SUT Sheffield Utd

    RNS Number : 6894V
  Sheffield United PLC
  30 May 2008
   

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

    For immediate release: 30th May 2008

    Sheffield United plc
    (the "Company")

    The board of Sheffield United plc ("the Board") held a meeting on Thursday 29th May 2008 to consider an approach made by Scarborough
Group Holdings Limited ("Scarborough").  

    For some time now, Scarborough has provided financial support to the Company.  As a result of this continued investment, entities
controlled by Kevin McCabe and members of his family ("the Concert Party") control 75.17% of the Company's share capital. This statement is
issued to eliminate further press speculation as to Scarborough's intentions towards the Company.

    Scarborough has proposed to the Board that it underwrites an equity fundraising for the Company. It is intended that all shareholders
should be given the opportunity to participate in the fundraising.

    In addition, Scarborough has proposed to the Board that it makes a cash offer ("the Offer") for all the shares not owned by the Concert
Party and that accepting shareholders will receive, in addition to the cash consideration, a "certificate of recognition" and a memento of
their position as shareholders in the Company.  Upon the Offer being declared wholly unconditional, it is the Board's understanding that
Scarborough will seek to delist the Company from AIM and to re-register the Company as a private company.  Delisting will substantially
reduce the annual costs incurred by the Company although Scarborough has proposed that an Annual Meeting of past shareholders should be
called for the foreseeable future.

    Scarborough has also informed the Board that should the Offer be declared wholly unconditional and the delisting of the Company is
successful, it is Scarborough's intention to restructure the Company to separate the Company's property interests from the football club to
ensure that the current difficulties being experienced in the UK commercial property market do not unnecessarily burden the football club. 


    The Board acknowledges the approach and the proposals made by Scarborough and confirms that it has agreed in principle to undertake an
equity fundraising, the terms of which are currently being discussed by the Board.  The Board further confirms that it is in discussions
with Scarborough which may or may not lead to an offer for the Company. 

    However the Board stresses that the discussions in relation to the Offer are at an early stage and no formal offer for the Company has
been put to the Board by Scarborough or any other party.   Furthermore, there can be no guarantee that any formal offer for the Company will
be forthcoming. 

    A further announcement will be made when appropriate.  Shareholders will be kept informed of any relevant developments and, in the
meantime, should await further advice from the Board.

    This announcement does not constitute an announcement of, or form any part of, any offer or invitation to subscribe for, underwrite or
otherwise acquire, or any solicitation of any offer to purchase or subscribe for securities.  

    Enquiries: 

    Sheffield United PLC 
    Jason Rockett                         +44 (0)870 787 1960
    Simon Capper

    KBC Peel Hunt (Nominated adviser and broker)
    David Davies                            +44 (0)20 7418 8900
    Oliver Stratton

    Tavistock Communications
    Jeremy Carey                        +44 (0)20 7920 3150

    Scarborough Group Holdings Limited
    Scott McCabe                        +44(0)1723 500 208
    Simon McCabe

    Seymour Pierce Limited                    
    Roger Clement                        +44 (0)20 7107 8000

    Rule 2.10 - Relevant Securities in Issue

    In accordance with Rule 2.10 of The City Code on Takeovers and Mergers, Sheffield United plc confirms that, as of 30th May 2008, it had
278,508,014 ordinary shares of 10 pence each in issue which are admitted to trading on AIM.  The International Securities Identification
Number (ISIN) reference for these securities is GB0002181484.

    Rule 8 - Dealing Disclosure Requirements

    Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly)
in 1% or more of any class of "relevant securities" of the Company, 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 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until
the date on which the offer becomes, or is declared, unconditional as to acceptances, 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 the Company, 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 Code, all "dealings" in "relevant securities" of the Company by the offeror or the Company, 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 Code, which can also be found on the Takeover 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 Takeover Panel.
This information is provided by RNS
The company news service from the London Stock Exchange
 
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