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Pace PLC  -  PIC   

Suspension of Ordinary Shares

Released 15:18 10-Dec-2012

RNS Number : 1771T
Pace PLC
10 December 2012
 



Confirmation of indicative proposal made to Google for the acquisition of its Motorola Home business and comment on suspension of Pace's ordinary shares

 

10 December 2012

 

The Board of Pace plc ("Pace", the "Company") notes the press speculation in relation to a potential transaction involving Google's Motorola Home business1.   

 

Pace confirms that it has submitted an indicative, non-binding, proposal to Google in respect of a potential acquisition of its Motorola Home business. 

 

Discussions with Google are currently at a preliminary stage and there is no certainty as to whether any agreement regarding any transaction will be reached.  

 

Pace can confirm that the potential acquisition of Google's Motorola Home business would be classified as a "reverse takeover" under the UK Listing Rules given its size relative to Pace.  As a result, the ordinary shares of Pace have been suspended from trading as of this afternoon.  The shares will re-commence trading either on sufficient information on any potential transaction being provided publicly to shareholders, whether in the form of a prospectus or otherwise, or on the release of an announcement confirming that Pace is no longer in discussions with Google regarding the potential acquisition of the Motorola Home business. 

 

Pace confirms that it continues to deliver on its strategic plan as outlined in November 2011. In its Q3 Interim Management Statement released on 14 November, the Company outlined that it is now expecting FY2012 revenues to be flat on FY2011 (2% underlying growth before the impact of HDD supply disruption) with increased operating margins of greater than 7%.

 

The Board of Pace would only pursue a transaction if it believes, at the appropriate time, that it will be in the best interests of its shareholders.

 

The Company will provide a further update as appropriate.

 

 

 

 

1 Google's Motorola Home business designs, manufactures, sells, installs and services set-top boxes for digital and Internet protocol (IP) video, satellite and terrestrial broadcast networks, and Internet protocol television (IPTV) distribution systems, broadband access network infrastructure platforms, and associated software solutions to cable TV and telecommunication service providers.

-ends-

For further information please contact:

 

Chris Mather

Pace plc

+44 (0) 1274 537 002

 

Andrew Dowler / Charles Chichester                               

RLM Finsbury                                                               

+44 (0) 207 251 3801

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Suspension of Ordinary Shares - RNS