, they will be deemed to be
a single person for the purpose of Rule 8.3.



Opening Position Disclosures must also be  made by the offeree company and  by 
any offeror and Dealing Disclosures must also be made by the offeree  company, 
by any offeror  and by any  persons acting in  concert with any  of them  (see 
Rules 8.1, 8.2 and 8.4).



Details of the  offeree and  offeror companies  in respect  of whose  relevant 
securities Opening Position Disclosures and  Dealing Disclosures must be  made 
can be  found in  the Disclosure  Table  on the  Takeover Panel's  website  at 
www.thetakeoverpanel.org.uk, including  details  of  the  number  of  relevant 
securities in issue, when the offer period commenced and when any offeror  was 
first identified. You should contact  the Panel's Market Surveillance Unit  on 
+44 (0)20 7638 0129 if you are in any doubt as to whether you are required  to 
make an Opening Position Disclosure or a Dealing Disclosure.



Publication on websites

In accordance with Rule 30.4(c) of the Code, a copy of this announcement  will 
be published, subject to certain restrictions relating to persons resident  in 
any     Restricted     Jurisdiction,     on     the     IBB     website     at 
http://www.islamic-bank.com/investor-relations/regulatory-information  by   no 
later than 12 noon on 13 November 2012.



In accordance with Rule 30.2, a person may request a copy of this announcement
in hard  copy form.  A person  may also  request that  all future  documents, 
announcements and information in relation to the Offer should be in hard  copy 
form. A hard copy of this announcement will not be sent unless so requested.
A hard copy may be  obtained by sending a request  to Islamic Bank of  Britain 
PLC, Edgbaston House, 3 Duchess Place, Hagley Road, Birmingham, B16 8NH.

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

END


OUPEAPFFFSLAFFF -0- Nov/12/2012 07:00 GMT
 
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