CAMBRIDGE, Mass. and LONDON, Dec. 16, 2002 (PRIMEZONE) -- onExchange, Inc. announces today, in response to public speculation that it has recently made an approach to acquire Rolfe & Nolan, a clarification of its recent discussions with Rolfe & Nolan. onExchange approached the board of Rolfe & Nolan, by letter on July 29, 2002 with a conditional, indicative all-cash offer of 85 pence per Rolfe & Nolan share. This represented a premium of 50 per cent over the then share price of 56 pence and valued Rolfe & Nolan at approximately GBP12.5 million. The board of Rolfe & Nolan rejected this conditional, indicative offer. onExchange is still considering its options in relation to whether it will make a formal offer for Rolfe & Nolan.
Commenting on the recent public speculation, Richard Jaycobs, chairman and chief executive officer of onExchange said: "We felt it was important, in light of public speculation and the recent rise in Rolfe & Nolan's share price, to clarify the current relationship between onExchange and Rolfe & Nolan, and the recent history between the two companies."
About onExchange
onExchange, Inc. provides an open standards backoffice technology to clearinghouses, banks, and brokerages. Its technology has been selected for use in post trade processing applications by global institutions such as the London Clearing House. onExchange technology partners include BEA Systems Inc., Oracle Corporation and HP solutions. The Company is privately held and headquartered in Cambridge, MA. Its Website address is www.onexchange.com.
No offer has been announced. This announcement does not constitute an offer to exchange or sell or an offer to exchange or buy any securities.
This information is provided by RNS, the company news service from the London Stock Exchange