Well, I have been told that the reason for the suspension comes down to more of technical issue rather than anything else.
Anyway, I'm sure we will find out soon enough...
Ben Martin over at The Daily Telegraph appears to have discovered the reason for today's announcement:
And here is the reason behind the suspension:
- The Directors consider the Disposal to be in the best interests of Shareholders as a whole. The Directors have received advice from Rothschild in connection with the Disposal. In providing advice to the Directors, Rothschild has relied upon the Directors' commercial assessment of the Disposal. The recommendation detailed in the Circular and repeated here was based on accurate and full information and is not impacted by the transcription error highlighted above;
- The Company intends to make a capital distribution to Shareholders as detailed in the Circular and not a distribution by way of special dividend so as to try and ensure that the return of capital is tax efficient for any private Shareholders;
- The precise amount of any distribution to Shareholders has not yet been determined but the Directors expect that, in aggregate, the initial tranche will be up to £500 million (representing in excess of £1 per share);
- Further strategic detail in respect of the retained business will follow in the period following Completion;
- Further non-core assets are expected to be disposed of during 2015;
- It is intended that outstanding bank debt will be repaid on Completion;
- Having undertaken its own review and considered the draft findings of PwC, the Board expects to conclude that it will adopt a more conservative approach to accounting for revenue and profit in the Professional Services Division which is the subject of the Disposal. The Board has not yet finalised either the precise policies to be adopted or their financial impact and so it is not currently possible to provide a definitive view of the historical results on this basis although the changes will likely result in a reduction of revenue and profit;
- The Board will continue to be strengthened following the Disposal with further announcements in due course; and
- Re-branding and retained business re-launch strategy planning has commenced.
Tel: 01489 864 200
David Currie, Non-executive Interim Chairman
Robert Fielding, Group Chief Executive
Stephen Joseph, Head of Investor Relations
Tel: 020 7353 4200
Cenkos Securities plc, Nominated Adviser and broker
Tel: 020 7397 8900
Rothschild, Financial Adviser
Tel: 020 7280 5000