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RS Platou has indicated that the cash component would be made at 175p per ACM ordinary share. The Board is in the process of considering both the share and cash elements of the proposal, and at this early stage is not able to give any firm indication as to the merits of either component. The Board wishes to make clear that discussions with RS Platou are at an early stage and there can be no certainty that any offer will be forthcoming. This announcement is not an announcement of a firm intention to make an offer under Rule 2.7 of the City Code on Takeovers and Mergers (the "Code") and there can be no certainty that an offer will be made, nor as to the terms on which any offer will be made. As a consequence of this announcement, an "Offer Period" has commenced in respect of the Company in accordance with the rules of the Code. In accordance with Rule 2.6(a) of the Code, RS Platou must, by not later than 5.00 p.m. on 24 February 2012, either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that they do not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code. The Company confirms that it currently intends to approach the Panel for such an extension to this deadline in due course. Further announcements will be made as appropriate. In accordance with Rule 2.10 of the Code, the Company confirms that, as at the close of business on 26 January 2012, it had 19,470,450 ordinary shares of 1p in issue. This number excludes 80,189 ordinary shares held in treasury. The International Securities Identification Number for the ordinary shares is GB00B1GJ9M21. ACM is one of the world's principal shipbrokers, providing a full range of integrated ship broking services for the global market. It is widely recognised as a market leader in oil transportation. The Company's key activities are spot freight brokerage, time charter and project brokerage, sale and purchase, new buildings, demolition and derivatives brokerage. In June 2010, the Group expanded its offering into dry cargo through the acquisition of the business of Endeavour Shipbrokers Pty Limited and has also recently set up a new dry cargo venture in London. This is in line with ACM's stated strategy to become an integrated global ship broking services provider. Established in London in 1982, the Company has since expanded its international operations with offices based in London, Singapore, India, Australia, UAE and China. ACM employs over 150 brokers and support staff who provide clients with global experience and intimate local knowledge of the world's shipping centres. The has a strong network of clients which include major oil producers, independent oil traders, ship-owners and operators. ACM was admitted to AIM on 6 December 2006. For more information on the Company and its group please visit www.acmshippinggroup.com ACM Shipping Group plc |
Statement regarding Possible Offer