Indiabulls Real Estate - Updates
With reference to the earlier announcement dated February 28, 2008, regarding the Board of Directors of Indiabulls Real Estate Ltd had approved the proposed investment and/or purchase of up to 100% of the ordinary shares in Dev Property Development Plc., an Isle of Man registered Company listed on the London Stock Exchange's AIM, and that simultaneous to the said announcement, the Company making a Rule 2.5 announcement in United Kingdom under the provisions of City Code.
In accordance with Rule 2.10 of the City Code, Indiabulls Real Estate Ltd has made the following announcement:
- Rule 2.10 Disclosure
"In accordance with Rule 2.10 of the City Code on Takeovers and Mergers (the "City Code"), Indiabulls Real Estate Ltd ("IBREL") confirms that as at the close of business on February 29, 2008 it had 240,835,066 ordinary shares of 2Rs each in issue. The International Securities Identification Number (ISIN) for IBREL's ordinary shares is INE069101010.
The ISINs for the IBREL global depositary receipts listed on the official list of the Luxembourg Stock Exchange and admitted to trading on the EURO MTF Market of the Luxembourg Stock Exchange (each representing one ordinary share of 2Rs each in IBREL) are US45409E4089, US45409E1010, US45409E3099, and US45409E2000.
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the City Code, if any person is, or becomes, "interested" (directly or indirectly) in 1 per cent or more of any class of "relevant securities" of IBREL or of Dev Property Development plc ("DPD"), all "dealings" in any "relevant securities" of that Company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the scheme of arrangement proposed to be entered into by DPD pursuant to the offer by IBREL announced on February 27, 2008 in the United Kingdom and subsequently on February 28, 2008 in India becomes effective or lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of IBREL or DPD, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the City Code, all "dealings" in "relevant securities" of IBREL or of DPD by IBREL or DPD, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.
A disclosure table, giving details of the Companies in whose "relevant securities" "dealings should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.
"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the City Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel."
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