Jurys Doyle Hotel Group plc (“Jurys Doyle”) /
Precinct Investments Limited (“Precinct”)
On 4 July, 2005 the Irish Takeover Panel (the “Panel”) announced that it had set 5.00 p.m. on 15 July, 2005 as the latest time for Precinct to either announce an offer for Jurys Doyle under Rule 2.5 of the Irish Takeover Rules or to announce that it would not make an offer for Jurys Doyle.
On 8 July, 2005 Precinct applied to the Panel for an extension of that deadline, referring to the potential impact on Jurys Doyle following the “terrorist events” of Thursday, 7 July, the subsequent fall in Jurys Doyle’s share price and the fact that Jurys Doyle had a material part of its operations in the Greater London area, as a result of which Precinct would require additional time to re-evaluate Jurys Doyle with its debt and equity providers.
Jurys Doyle opposed the extension, referring to the recovery in the Jury Doyle share price and the forthcoming tender process for its Ballsbridge site. At a Board meeting on 12 July, 2005, the Panel refused Precinct’s application, taking into account General Principle 11 in the Schedule of the Irish Takeover Panel Act 1997, which provides that an offeree ought not be disrupted in the conduct of its affairs beyond a reasonable time by an offer for its securities.
