CPPGroup Plc Offer Talks Terminated and Directorate Change (1593I)
28 June 2013 - 10:43PM
UK Regulatory
TIDMCPP
RNS Number : 1593I
CPPGroup Plc
28 June 2013
CPPGroup Plc
Offer discussions terminated and Directorate Change
28 June 2013
Further to the announcement of 31(st) May regarding a possible
offer for CPPGroup Plc ("CPP" or the "Group"), the Board has been
engaged in discussions with CPP's existing lenders, Mr Hamish
Macgregor Ogston CBE and others concerning the financing
requirements of the Group. In parallel with discussions with Mr
Ogston, the Group has also been seeking alternative financing
solutions including with certain Business Partners. Mr Ogston has
now informed the Board of his decision to cease all work in
relation to his possible offer for CPP and his potential
involvement in a refinancing of the Group, and that he will not be
making an offer for CPP and is bound by the restrictions under Rule
2.8 of the City Code. Mr Ogston has also given notice of his
resignation as a director of CPP with immediate effect.
The Group remains engaged in constructive discussions with its
existing lenders and certain Business Partners with a view to
putting in place a long-term funding plan for CPP. The Group has in
place existing banking facilities which expire on 30(th) September
2013 and the Board will make further announcements when
appropriate.
Enquiries:
CPPGroup Plc
Paul Stobart, Chief Executive Officer
Shaun Parker, Chief Financial Officer
Tel: +44 (0) 1904 544 372
Helen Spivey, Head of Corporate and Investor Communications
Tel: +44 (0) 1904 544387
Greenhill & Co. International LLP
Anthony Parsons
Hugo Grimston
Tel: +44 (0) 20 7198 7400
Tulchan Communications
David Allchurch
Martin Robinson
Tel: +44 (0) 20 7353 4200
This information is provided by RNS
The company news service from the London Stock Exchange
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