BlueGem Gamma Limited / Liberty

On 19 May 2010, BlueGem Gamma Limited (BGL), a bidco formed for the purposes of the offer by BlueGem LP, announced it had reached agreement with the board of Liberty Plc on the terms of a recommended cash offer to be made by BGL for the entire issued ordinary share capital of Liberty. The offer price of 141.8 pence in cash, plus a special dividend of 44.2 pence, will result in a total return to shareholders of 186.0 pence (equivalent to £42mlion).

The total return represents a 16.4% discount to the last closing price (Liberty's shares have, for a number of years, been highly illiquid on AIM, with very limited trading volumes).

BGL has received hard irrevocable undertakings from Liberty shareholders in respect of 86.3% of Liberty, including from MWB Group Holdings plc (a 68.3% shareholder in Liberty). MWB requires its own shareholder approval for the sale (51% of MWB shareholders have provided hard irrevocables in respect of that EGM).

Canaccord Genuity was mandated to advise BlueGem Gamma Limited on its acquisition of Liberty plc and to provide debt advice in relation to the transaction.

Canaccord Genuity acted as financial and debt advisor.