Telecom Plus PLC Result of Tender Offer (8265J)
03 July 2017 - 4:00PM
UK Regulatory
TIDMTEP
RNS Number : 8265J
Telecom Plus PLC
03 July 2017
Telecom Plus PLC (the "Company")
Result of Tender Offer
The Company today announces the final results of the Tender
Offer, details of which were set out in the circular to
Shareholders published by the Company on 20 June 2017 ("Tender
Offer Circular").
The Company confirms that the Tender Offer Price is GBP11.65,
being the lower of (i) GBP12.03 (being the closing price per
Ordinary Share on 19 June 2017, the last practicable date prior to
the date of the Tender Offer Circular) and (ii) GBP11.65, being the
average market value of an Ordinary Share for the five Business
Days prior to 3 July 2017 (being the date on which the Ordinary
Shares are to be purchased). At the Tender Offer Price of GBP11.65,
the maximum aggregate number of Ordinary Shares that may be
purchased pursuant to the Tender Offer is 2,145,922 Ordinary
Shares.
A total of 7,162,712 Ordinary Shares were validly tendered by
Shareholders under the Tender Offer.
All valid tenders will be satisfied in full up to the Individual
Basic Entitlement of 2.666 per cent., and following application of
the scale-back mechanism (as set out in the Circular),
approximately 26.273 per cent. of the Ordinary Shares validly
tendered in excess of the Individual Basic Entitlement will also be
satisfied. After application of the scale-back mechanism, a total
of 2,145,890 Ordinary Shares will therefore be purchased (taking
into account the impact of rounding) under the Tender Offer
(representing approximately 2.666 per cent. of the Company's issued
Ordinary Share capital (excluding treasury shares) as at 30 June
2017). The total value of all Ordinary Shares purchased is GBP25
million.
As set out in the Tender Offer Circular, such Ordinary Shares
will be purchased by Peel Hunt pursuant to the Tender Offer and the
Company will subsequently buy back such Ordinary Shares from Peel
Hunt.
It is anticipated that proceeds payable for the certificated
Ordinary Shares purchased under the Tender Offer will be sent to
Shareholders by 10 July 2017 in the form of a cheque and that CREST
account holders will have their CREST accounts credited by 10 July
2017. Balance share certificates for unsold certificated Ordinary
Shares and share certificates for unsuccessfully tendered Ordinary
Shares will also be sent by 10 July 2017.
Andrew Lindsay, Chief Executive Officer of the Company, has
successfully tendered 25,226 Ordinary Shares in the Tender Offer.
As stated in the Tender Offer Circular, no other Directors have
participated in the Tender Offer.
Capitalised terms used in this announcement have the same
meaning as ascribed to them in the Tender Offer Circular.
For further information,
please contact:
Telecom Plus PLC
David Baxter 020 8955 5000
Peel Hunt LLP
Dan Webster
George Sellar
Alex Lomax 020 7418 8900
About Telecom Plus PLC ("Telecom Plus"): www.utilitywarehouse.co.uk
Telecom Plus, which owns and operates the Utility Warehouse
brand, is the UK's only fully integrated provider of a wide range
of competitively priced utility services spanning both the
Communications and Energy markets.
Members benefit from the convenience of a single monthly
statement, consistently good value across all their utilities and
exceptional levels of service. Telecom Plus does not advertise,
relying instead on 'word of mouth' recommendation by existing
satisfied Members and Partners in order to grow its market
share.
Telecom Plus is listed on the London Stock Exchange (Ticker: TEP
LN). For further information please visit
www.utilitywarehouse.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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