SVN Soverign Rev

 

TIDMGRI TIDMSVN 
 
RNS Number : 7699Q 
Grainger PLC 
09 August 2010 
 

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 that jurisdiction. 
 
For immediate release - 9 August 2010 
 
 
                            RECOMMENDED ACQUISITION 
                                       of 
                            Sovereign Reversions plc 
                                       by 
                        Grainger Equity Release Limited 
                  (a wholly owned subsidiary of Grainger plc) 
 
 
                            COMPLETION OF ACQUISITION 
 
 
The boards of Grainger plc ("Grainger") and Sovereign Reversions plc ("Sovereign 
Reversions") are pleased to announce that the Scheme to implement the 
recommended acquisition of Sovereign Reversions has become Effective and that 
Grainger Equity Release Limited now owns the entire issued share capital of 
Sovereign Reversions. 
 
 Admission to trading of Sovereign Reversions' Shares on AIM will be cancelled 
with effect from 8.00 a.m. (London time) on 10 August 2010. 
 
Despatch of cheques or settlement through CREST (as appropriate) in respect of 
the consideration will take place no later than 24 August 2010. 
 
 
Capitalised terms used in this announcement shall have the meanings given to 
them in the Scheme Document posted to Sovereign Reversions Shareholders, dated 
17 June 2010. 
 
Commenting, Andrew Cunningham, Chief Executive of Grainger, said: 
 
"The completion of the acquisition of Sovereign Reversions ensures that the 
enlarged Group's position as one of the UK's leading equity release distributors 
and providers is significantly strengthened.  In addition, both our existing and 
new customers and shareholders will benefit from the resulting economies of 
scale, an enhanced ability to access sources of finance and a widening of 
distribution and marketing capabilities. 
 
"We look forward to working with the Sovereign team to consolidate further our 
industry position and take advantage of the excellent growth prospects of the 
equity release market." 
 
 
For further information please contact: 
 
+----------------------------------------------+--------------+ 
| Grainger plc                                 |     Tel: 020 | 
|                                              |    7795 4700 | 
+----------------------------------------------+--------------+ 
| Andrew Cunningham, Chief Executive           |              | 
+----------------------------------------------+--------------+ 
| Peter Couch, Chief Operating Officer         |              | 
+----------------------------------------------+--------------+ 
| Dave Butler, Director, Corporate Affairs     |              | 
|                                              |              | 
+----------------------------------------------+--------------+ 
|                                              |              | 
+----------------------------------------------+--------------+ 
| J.P. Morgan Cazenove, Financial Adviser to   |     Tel: 020 | 
| Grainger                                     |    7588 2828 | 
+----------------------------------------------+--------------+ 
| Robert Fowlds                                |              | 
+----------------------------------------------+--------------+ 
| Bronson Albery                               |              | 
| Edouard Asselin                              |              | 
|                                              |              | 
+----------------------------------------------+--------------+ 
|                                              |              | 
+----------------------------------------------+--------------+ 
| Financial Dynamics, Financial PR to Grainger |     Tel: 020 | 
|                                              |    7831 3113 | 
+----------------------------------------------+--------------+ 
| Stephanie Highett                            |              | 
+----------------------------------------------+--------------+ 
| Dido Laurimore                               |              | 
+----------------------------------------------+--------------+ 
| Rachel Drysdale                              |              | 
|                                              |              | 
+----------------------------------------------+--------------+ 
|                                              |              | 
+----------------------------------------------+--------------+ 
| Sovereign Reversions plc                     |   Tel: 01234 | 
|                                              |       356300 | 
+----------------------------------------------+--------------+ 
| Graeme Marshall, Chief Executive             |              | 
|                                              |              | 
+----------------------------------------------+--------------+ 
| Charles Stanley Securities, Joint Rule 3     |     Tel: 020 | 
| Adviser and broker to Sovereign Reversions   |    7149 6000 | 
+----------------------------------------------+--------------+ 
| Dugald Carlean                               |              | 
|                                              |              | 
+----------------------------------------------+--------------+ 
|                                              |              | 
+----------------------------------------------+--------------+ 
| Fairfax I.S. PLC, Joint Rule 3 Adviser to    |     Tel: 020 | 
| Sovereign Reversions                         |    7598 5368 | 
+----------------------------------------------+--------------+ 
| David Floyd                                  |              | 
+----------------------------------------------+--------------+ 
| Andrew Cox                                   |              | 
+----------------------------------------------+--------------+ 
 
Charles Stanley Securities, a division of Charles Stanley & Co Limited is acting 
exclusively for Sovereign Reversions and no one else in connection with the 
possible Transaction and will not be responsible to anyone other than Sovereign 
Reversions for providing the protections afforded to customers of Charles 
Stanley Securities or for providing advice in relation to the possible 
Transaction or any other matter referred to herein. 
 
Fairfax I.S. PLC is acting exclusively for Sovereign Reversions and no one else 
in connection with the possible Transaction and will not be responsible to 
anyone other than Sovereign Reversions for providing the protections afforded to 
customers of Fairfax I.S. PLC or for providing advice in relation to the 
possible Transaction or any other matter referred to herein. 
 
J.P. Morgan Cazenove is a marketing name for the UK investment banking business 
of J.P. Morgan plc and its associated companies. J.P. Morgan Cazenove is acting 
exclusively for Grainger and no one else in connection with the possible 
Transaction and will not be responsible to anyone other than Grainger for 
providing the protections afforded to customers of J.P. Morgan Cazenove or for 
providing advice in relation to the possible Transaction or any other matter 
referred to herein. 
 
Brewin Dolphin Investment Banking acts as joint broker to Grainger. 
Dealing disclosure requirements 
 
Under Rule 8.3(a) of the City Code, any person who is interested in 1 per cent. 
or more of any class of relevant securities of an offeree company or of any 
paper offeror (being any offeror other than an offeror in respect of which it 
has been announced that its offer is, or is likely to be, solely in cash) must 
make an Opening Position Disclosure following the commencement of the offer 
period and, if later, following the announcement in which any paper offeror is 
first identified.  An Opening Position Disclosure must contain details of the 
person's interests and short positions in, and rights to subscribe for, any 
relevant securities of each of (i) the offeree company and (ii) any paper 
offeror(s).  An Opening Position Disclosure by a person to whom Rule 8.3(a) 
applies must be made by no later than 3.30 pm (UK time) on the 10th business day 
following the commencement of the offer period and, if appropriate, by no later 
than 3.30 pm (UK time) on the 10th business day following the announcement in 
which any paper offeror is first identified.  Relevant persons who deal in the 
relevant securities of the offeree company or of a paper offeror prior to the 
deadline for making an Opening Position Disclosure must instead make a Dealing 
Disclosure. 
 
Under Rule 8.3(b) of the City Code, any person who is, or becomes, interested in 
1 per cent. or more of any class of relevant securities of the offeree company 
or of any paper offeror must make a Dealing Disclosure if the person deals in 
any relevant securities of the offeree company or of any paper offeror.  A 
Dealing Disclosure must contain details of the dealing concerned and of the 
person's interests and short positions in, and rights to subscribe for, any 
relevant securities of each of (i) the offeree company and (ii) any paper 
offeror, save to the extent that these details have previously been disclosed 
under Rule 8.  A Dealing Disclosure by a person to whom Rule 8.3(b) applies must 
be made by no later than 3.30 pm (UK time) on the business day following the 
date of the relevant dealing. 
 
If two or more persons act together pursuant to an agreement or understanding, 
whether formal of informal, to acquire or control an interest in relevant 
securities of an offeree company or a paper offeror, they will be deemed to be a 
single person for the purpose of Rule 8.3. 
 
Opening Position Disclosures must also be made by the offeree company and by any 
offeror and Dealing Disclosures must also be made by the offeree company, by any 
offeror and by any persons acting in concert with any of them (see Rules 8.1, 
8.2 and 8.4). 
 
Details of the offeree and offeror companies in respect of whose relevant 
securities Opening Position Disclosures and Dealing Disclosures must be made can 
be found in the Disclosure Table on the Takeover Panel's website at 
www.thetakeoverpanel.org.uk, including details of the number of relevant 
securities in issue, when the offer period commenced and when any offeror was 
first identified.  If you are in any doubt as to whether you are required to 
make an Opening Position Disclosure or a Dealing Disclosure, you should contact 
the Panel's Market Surveillance Unit on +44 (0)20 7638 0129. 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 ACQZMGGRFLZGGZM 
 

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