NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE
TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION.
THIS IS AN ANNOUNCEMENT AND NOT A CIRCULAR OR PROSPECTUS OR
EQUIVALENT DOCUMENT. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM
PART OF, AND SHOULD NOT BE CONSTRUED AS, ANY OFFER, INVITATION OR
RECOMMENDATION TO PURCHASE, SELL OR SUBSCRIBE FOR ANY SECURITIES IN
ANY JURISDICTION AND NEITHER THE ISSUE OF THE INFORMATION NOR
ANYTHING CONTAINED HEREIN SHALL FORM THE BASIS OF OR BE RELIED UPON
IN CONNECTION WITH, OR ACT AS AN INDUCEMENT TO ENTER INTO, ANY
INVESTMENT ACTIVITY. INVESTORS AND PROSPECTIVE INVESTORS SHOULD NOT
MAKE ANY INVESTMENT DECISION ON THE BASIS OF ITS CONTENTS. A
CIRCULAR AND PROSPECTUS IN RELATION TO THE COMBINATION REFERRED TO
IN THIS ANNOUNCEMENT HAVE BEEN PUBLISHED TODAY.
14 May
2024
Smurfit Kappa Group
plc
("Smurfit
Kappa")
Publication of
Circular
Notice of Scheme Meeting and
Extraordinary General Meeting of Smurfit Kappa
Smurfit Kappa announces the
publication of a shareholder circular (the "Circular"), which has been approved
today by the UK Financial Conduct Authority (the "FCA"), relating to the proposed
combination (the "Combination") of Smurfit Kappa and
WestRock Company ("WestRock") to create the combined group
of Smurfit WestRock (the "Combined
Group"). The Circular contains, among other things, the full
terms and conditions of the scheme of arrangement (the
"Scheme") and an
explanatory statement, together with the actions to be taken by
Smurfit Kappa's shareholders ("Smurfit Kappa Shareholders") in
relation to an Irish High Court convened shareholder meeting (the
"Scheme Meeting") and an
Extraordinary General Meeting of Smurfit Kappa (the "EGM"). The Circular is now available to
view on Smurfit Kappa's corporate website at
www.smurfitkappa.com/investors/meetings2024.
In addition, a prospectus (the
"Prospectus") of Smurfit
WestRock Limited (to be re-registered as an Irish public limited
company and renamed Smurfit WestRock plc), which would become the
parent entity of the Combined Group on consummation of the
Combination ("Smurfit
WestRock"), relating to the proposed admission of Smurfit
WestRock's ordinary shares (the "Smurfit WestRock Shares") to the
standard listing segment of the Official List of the FCA and to
trading on the main market for listed securities of the London
Stock Exchange plc (the "LSE") has also been approved today by
the FCA and published by Smurfit WestRock.
Notices of the Scheme Meeting and the EGM
The Combination is
conditional upon the sanction of the Scheme by
the Irish High Court. The Scheme Meeting is being
convened for this purpose and will be held at
10:00 a.m. on
13 June 2024 in
the Minerva Suite, RDS, Merrion Road, Ballsbridge, Dublin 4,
D04 AK83, Ireland. A Notice of the Scheme Meeting
containing the resolution to be proposed and considered at the
Scheme Meeting is included in the Circular.
The Combination also constitutes a reverse
takeover and a class 1 transaction pursuant to the UK Listing Rules
and is therefore both subject to and conditional upon the approval
of existing Smurfit Kappa Shareholders. An EGM
is being convened for this purpose and will be held at 10:15
a.m. on 13 June 2024, or if later, as soon as possible following
the conclusion or adjournment of the Scheme Meeting, in the Minerva
Suite, RDS, Merrion Road, Ballsbridge, Dublin 4, D04 AK83, Ireland.
A Notice of the EGM containing the resolutions to be proposed and
considered at the EGM is also included in the Circular.
Your attention is drawn to the letter from the
Chair of Smurfit Kappa which is set out on pages
20 to 37 of the
Circular and which contains the unanimous recommendation of Smurfit
Kappa's board of directors to Smurfit Kappa Shareholders to vote in
favour of the Scheme Resolution (as defined in the Scheme) and the
EGM Resolutions (as defined in the Circular) to be proposed at the
Shareholder Meetings (as defined in the Circular).
Availability of the Circular
Copies of the Circular and certain
other documents in relation to the Combination (including a copy of
Smurfit Kappa's Articles of Association showing the proposed
changes in relation to the Combination) are available on Smurfit
Kappa's corporate website at www.smurfitkappa.com/investors/meetings2024.
Additionally, Smurfit Kappa Shareholders will shortly receive a
hard copy of the Circular and the Forms of Proxy for the Scheme
Meeting and the EGM.
The Circular and certain other
documents in relation to the Combination will also be available for
inspection from 9:00 a.m. to 5:00 p.m. (Irish time), Monday to
Friday (excluding public holidays in Ireland) at the registered
office of Smurfit Kappa, Beech Hill, Clonskeagh, Dublin 4, D04
N2R2, Ireland and at the offices of Matheson LLP, 70 Sir John
Rogerson's Quay, Dublin 2, D02 R296, Ireland.
A copy of the Circular will also be
submitted to Euronext Dublin and the UK National Storage Mechanism,
where it will shortly be available for inspection at:
·
Euronext
Dublin https://direct.euronext.com/#/oamfiling
·
UK National
Storage Mechanism https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Smurfit Kappa Shareholders may also
request a hard copy of certain other documents in relation to the
Combination, including the Prospectus and the US Registration
Statement (as defined below). To request copies, please contact
Smurfit Kappa by phone on +353 1 202 7000. Lines are open from 9:00
a.m. to 5:00 p.m. (Irish time), Monday to Friday (excluding public
holidays in Ireland).
Availability of the Prospectus
Copies of the Prospectus and certain
other documents in relation to the Combination are available for
inspection on https://www.smurfitkappa.com/investors/smurfitwestrock.
The Prospectus and certain other
documents in relation to the Combination will also be available for
inspection from 9:00 a.m. to 5:00 p.m. (Irish time), Monday to
Friday (excluding public holidays in Ireland) at the registered
office of Smurfit WestRock, Beech Hill, Clonskeagh, Dublin 4, D04
N2R2, Ireland, for a period of 12 months from today.
A copy of the Prospectus will also
be submitted to the UK National Storage Mechanism, where it will
shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Expected Timetable of Principal Events in relation to the
Scheme Meeting and the EGM
The expected timetable of principal
events in relation to the Scheme Meeting and the EGM is set out
below. All times shown are UK and Irish times unless otherwise
stated. All dates and times are based on the current expectations
of Smurfit Kappa and are subject to change. They will depend, among
other things, upon the date on which the outstanding conditions to
the Combination are satisfied or (where applicable) waived. If any
of the dates and/or times in this expected timetable of principal
events change, the revised dates and/or times will be notified by
announcement through a Regulatory Information Service.
|
|
Voting Record Time for the Scheme
Meeting.......................................
|
6:00 p.m. on 9 June
2024
|
Voting Record Time for the
EGM.........................................................
|
6:00 p.m. on 9 June
2024
|
Latest time and date for receipt of Forms of
Proxy from Smurfit Kappa Shareholders for the Scheme
Meeting................................................
|
10:00 a.m. on 11 June
2024
|
Latest time and date for receipt of Forms of
Proxy from Smurfit Kappa Shareholders for the
EGM.................................................................
|
10:15 a.m. on 11 June
2024
|
Scheme
Meeting....................................................................................
|
10:00 a.m. on 13
June 2024
|
EGM.....................................................................................................
|
10:15 a.m. on 13
June 2024, or if later, as soon as possible following
the conclusion or adjournment of the Scheme Meeting
|
Irish High Court Hearing in respect of Court
Order and Court Order
obtained..............................................................................................
|
11:00 a.m. on 2
July 2024
|
Scheme Record
Time.............................................................................
|
5:00 p.m. (New York City Time) on 5
July 2024
|
Scheme Effective Date,
Completion......................................................
|
5 July 2024
|
In addition to the passing of the
required resolutions at the Scheme Meeting and the EGM, Completion
is conditional upon approval of the Transaction Agreement (as
defined below) by WestRock's stockholders, receiving merger control
clearances or non-objections in certain jurisdictions, the sanction
of the Scheme by the Irish High Court and certain other closing
conditions, as described in the Circular.
Enquiries
For further information, please
contact:
Background to the Combination
On 12 September 2023, Smurfit Kappa
announced that it had signed a definitive transaction agreement in
relation to the Combination (the "Transaction Agreement"). The
Combination will be implemented by means of: (i) an acquisition by
Smurfit WestRock of the entire issued share capital of Smurfit
Kappa by means of a Scheme under Section 450 of the Companies Act
2014 of Ireland (as amended) (the "Irish Companies Act") (the
"Smurfit Kappa Share
Exchange"); and (ii) a merger between Sun Merger Sub, LLC, a
wholly-owned subsidiary of Smurfit WestRock, with and into
WestRock, with WestRock surviving the merger as a wholly-owned
subsidiary of Smurfit WestRock (the "Merger"). Upon completion of the
Combination ("Completion"),
Smurfit Kappa and WestRock will each become wholly-owned
subsidiaries of Smurfit WestRock and Smurfit WestRock will continue
as the new holding company of the Combined Group.
Smurfit Kappa's ordinary shares (the
"Smurfit Kappa Shares") are
currently (i) listed on the premium listing segment of the Official
List of the FCA and admitted to trading on the LSE's main market
for listed securities, and (ii) listed on the Official List of
Euronext Dublin and admitted to trading on the Euronext Dublin
Market. WestRock's shares of common stock
(the "WestRock Shares") are
currently listed and traded on the New York Stock Exchange (the
"NYSE"). Subject
to Completion, it is expected that:
·
the Smurfit Kappa Shares (i) will be delisted from the
premium listing segment of the Official List of the FCA and will
cease trading on the LSE's main market for listed securities, and
(ii) will be delisted from the Official List of Euronext Dublin and
will cease trading on the Euronext Dublin Market;
·
the WestRock Shares will be delisted from the
NYSE; and
·
the Smurfit WestRock Shares will be (i) approved for listing
on the NYSE, and (ii) admitted to the standard listing segment of
the Official List of the FCA and to trading on the LSE's main
market for listed securities.
Additional Information about the Combination and Where to Find
It
In connection with the Combination,
Smurfit WestRock has filed with the US Securities and Exchange
Commission (the "US SEC") a
registration statement on Form S-4 (Reg. No. 333-278185) (as
amended and as may be further amended or supplemented from time to
time, the "US Registration
Statement"), which was declared effective by the US SEC on
26 April 2024, that includes a prospectus (the "US Prospectus") relating to the offer
and sale of the Smurfit WestRock Shares to WestRock stockholders
(the "WestRock
Shareholders") pursuant to the Merger. In addition, on 26
April 2024, WestRock filed a separate definitive proxy statement
with the US SEC with respect to the special meeting of WestRock
Shareholders in connection with the Merger (as it may be amended or
supplemented from time to time, the "US Proxy Statement"). WestRock commenced
mailing of the US Proxy Statement to WestRock Shareholders on or
about 1 May 2024. This announcement is not a substitute for any
registration statement, prospectus, proxy statement or other
document that Smurfit Kappa, WestRock and/or Smurfit WestRock have
filed or may file with the US SEC or the FCA in connection with the
Combination.
Before making any voting or
investment decisions, investors, stockholders and shareholders of
Smurfit Kappa and WestRock are urged to read carefully and in their
entirety the Circular, the Prospectus, the US Registration
Statement, the US Prospectus and the US Proxy Statement, as
applicable, and any other relevant documents that are filed or will
be filed with the FCA or the US SEC, as well as any amendments or
supplements to these documents, in connection with the Combination
when they become available, because they contain or will contain
important information about the Combination, the parties to the
Combination, the risks associated with the Combination and related
matters, including information about certain of the parties'
respective directors, executive officers and other employees who
may be deemed to be participants in the solicitation of proxies in
connection with the Combination and about their interests in the
solicitation.
The US Registration Statement, the
US Prospectus, the US Proxy Statement and other documents filed by
Smurfit Kappa, Smurfit WestRock and WestRock with the US SEC are
available free of charge at the US SEC's website at
www.sec.gov. In addition, investors and shareholders or stockholders are
able to obtain free copies of the US Registration Statement, the US
Proxy Statement and other documents filed with the US SEC by
WestRock online at ir.westrock.com/ir-home/,
upon written request delivered to 1000 Abernathy Road, Atlanta,
Georgia 30328, United States, or by calling +1 (770) 448-2193, and
are able to obtain free copies of the US Registration Statement,
the US Prospectus, the US Proxy Statement and other documents filed
with the US SEC by Smurfit WestRock or Smurfit Kappa online
at www.smurfitkappa.com/investors,
upon written request delivered to Beech Hill, Clonskeagh, Dublin 4,
D04 N2R2, Ireland or by calling +353 1 202 7000. The information
included on, or accessible through, Smurfit WestRock's, Smurfit
Kappa's or WestRock's websites is not incorporated by reference
into this announcement.
Important Information regarding Financial
Advisers
Citigroup Global Markets Limited
("Citi"), which is
authorised by the Prudential Regulation Authority (the
"PRA") and regulated by the
FCA and the PRA in the United Kingdom, is acting as financial
adviser and sponsor to Smurfit Kappa and no one else in connection
with the Combination. PJT
Partners (UK) Limited ("PJT
Partners"), which is authorised and regulated by the FCA in
the United Kingdom, is acting as financial adviser to Smurfit Kappa
and no one else in connection with the Combination. In connection
with such matters, Citi and PJT Partners, their affiliates and
their respective directors, officers, employees and agents will not
regard any other person as their client, nor will they be
responsible to anyone other than Smurfit Kappa for providing the
protections afforded to their clients or for providing advice in
relation to the Combination, the contents of this announcement or
any transaction arrangement or other matter referred to
herein.
Forward-Looking Statements
This announcement and the Circular, as well as
oral statements made or to be made by Smurfit WestRock, Smurfit
Kappa and WestRock, include certain "forward-looking statements"
(including within the meaning of US federal securities laws)
regarding the Combination and the listing of Smurfit WestRock, the
rationale and expected benefits of the Combination (including, but
not limited to, synergies), and any other statements regarding
Smurfit WestRock's, Smurfit Kappa's and WestRock's future
expectations, beliefs, plans, objectives, results of operations,
financial condition and cash flows, or future events or
performance. Statements included in this
announcement and the Circular that are not historical facts,
including statements about the beliefs and expectations of the
management of each of Smurfit WestRock, Smurfit Kappa and WestRock,
are forward-looking statements. Words such as "may", "will",
"could", "should", "would", "anticipate", "intend", "estimate",
"project", "plan", "believe", "expect", "target", "prospects",
"potential", "commit", "forecasts", "aims", "considered", "likely",
"estimate" and variations of these words and similar future or
conditional expressions are intended to identify forward-looking
statements but are not the exclusive means of identifying such
statements. While Smurfit WestRock, Smurfit Kappa and WestRock
believe these expectations, assumptions, estimates and projections
are reasonable, such forward-looking statements are only
predictions and involve known and unknown risks and uncertainties,
many of which are beyond the control of Smurfit WestRock, Smurfit
Kappa and WestRock. By their nature, forward-looking statements
involve risk and uncertainty because they relate to events and
depend upon future circumstances that may or may not occur. Actual
results may differ materially from the current expectations of
Smurfit WestRock, Smurfit Kappa and WestRock depending upon a
number of factors affecting their businesses and risks associated
with the successful execution of the Combination and the
integration and performance of their businesses following the
Combination. Important factors that could cause actual results to
differ materially from such plans, estimates or expectations
include: developments related to pricing cycles and volumes;
economic, competitive and market conditions generally, including
macroeconomic uncertainty, customer inventory rebalancing, the
impact of inflation and increases in energy, raw materials,
shipping, labour and capital equipment costs; reduced supply of raw
materials, energy and transportation, including from supply chain
disruptions and labour shortages; intense competition; risks
related to international sales and operations; failure to respond
to changing customer preferences and to protect intellectual
property; results and impacts of acquisitions by Smurfit Kappa,
WestRock or, following Completion, the Combined Group; the amount
and timing of Smurfit Kappa's, WestRock's and, following
Completion, the Combined Group's capital expenditures; evolving
legal, regulatory and tax regimes; changes in economic, financial,
political and regulatory conditions in Ireland, the United Kingdom,
the United States and elsewhere, and other factors that contribute
to uncertainty and volatility, natural and man-made disasters,
civil unrest, pandemics (such as the COVID-19 pandemic),
geopolitical uncertainty, and conditions that may result from
legislative, regulatory, trade and policy changes associated with
the current or subsequent Irish, US or UK administrations; the
ability of Smurfit Kappa, WestRock or, following Completion the
Combined Group, to successfully recover from a disaster or other
business continuity problem due to a hurricane, flood, earthquake,
terrorist attack, war, pandemic, security breach, cyber-attack,
power loss, telecommunications failure or other natural or man-made
event, including the ability to function remotely during long-term
disruptions such as the COVID-19 pandemic; the impact of public
health crises, such as pandemics (including the COVID-19 pandemic)
and epidemics and any related company or governmental policies and
actions to protect the health and safety of individuals or
governmental policies or actions to maintain the functioning of
national or global economies and markets; the potential impairment
of assets and goodwill; the scope, costs, timing and impact of any
restructuring of operations and corporate and tax structure;
actions by third parties, including government agencies; a
condition to the closing of the Combination may not be satisfied;
the occurrence of any event that can give rise to termination of
the Combination; a regulatory approval that may be required for the
Combination is delayed, is not obtained in a timely manner or at
all or is obtained subject to conditions that are not anticipated;
Smurfit WestRock may be unable to achieve the synergies and value
creation contemplated by the Combination; Smurfit WestRock's
availability of sufficient cash to distribute to Smurfit WestRock
shareholders in line with current expectations; Smurfit WestRock
may be unable to promptly and effectively integrate Smurfit Kappa's
and WestRock's businesses; failure to successfully implement
strategic transformation initiatives; each of Smurfit Kappa's,
WestRock's and, following Completion, the Combined Group's
management's time and attention is diverted on issues related to
the Combination; disruption from the Combination makes it more
difficult to maintain business, contractual and operational
relationships; significant levels of indebtedness; credit ratings
may decline following the Combination; legal proceedings may be
instituted against Smurfit WestRock, Smurfit Kappa or WestRock;
Smurfit Kappa, WestRock and, following Completion the Combined
Group, may be unable to retain or hire key personnel; the
consummation of the Combination may have a negative effect on
Smurfit Kappa's or WestRock's share prices, or on their operating
results; the risk that disruptions from the Combination will harm
Smurfit Kappa's or WestRock's business, including current plans and
operations; certain restrictions during the pendency of the
Combination that may impact Smurfit Kappa's or WestRock's ability
to pursue certain business opportunities or strategic transactions;
Smurfit WestRock's ability to meet expectations regarding the
accounting and tax treatments of the Combination, including the
risk that the Internal Revenue Service may assert that Smurfit
WestRock should be treated as a US corporation or be subject to
certain unfavourable US federal income tax rules under Section 7874
of the Internal Revenue Code of 1986, as amended, as a result of
the Combination; and other factors such as future market
conditions, currency fluctuations, the behaviour of other market
participants, the actions of regulators and other factors such as
changes in the political, social and regulatory framework in which
the Combined Group will operate or in economic or technological
trends or conditions.
None of Smurfit WestRock, Smurfit Kappa,
WestRock or any of their respective
associates or directors, officers or advisers provides any
representation, assurance or guarantee that the occurrence of the
events expressed or implied in any forward-looking statements in
this announcement or the Circular will actually occur. You are
cautioned not to place undue reliance on these forward-looking
statements. Other than in accordance with its legal or regulatory
obligations (including under the UK
Prospectus Regulation, the UK Listing Rules, the Disclosure
Guidance and Transparency Rules, the Prospectus Regulation Rules,
the UK Market Abuse Regulation and other applicable
regulations), Smurfit Kappa is under no obligation,
and Smurfit Kappa expressly disclaims any intention or obligation,
to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or
otherwise.
No
Offer of Securities
This announcement does not constitute or
form part of any offer or invitation to purchase, acquire,
subscribe for, sell, dispose of or issue, or any solicitation of
any offer to sell, dispose of, purchase, acquire or subscribe for,
any security, including any Smurfit WestRock Shares to be issued to
Smurfit Kappa Shareholders and WestRock Shareholders in connection
with the Combination. In particular, the issuance of the Smurfit
WestRock Shares in connection with the Combination to Smurfit Kappa
Shareholders has not been, and is not expected to be, registered
under the US Securities Act of 1933, as
amended (the "US Securities
Act") or the securities laws of any
other jurisdiction. The Smurfit WestRock Shares to be issued in
connection with the Combination to Smurfit Kappa Shareholders will
be issued pursuant to an exemption from the registration
requirements provided by Section 3(a)(10) of the US Securities Act
based on the approval of the proposed Scheme to effect the Smurfit
Kappa Share Exchange under the terms of the Transaction Agreement
by the Irish High Court. Section 3(a)(10) of the US Securities Act
exempts securities issued in exchange for one or more bona fide
outstanding securities from the general requirement of registration
where the fairness of the terms and conditions of the issuance and
exchange of the securities have been approved by any court or
authorised governmental entity, after a hearing upon the fairness
of the terms and conditions of the exchange at which all persons to
whom securities will be issued have the right to appear and to whom
adequate notice of the hearing has been given. In determining whether it is appropriate to authorise the
Scheme, the Irish High Court will consider at the hearing of the
motion to sanction the Scheme under Section 453 of the Irish
Companies Act (the "Irish Court
Hearing") whether the terms and conditions of the Scheme are
fair to Scheme shareholders. The Irish High Court will fix the date
and time for the Irish Court Hearing. If
the Irish High Court approves the Scheme, its approval will
constitute the basis for the Smurfit WestRock Shares to be issued
without registration under the US Securities Act in reliance on the
exemption from the registration requirements of the US Securities
Act provided by Section 3(a)(10) of the US Securities Act.
Participants in the Solicitation of Proxies
This announcement is not a
solicitation of proxies in connection with the Combination.
However, under US SEC rules, Smurfit Kappa, WestRock, Smurfit
WestRock, and certain of their respective directors, executive
officers and other members of the management and employees may be
deemed to be participants in the solicitation of proxies in
connection with the Combination.
Information about (i) WestRock's
directors is set forth in the section entitled "Board Composition"
on page 8 of WestRock's proxy statement on Schedule 14A filed with
the US SEC on 13 December 2023 and (ii) WestRock's executive
officers is set forth in the section entitled "Executive Officers"
on page 141 of WestRock's Annual Report on Form 10-K (the
"WestRock 2023 Annual
Report") filed with the US SEC on 17 November 2023.
Information about the compensation of WestRock's directors for the
financial year ended 30 September 2023 is set forth in the section
entitled "Director Compensation" starting on page 19 of WestRock's
proxy statement on Schedule 14A filed with the US SEC on 13
December 2023. Information about the compensation of WestRock's
executive officers for the financial year ended 30 September 2023
is set forth in the section entitled "Executive Compensation
Tables" starting on page 38 of WestRock's proxy statement on
Schedule 14A filed with the US SEC on 13 December 2023.
Transactions with related persons (as defined in Item 404 of
Regulation S-K promulgated under the US Securities Act) are
disclosed in the section entitled "Certain Relationships and
Related Person Transactions" on page 20 of WestRock's proxy
statement on Schedule 14A filed with the US SEC on 13 December
2023. Information about the beneficial ownership of WestRock's
securities by WestRock's directors and named executive officers as
of 22 April 2024 is set forth in the section entitled "Security
Ownership of Certain Beneficial Holders, Directors and Management
of WestRock" starting on page 277 of each of the
US Proxy Statement and the US
Prospectus. As of 22 April 2024, none of
the participants (within the meaning of Rule 13d-3 under the
Securities Exchange Act of 1934, as amended) owned more than 1% of
WestRock Shares. Other information
regarding certain participants in the proxy solicitation and a
description of their direct and indirect interests, by security
holdings or otherwise are contained in the section entitled
"Interests of WestRock's Directors and Executive Officers in the
Combination" beginning on page 139 of each of the US Prospectus and
the US Proxy Statement.
Information about Smurfit Kappa's
directors and executive officers is set forth in the section
entitled "Board of Directors," starting on page 112 of Smurfit
Kappa's 2023 Annual Report (the "Smurfit Kappa 2023 Annual Report")
published on Smurfit Kappa's website on 15 March 2024 which was
filed with the FCA on 15 March 2024 and Euronext Dublin in Ireland
on 15 March 2024. Information about the compensation
of Smurfit Kappa executive officers and directors is set forth
in the remuneration report starting on page 129 of the Smurfit
Kappa 2023 Annual Report. Transactions with related persons (as
defined under Paragraph 24 of the International Accounting
Standards) are disclosed in the subsection entitled "Related Party
Transactions" to the section entitled "Notes to the Consolidated
Financial Statements," on page 223 of the Smurfit Kappa 2023
Annual Report. Information about the beneficial ownership of
Smurfit Kappa's securities by Smurfit Kappa's directors and
executive officers is set forth in the sections entitled "Executive
Directors' Interests in Share Capital at 31 December 2023" on page
147 and "Non-executive Directors' Interests in Share Capital at 31
December 2023" on page 150 of the Smurfit Kappa 2023 Annual
Report.
Information about the expected
beneficial ownership of Smurfit WestRock securities by the
individuals who are expected to be executive officers and directors
of Smurfit WestRock at Completion is set forth in the section
entitled "Security Ownership of Certain Beneficial Holders,
Directors and Management of Smurfit WestRock" beginning on page 279
of each of the US Prospectus and the US Proxy
Statement. Information required by Item 402 of the SEC's
Regulation S-K with respect to the executive officers of
Smurfit WestRock who served as executives of Smurfit Kappa during Smurfit
Kappa's fiscal year 2023, as well as a description of certain
post-Completion compensation arrangements that are expected to
apply to the executive officers of Smurfit WestRock, is set forth
in the section entitled "Executive Compensation" beginning on page
327 of each of the US Prospectus and the US Proxy
Statement.
Other
The contents of this announcement are not to be
construed as legal, business or tax advice. Each
investor, stockholder or shareholder should
consult its own legal adviser, financial adviser or tax adviser for
legal, financial or tax advice, respectively.