French Connection Group PLC Strategic review update - Formal sale process (6647E)
20 October 2018 - 2:45AM
UK Regulatory
TIDMFCCN
RNS Number : 6647E
French Connection Group PLC
19 October 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION.
THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO
MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND
MERGERS (THE "CODE"). THERE CAN BE NO CERTAINTY THAT SUCH AN OFFER
WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER MIGHT BE
MADE.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. ON PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION WILL BE CONSIDERED TO BE IN THE PUBLIC DOMAIN.
FRENCH CONNECTION GROUP PLC
For immediate release
19 October 2018
French Connection Group plc ("French Connection" or the
"Company")
Strategic review update - Formal sale process under the Code
In its announcement of 8 October 2018, the board of French
Connection (the "Board") noted the press speculation regarding the
potential sale of the Company and confirmed it was in the process
of reviewing all strategic options in order to deliver maximum
value for its shareholders (the "Strategic Review"). Alongside
several potential strategic options, the Strategic Review includes
consideration of all types of corporate and brand transactions,
including seeking offers for the Company. Since the announcement of
8 October 2018, the Company has commenced preliminary discussions
with four interested parties and has had conversations with several
other interested parties regarding the Company's plans.
French Connection has agreed with the Takeover Panel that any
discussions in relation to an offer for the Company may take place
within the context of a formal sale process (as referred to in the
Code) in order to enable conversations with parties interested in
making such a proposal to take place on a confidential basis.
Accordingly, the Takeover Panel has granted a dispensation from the
requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code such
that any interested party participating in the formal sale process
will not be required to be publicly identified as a result of this
announcement and will not be subject to the 28 day deadline
referred to in Rule 2.6(a), for so long as it is participating in
the formal sale process.
There can be no certainty that an offer will be made for the
Company, nor as to the terms on which any offer will be made.
Parties with a potential interest in making a proposal should
contact Numis (contact details as set out below). Any interested
party will be required to enter into a non-disclosure agreement and
standstill arrangement with the Company on terms satisfactory to
the Board and on the same terms, in all material respects, as the
other interested parties, before being permitted to participate in
the process. It is currently expected that interested parties will
then be provided with certain information on the business by the
Company to enable them to submit an indicative proposal to Numis.
The Board expects the strategic review (including the formal sale
process) to conclude during the first half of 2019. Further
announcements will be made when appropriate.
The Board reserves the right to alter any aspect of the process
or to terminate it at any time and will make further announcements
as appropriate. The Board reserves the right to reject any approach
or terminate discussions with any interested party or participant
at any time.
Enquiries:
French Connection plc
Neil Williams, Chief Operating Officer +44 (0) 20 7036 7063
Numis (Financial Adviser and Corporate
Broker to the Company)
Oliver Cardigan
Stuart Ord
Luke Bordewich +44 (0) 207 260 1000
Paternoster Communications (Media Enquiries)
Tom Buchanan +44 (0) 7974 982366
Rule 26.1 disclosure
In accordance with Rule 26.1 of the Code, a copy of this
announcement will be available on French Connection's website at
https://www.frenchconnection.com/content/investor-relations/possible-offer-french-connection-group/index.htm,
by no later than 12 noon (London time) on 22 October 2018. The
content of the website referred to in this announcement is not
incorporated into and does not form part of this announcement.
MAR
The information contained within this announcement is considered
by the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No.596/2014. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information will be considered to be in the public
domain.
The person responsible for arranging for the release of this
announcement on behalf of the Company is Neil Williams, Chief
Operating Officer.
Further information
Numis Securities Limited ("Numis"), which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority,
is acting as financial adviser and broker exclusively for French
Connection and no one else in connection with the matters set out
in this announcement and will not regard any other person as its
client in relation to the matters in this announcement and will not
be responsible to anyone other than French Connection for providing
the protections afforded to clients of Numis, nor for providing
advice in relation to any matter referred to herein.
Clifford Chance LLP is acting as legal adviser to French
Connection.
This announcement is not intended to, and does not, constitute
or form part of any offer, invitation or the solicitation of any
offer to buy, sell, subscribe for any securities or the
solicitation of any vote in any jurisdiction.
The distribution of this announcement in jurisdictions outside
the United Kingdom may be restricted by law and therefore persons
into whose possession this announcement comes should inform
themselves about, and observe, such restrictions. Any failure to
comply with the restrictions may constitute a violation of the
securities law of any such jurisdiction.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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