LEI: 213800QNZ22GS95OSW84
NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO
OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION
19 April 2018
GKN plc
(“GKN”)
Directorate Change
and Cancellation of Listing
The Board of GKN (the “Board”) notes the announcement released
at 8.06 am on 19 April 2018 (the “Announcement Time”) by
Melrose Industries PLC (“Melrose”) that its offer to acquire
the entire issued and to be issued share capital of GKN (the
“Offer”) has become wholly unconditional. Accordingly, and
consistent with its announcement of 29 March
2018, the outgoing Board now recommends that GKN
shareholders who have not yet done so accept the Offer.
Directorate change
GKN announces that the following directors have resigned with
effect from the Announcement Time:
-
Michael Turner
-
Anne Stevens
-
Jos Sclater
-
Phil Swash
-
Angus Cockburn
-
Tufan Erginbilgic
-
Shonaid Jemmett-Page
-
Richard Parry-Jones
GKN further announces that the following persons have been
appointed to the Board as executive directors with effect
from the Announcement Time for an interim period until such time as
the cancellation of the listing of GKN shares on the UKLA’s
Official List and to trading on the LSE’s main market becomes
effective:
-
Christopher Miller
-
David Roper
-
Simon Peckham
-
Geoffrey Martin
-
Jonathon Crawford
-
Garry Barnes
The newly appointed board wishes to thank each of the departing
directors for their commitment to GKN.
In accordance with LR 9.6.13R, GKN confirms that Christopher Miller, David Roper, Simon
Peckham and Geoffrey Martin
each currently serve as a director of Melrose. No further
information is required to be disclosed pursuant to LR 9.6.13R.
Cancellation of listing
GKN notes today’s announcement by Melrose stating that its Offer
has become wholly unconditional and that it has acquired GKN shares
representing over 75% of the voting rights of GKN. GKN wishes to
announce that applications will be made to the UK Listing Authority
and the London Stock Exchange for the cancellation of listing and
trading of the GKN’s ordinary shares of 10
pence each. Accordingly, the cancellation notice period has
commenced and cancellation is expected to become effective no later
than 21 May 2018.
Mike
Turner, outgoing Chairman of GKN said today:
“The Board of GKN thanks shareholders
for their support over the course of the bid, but we now strongly
advise those who have not yet tendered their shares into the
Melrose offer to do so.”
Enquiries:
Montfort
Communications:
Nick Miles, Charlotte McMullen |
+44 (0)
20 3514 0897
+44 (0) 7973 130 669 / +44 (0) 7921 881 800 |
Rothschild (Financial Adviser to Melrose):
Ravi Gupta, Yuri Shakhmin, Nathalie Ferretti |
+44 (0) 20 7280 5000 |
RBC
Europe Limited (Financial Adviser to Melrose):
Mark Preston, Chris Squire, Alexander Thomas |
+44 (0) 20 7653 4000 |
Investec
(Corporate Broker to Melrose):
Keith Anderson, Carlton Nelson |
+44 (0) 20 7597 5970 |
Person responsible
The person responsible for arranging the release of this
announcement on behalf of the Company is Kerry Watson, Company Secretary (+44 (0)1527
517715).