30 April 2010 – takeover approach

The company has announced this morning that it is in discussions with IMImobile (IMI) which may lead to a cash offer for WIN worth 141p per share.  IMI already owns 2.37% of the company and has an undertaking from AXA that the latter will accept the offer over its holding of 18.56%.  This would give IMI almost 21%.  There is no guarantee that an actual offer will be forthcoming as there are certain conditions to be met and IMI needs to undertake due diligence.  At the moment we believe holders should hang on and AWAIT DEVELOPMENTS.