APC Technology Group PLC Form 8 (OPD) (Offeror - GC) (7752N)
31 July 2014 - 12:01AM
UK Regulatory
TIDMAPC TIDMGCO
RNS Number : 7752N
APC Technology Group PLC
30 July 2014
FORM 8 (OPD)
PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER
Rules 8.1 and 8.2 of the Takeover Code (the "Code")
1. KEY INFORMATION
(a) Identity of the party to the offer making the
disclosure: APC TECHNOLOGY GROUP PLC ("APC")
(b) Owner or controller of interests and short positions
disclosed, if different from 1(a):
The naming of nominee or vehicle companies is
insufficient
----------------------------------------------------------
(c) Name of offeror/offeree in relation to whose relevant
securities this form relates: GREEN COMPLIANCE PLC ("Green Compliance") being the
Use a separate form for each party to the offer offeree
----------------------------------------------------------
(d) Is the party to the offer making the disclosure the
offeror or the offeree? OFFEROR
----------------------------------------------------------
(e) Date position held:
29 July 2014
----------------------------------------------------------
(f) Has the party previously disclosed, or is it today YES/NO
disclosing, under the Code in respect If YES, specify which:
of any other party to this offer? APC Technology Group plc
----------------------------------------------------------
2. POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE
(a) Interests and short positions in the relevant securities of
the offeror or offeree to which the disclosure relates
Class of relevant security: Ordinary Shares of 1p each
Interests Short positions
---------------- ------------------
Number % Number %
--------- ----- ------------ ----
(1) Relevant securities owned and/or controlled: Nil n/a Nil n/a
--------- ----- ------------ ----
(2) Derivatives (other than options): Nil n/a Nil n/a
--------- ----- ------------ ----
(3) Options and agreements to purchase/sell: Nil n/a Nil n/a
--------- ----- ------------ ----
Nil n/a Nil n/a
TOTAL:
--------- ----- ------------ ----
Class of relevant 12% Convertible Loan Notes, convertible into ordinary shares of 1p each, repayable 31 July
security: 2015
Interests Short positions
--------------------------------------------- --------------------------------------------
Number % Number %
-------------------------- ----------------- -------------------------- ----------------
(1) Relevant securities Nil n/a Nil n/a
owned and/or controlled:
-------------------------- ----------------- -------------------------- ----------------
(2) Derivatives (other Nil n/a Nil n/a
than options):
-------------------------- ----------------- -------------------------- ----------------
(3) Options and Nil n/a Nil n/a
agreements to
purchase/sell:
-------------------------- ----------------- -------------------------- ----------------
Nil n/a Nil n/a
TOTAL:
-------------------------- ----------------- -------------------------- ----------------
Class of relevant 7.5% Convertible Loan Notes, convertible into ordinary shares of 1p each, repayable 31
security: July
2015
Interests Short positions
--------------------------------------------- --------------------------------------------
Number % Number %
-------------------------- ----------------- -------------------------- ----------------
(1) Relevant securities Nil n/a Nil n/a
owned and/or controlled:
-------------------------- ----------------- -------------------------- ----------------
(2) Derivatives (other Nil n/a Nil n/a
than options):
-------------------------- ----------------- -------------------------- ----------------
(3) Options and Nil n/a Nil n/a
agreements to
purchase/sell:
-------------------------- ----------------- -------------------------- ----------------
Nil n/a Nil n/a
TOTAL:
-------------------------- ----------------- -------------------------- ----------------
Class of relevant Warrants to subscribe for Ordinary Shares at an exercise price of 2p per share and with an
security: expiry date of 28 January 2018
Interests Short positions
--------------------------------------------- --------------------------------------------
Number % Number %
-------------------------- ----------------- -------------------------- ----------------
(1) Relevant securities Nil n/a Nil n/a
owned and/or controlled:
-------------------------- ----------------- -------------------------- ----------------
(2) Derivatives (other Nil n/a Nil n/a
than options):
-------------------------- ----------------- -------------------------- ----------------
(3) Options and Nil n/a Nil n/a
agreements to
purchase/sell:
-------------------------- ----------------- -------------------------- ----------------
Nil n/a Nil n/a
TOTAL:
-------------------------- ----------------- -------------------------- ----------------
Class of relevant Warrants to subscribe for Ordinary Shares at an exercise price of 2p per share and with an
security: expiry date of 2 April 2018
Interests Short positions
--------------------------------------------- --------------------------------------------
Number % Number %
-------------------------- ----------------- -------------------------- ----------------
(1) Relevant securities Nil n/a Nil n/a
owned and/or controlled:
-------------------------- ----------------- -------------------------- ----------------
(2) Derivatives (other Nil n/a Nil n/a
than options):
-------------------------- ----------------- -------------------------- ----------------
(3) Options and Nil n/a Nil n/a
agreements to
purchase/sell:
-------------------------- ----------------- -------------------------- ----------------
Nil n/a Nil n/a
TOTAL:
-------------------------- ----------------- -------------------------- ----------------
(b) Rights to subscribe for new securities
Class of relevant security in relation to which subscription right exists: Nil
Details, including nature of the rights concerned and relevant percentages: n/a
----
If there are positions or rights to subscribe to disclose in
more than one class of relevant securities of the offeror or
offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for
each additional class of relevant security.
(c) Irrevocable commitments and letters of intent
Details of any irrevocable commitments or letters of intent procured by the party to the offer
making the disclosure or any person acting in concert with it (see Note 3 on Rule 2.11 of
the Code):
Definitions used in this disclosure are taken from the Rule 2.7 announcement issued by Green
Compliance plc ("Green Compliance") and APC on 30 July 2014.
Green Compliance Directors
APC has received irrevocable undertakings from each of the Green Compliance Directors (i)
to vote or procure the vote in favour of the Resolutions in respect of their entire beneficial
holdings of Green Compliance Shares amounting, in aggregate, to 35,545,576 Green Compliance
Shares (representing approximately 7.47 per cent. of the existing issued share capital of
Green Compliance) (or, if the Offer is to be implemented by way of a contractual takeover
offer, to accept or procure the acceptance of such offer) and (ii) (as appropriate) to sign
the relevant Written Resolution in respect of all of their holdings of the 7.5 per cent. class
of Green Compliance Loan Notes (representing 37.5 per cent. of the outstanding principal value
of that class of Green Compliance Loan Notes):
Name Number of Percentage Value of Percentage
Green Compliance of issued Green Compliance of 7.5% Loan
Shares share capital 7.5% Loan Notes
Notes (GBP)
Bob Holt 30,560,366 6.42% 50,000 25.0%
Richard Hodgson 2,230,541 0.47% 10,000 5.0%
John Charlton 2,243,337 0.47% 10,000 5.0%
Edward Brown 511,332 0.11% 5,000 2.5%
Total 35,545,576 7.47% 75,000 37.5%
The irrevocable undertakings given by the Green Compliance Directors remain binding in all
circumstances, including if a higher competing offer is announced, unless the Scheme lapses
or is withdrawn.
Institutional Green Compliance Shareholders
APC has also received irrevocable undertakings from certain institutional Green Compliance
Shareholders to (i) vote or procure the vote in favour of the Resolutions in respect of their
entire beneficial holdings of Green Compliance Shares amounting to 136,531,666 Green Compliance
Shares (representing approximately 28.69 per cent. of the existing issued share capital of
Green Compliance) (or, if the Offer is to be implemented by way of a contractual takeover
offer, to accept or procure the acceptance of such offer) and (ii) (as appropriate) to sign
the Written Resolution in respect of all of their holdings of the 12 per cent. class of Green
Compliance Loan Notes (representing approximately 54.55 per cent. of the outstanding principal
value of that class of Green Compliance Loan Notes):
Name Number of Percentage Value of Percentage
Green Compliance of issued Green Compliance of 12% Loan
Shares share capital 12% Loan Notes
Notes (GBP)
Rockridge
Investments 118,750,000 24.95% 300,000 54.55%
Raymond Horney 17,781,666 3.74% - -
Total 136,531,666 28.69% 300,000 54.55%
The irrevocable undertakings listed above will cease to be binding in the event that there
is a competing offer which values the Green Compliance Shares at more than 10 per cent. higher
than the value under the Scheme and the offer of not match by APC within the normal time limits
in the Code.
3. POSITIONS OF PERSONS ACTING IN CONCERT WITH THE PARTY TO THE OFFER MAKING THE DISCLOSURE
Details of any interests, short positions and rights to subscribe of any person acting in
concert with the party to the offer making the disclosure:
3(a) - Interests of directors of APC in Green Compliance:
None
3(b) - APC Directors' rights to subscribe for Green Compliance shares:
None
3(c) - Interests of connected advisers to APC:
None
4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal
or informal, relating to relevant securities which may be an inducement to deal or refrain
from dealing entered into by the party to the offer making the disclosure or any person acting
in concert with it:
If there are no such agreements, arrangements or understandings, state "none"
None
(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the party
to the offer making the disclosure, or any person acting in concert with it, and any other
person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which
any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
None
(c) Attachments
Are any Supplemental Forms attached?
Supplemental Form 8 (Open Positions) YES/NO
Supplemental Form 8 (SBL) YES/NO
-------
Date of disclosure: 30 July 2014
Contact name: Mark Robinson
-----------------------
Telephone number: +44 (0) 20 1634 290588
-----------------------
Public disclosures under Rule 8 of the Code must be made to a
Regulatory Information Service and must also be emailed to the
Takeover Panel at monitoring@disclosure.org.uk. The Panel's Market
Surveillance Unit is available for consultation in relation to the
Code's dealing disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at
www.thetakeoverpanel.org.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
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