Only one bidder asked the board to abandon capital raising
Chaucer is press ahead with its capital raising after only one of the firms interested in buying the company asked it to abandon its plans.
The company said: “All of the approaches that the company has received to date are at an early stage and are subject to a number of pre-conditions. Accordingly, it may take some time to ascertain whether an offer for the company may be forthcoming. Of the approaches received, only one of the interested parties has requested that the board should not proceed with the Firm Placing and Placing and Open Offer and no other such requests have been received from any other interested parties. In light of this, the board continues to believe strongly that the Firm Placing and Placing and Open Offer is in the best interests of the company and its shareholders and continues to recommend that shareholders vote in favour of the resolutions as set out in the prospectus dated 28 January 2009 at the general meeting.”
Chaucer said it and its advisers would continue to hold discussions with those that had already made approaches and potentially with other parties.
