TIDMPLND TIDMTTM
RNS Number : 0650K
Poundland Group PLC
16 September 2016
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
16 September 2016
RECOMMED CASH OFFER
for
Poundland Group plc
by
Steinhoff Europe AG
Scheme of arrangement becomes effective
On 15 September 2016, the boards of Poundland Group plc
("Poundland") and Steinhoff International Holdings N.V.
("Steinhoff") announced that the High Court of Justice in England
and Wales had sanctioned the scheme of arrangement under Part 26 of
the Companies Act 2006 (the "Scheme") by which the recommended cash
offer made by Steinhoff Europe AG ("SEAG") for the entire issued
and to be issued share capital of Poundland not already directly or
indirectly owned by it (the "Offer") is being implemented.
Poundland and Steinhoff today announce that, following the
delivery of the Court Order to the Registrar of Companies, the
Scheme has now become effective in accordance with its terms and
the entire issued and to be issued share capital of Poundland is
now owned by SEAG.
Each Scheme Shareholder on the register at the Scheme Record
Time, being 6.00 p.m. (London time) on 15 September 2016, will
receive 225 pence in cash for each Scheme Share held (the
"Consideration"). The Consideration will be settled by or on behalf
of SEAG within 14 days of the date of this announcement, as set out
in the scheme document published on 12 August 2016 in relation to
the Offer (the "Scheme Document"). The Agreed Dividend of two pence
per Poundland Share will be paid on 23 September 2016 to holders of
Poundland Shares whose names were on the register at the close of
business on 9 September 2016.
Trading in Poundland Shares on the London Stock Exchange's main
market for listed securities and the listing of Poundland Shares on
the premium listing segment of the Official List of the UK Listing
Authority have each been suspended. Applications have been made to
the UK Listing Authority and the London Stock Exchange in relation
to the de-listing of Poundland Shares from the premium listing
segment of the Official List of the UK Listing Authority and the
cancellation of the admission to trading of Poundland Shares on the
London Stock Exchange's main market for listed securities, which is
expected to take place at 8.00 a.m. (UK time) on Monday 19
September 2016.
Full details of the Offer are set out in the Scheme Document.
Capitalised terms used but not otherwise defined in this
announcement have the meanings given to them in the Scheme
Document.
Further Information
Linklaters LLP are providing legal advice to Steinhoff and SEAG.
Freshfields Bruckhaus Deringer LLP are providing legal advice to
Poundland.
Enquiries
Poundland
Philip Dorgan, Head of Investor Tel: +44 (0)12
Relations 1568 7000
J.P. Morgan Cazenove (joint Tel: +44 (0)
financial adviser and corporate 20 7742 4000
broker to Poundland)
Toby Radford / Caroline Thomlinson
Mark Breuer / James Robinson
Rothschild (joint financial Tel: +44 (0)
adviser to Poundland) 20 7280 5000
Majid Ishaq
John Byrne
Shore Capital (corporate broker Tel: +44 (0)
to Poundland) 20 7408 4050
Dru Danford
Patrick Castle
Citigate Dewe Rogerson (PR adviser
to Poundland)
Simon Rigby Tel: +44 (0)
20 7282 2847
Kevin Smith Tel: +44 (0)
20 7282 1054
Nick Hayns Tel: +44 (0)
20 7282 1032
Steinhoff and SEAG Tel: +27 (0)21
808 0711
Mariza Nel, Director, Corporate
Services (Investor Relations)
Nick Agarwal (UK Press) Tel: +44 (0)75
6810 1045
Investec Bank plc (financial Tel: +44 (0)20
adviser to Steinhoff and SEAG) 7597 4000
Andrew Pinder / David Anderson
Sara Hale / Henry Reast (Corporate
Broking)
Further information:
J.P. Morgan Limited, which conducts its UK investment banking
business as J.P. Morgan Cazenove ("J.P. Morgan Cazenove"), is
authorised and regulated in the United Kingdom by the Financial
Conduct Authority. J.P. Morgan Cazenove is acting as financial
adviser exclusively for Poundland 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
Poundland for providing the protections afforded to clients of J.P.
Morgan Cazenove, nor for providing advice in relation to any matter
referred to herein.
N. M. Rothschild & Sons Limited, which is authorised by the
Prudential Regulation Authority and regulated by the FCA and the
Prudential Regulation Authority in the United Kingdom, is acting
exclusively for Poundland and no one else in connection with the
Offer and will not be responsible to anyone other than Poundland
for providing the protections afforded to its clients or for
providing advice in relation to the Offer or any other matters
referred to in this announcement.
Shore Capital Stockbrokers Limited ("Shore Capital") which is
authorised and regulated in the United Kingdom by the Financial
Conduct Authority is acting as corporate broker to Poundland and no
one else in connection with the Offer and other matters described
in this Announcement and will not be responsible to anyone other
than Poundland for providing the protections afforded to clients of
Shore Capital or for providing advice in relation to the Offer and
other matters described in this announcement.
Investec Bank plc is authorised by the Prudential Regulation
Authority and regulated by the Financial Conduct Authority and the
Prudential Regulation Authority in the UK. Investec Bank plc is
acting exclusively as financial adviser to Steinhoff and SEAG and
no one else in connection with the Offer and shall not be
responsible to anyone other than Steinhoff and SEAG for providing
the protections afforded to clients of Investec Bank plc nor for
providing advice in connection with the Offer or any matter
referred to herein.
This announcement is for information purposes only and does not
constitute an offer to sell or an invitation to purchase any
securities or the solicitation of an offer to buy any securities,
pursuant to the Offer or otherwise. The Offer shall be made solely
by means of the Scheme Document or any document by which the Offer
is made which shall contain the full terms and Conditions of the
Offer, including details of how to vote in respect of the
acquisition.
This announcement has been prepared for the purpose of complying
with English law and the Takeover Code and the information
disclosed may not be the same as that which would have been
disclosed if this announcement had been prepared in accordance with
the laws of jurisdictions outside the United Kingdom.
In accordance with Rule 26.1 of the Code, a copy of this
announcement will be available at www.poundlandcorporate.com by no
later than 12 noon (London time) on the business day following this
announcement. The content of the website referred to in this
announcement is not incorporated into and does not form part of
this announcement.
Overseas Shareholders
The release, publication or distribution of this announcement in
certain jurisdictions may be restricted by law. Persons who are not
resident in the United Kingdom or who are subject to other
jurisdictions should inform themselves of, and observe, any
applicable requirements.
The Offer relates to shares of a UK company and is proposed to
be effected by means of a scheme of arrangement under the laws of
England and Wales. A transaction effected by means of a scheme of
arrangement is not subject to proxy solicitation or tender offer
rules under the US Securities Exchange Act of 1934 (the "US
Exchange Act"). Accordingly, the Offer is subject to the disclosure
requirements, rules and practices applicable in the United Kingdom
to schemes of arrangement, which differ from the requirements of US
proxy solicitation or tender offer rules. However, if SEAG were to
elect to implement the Offer by means of a takeover, such takeover
offer shall be made in compliance with all applicable laws and
regulations, including Section 14(e) of the US Exchange Act and
Regulation 14E thereunder. Such a takeover would be made in the
United States by SEAG and no one else. In addition to any such
takeover offer, SEAG, certain affiliated companies and the nominees
or brokers (acting as agents) may make certain purchases of, or
arrangements to purchase, shares in Poundland outside such takeover
offer during the period in which such takeover offer would remain
open for acceptance. If such purchases or arrangements to purchase
were to be made they would be made outside the United States and
would comply with applicable law, including the US Exchange
Act.
Unless otherwise determined by SEAG or required by the Takeover
Code, and permitted by applicable law and regulation, the Offer
shall not be made available, directly or indirectly, in, into or
from a Restricted Jurisdiction where to do so would violate the
laws in that jurisdiction and no person may vote in favour of the
offer by any such use, means, instrumentality or form within a
Restricted Jurisdiction or any other jurisdiction if to do so would
constitute a violation of the laws of that jurisdiction.
Accordingly, copies of this announcement and all documents relating
to the Offer are not being, and must not be, directly or
indirectly, mailed or otherwise forwarded, distributed or sent in,
into or from a Restricted Jurisdiction where to do so would violate
the laws in that jurisdiction, and persons receiving this
announcement and all documents relating to the Offer (including
custodians, nominees and trustees) must not mail or otherwise
distribute or send them in, into or from such jurisdictions where
to do so would violate the laws in that jurisdiction.
The availability of the Offer to Poundland Shareholders who are
not resident in the United Kingdom may be affected by the laws of
the relevant jurisdictions in which they are resident. Persons who
are not resident in the United Kingdom should inform themselves of,
and observe, any applicable requirements.
The Offer shall be subject to the applicable requirements of the
Takeover Code, the Panel, the London Stock Exchange, the Financial
Conduct Authority and the UKLA.
Forward Looking Statements
This announcement may contain statements about Steinhoff, SEAG
and Poundland that are or may be forward looking statements. All
statements other than statements of historical facts included in
this announcement may be forward looking statements. Without
limitation, any statements preceded or followed by or that include
the words "targets", "plans", "believes", "expects", "aims",
"intends", "will", "may", "anticipates", "estimates", "projects" or
words or terms of similar substance or the negative thereof, are
forward looking statements. Forward looking statements include
statements relating to the following: (i) future capital
expenditures, expenses, revenues, earnings, synergies, economic
performance, indebtedness, financial condition, dividend policy,
losses and future prospects; (ii) business and management
strategies and the expansion and growth of Steinhoff's or
Poundland's operations and potential synergies resulting from the
Offer; and (iii) the effects of government regulation on
Steinhoff's or Poundland's business.
Such forward looking statements involve risks and uncertainties
that could significantly affect expected results and are based on
certain key assumptions. Many factors could cause actual results to
differ materially from those projected or implied in any forward
looking statements. Due to such uncertainties and risks, readers
are cautioned not to place undue reliance on such forward looking
statements, which speak only as of the date hereof. Each of
Steinhoff, SEAG and Poundland disclaims any obligation to update
any forward looking or other statements contained herein, except as
required by applicable law.
No profit forecasts or estimates
No statement in this announcement is intended as a profit
forecast or estimate for any period and no statement in this
announcement should be interpreted to mean that earnings or
earnings per share for Steinhoff or Poundland, as appropriate, for
the current or future financial years would necessarily match or
exceed the historical published earnings or earnings per share for
Steinhoff or Poundland, as appropriate.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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