REG - Bank of Ireland Grp - Tender Offer Update - Preference Shares

Bank of IrelandAnnouncement

30/06/2023 16:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230630:nRSd6186Ea&default-theme=true

RNS Number : 6186E  Bank of Ireland Group PLC  30 June 2023

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON
LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS
(INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE
ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF THE UNITED STATES AND
THE DISTRICT OF COLUMBIA) (THE "UNITED STATES") OR TO ANY U.S. PERSON (AS
DEFINED IN REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933 AS
AMENDED) (THE "SECURITIES ACT"). NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION
IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY OTHER JURISDICTION
WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT.

(SEE "OFFER AND DISTRIBUTION RESTRICTIONS" BELOW)

The Governor and Company of the Bank of Ireland

tender offer in respect of the £32,593,734 8.125 per cent non-cumulative,
non-redeemable preference shares issued by

Bristol & West plc

(a subsidiary of the Offeror and a member of the Bank of Ireland Group)

(ISIN: GB0000510205)

 

Early Results Announcement following the General Expiration Deadline of the
Tender Offer

 

30 June 2023

On 21 June 2023, The Governor and Company of the Bank of Ireland (the
"Offeror"), a subsidiary of Bank of Ireland Group plc ("BOIG"), had announced
invitations to holders to tender any and all of their £32,593,734 8.125 per
cent non-cumulative, non-redeemable preference shares issued by Bristol &
West plc (itself a wholly owned subsidiary of the Bank of Ireland Group) (the
"Preference Shares") on the terms set out in the offer memorandum dated 21
June 2023 (the "Offer Memorandum") (the "Tender Offer").

Capitalised terms not otherwise defined in this announcement have the same
meaning as assigned to them in the Offer Memorandum.

The Offeror today announces its acceptance of validly submitted Tender
Instructions received by the Receiving Agent prior to 1.00 p.m. (UK time) on
29 June 2023 (the "General Expiration Deadline").

Preference Share Holders should note that the Tender Offer remains open to
Retail Investors (and such other Preference Share Holders as the Offeror may
determine at its sole and absolute discretion) until the Retail Expiration
Deadline, as further detailed in the section entitled "Retail Expiration
Deadline" below, and in the Offer Memorandum.

 

ACCEPTANCE OF VALID TENDER INSTRUCTIONS RECEIVED PRIOR TO THE GENERAL
EXPIRATION DEADLINE

 

The Offeror hereby announces that it accepts for purchase all Preference
Shares validly tendered pursuant to the Tender Offer prior to the General
Expiration Deadline, as set out in the table below:

 

 Aggregate nominal amount (and percentage) validly tendered*                                        Payment in Lieu of Dividend Amount**                                         Total Payment                                                                  Outstanding nominal amount not held by the Offeror post Early Settlement

                                                                                                                                                                                                 Date***
                                                              Offer Price**
 £5,181,053                                                   117.5%                                                                                                             118.813% or £1.18813 for each Preference Share (by reference to the Payment    £27,412,681

                                                                            in Lieu of Dividend Amount applicable to the expected Early Settlement Date)

                                                                                                    1.313% or £0.01313 for each Preference Share for validly submitted Tender    ****

                                     Instructions received prior to the General Expiration Deadline ****

 15.90%                                                       £1.17500 for each Preference Share                                                                                                                                                                84.10%


 

* Prior to the General Expiration Deadline. Percentage tendered by reference
to the nominal outstanding immediately prior to the launch of the Tender
Offer, being £32,593,734

** For further detail on the Offer Price and Payment in Lieu of Dividend
Amount, please refer to the Offer Memorandum

*** After settlement on the expected Early Settlement Date of 13 July 2023

**** Based on the Offer settling on the expected Early Settlement Date of 13
July 2023

 

The Settlement Date for Institutional Investors and for Retail Investors whose
respective validly submitted Tender Instructions were received by the
Receiving Agent prior to the General Expiration Deadline is expected to be 13
July 2023 (the "Early Settlement Date").

 

Unless otherwise determined by the Offeror in its sole and absolute
discretion, any Tender Instructions received by the Receiving Agent from
Institutional Investors after the General Expiration Deadline have not been
and will not be accepted.

 

Following the Early Settlement Date, the Offeror will hold 5,181,053 (or
15.90%) of the amount of the Preference Shares then outstanding immediately
prior to the launch of the Tender Offer. Bank of Ireland UK Holdings plc also
holds 100,000 Ordinary Shares in Bristol & West. Therefore, following the
Early Settlement Date, the Bank of Ireland Group will hold, in aggregate,
16.15% of the entire issued share capital of Bristol & West.

 

The Offeror and Bristol & West do not intend to cancel any of the
Preference Shares tendered pursuant to the Tender Offer. The Offeror intends
to retain the Preference Shares with the objective of acquiring a sufficient
number of Preference Shares to pass the Articles Amendment and the Liquidation
Resolution at a general meeting required in connection with the anticipated
future liquidation of Bristol & West, as further described in the Offer
Memorandum.

 

RETAIL EXPIRATION DEADLINE

 

With respect to any Retail Investors who have not previously submitted Tender
Instructions in respect of their Preference Shares prior to the General
Expiration Deadline, the Tender Offer has not expired for such Retail
Investors.

 

The expiration deadline for Retail Investors (and such other Preference Share
Holders as the Offeror may determine at its sole and absolute discretion) is
the Retail Expiration Deadline, 1.00 p.m. on 2 August 2023.

Preference Share Holders who are Retail Investors who hold their Preference
Shares outside CREST in certificated form can still complete a Tender
Instruction Form online at www.linkgroup.eu/bristol-and-west
(http://www.linkgroup.eu/bristol-and-west) and submit it prior to the Retail
Expiration Deadline. Note that for ease of administration of the Tender Offer,
the Offeror will only accept tenders of all (and not part) of the Preference
Shares held by a Preference Share Holder in certificated form.

Preference Share Holders who are Retail Investors who hold their Preference
Shares in CREST can participate in the Tender Offer by arranging for the CREST
Participant through which they hold their Preference Shares to submit a Tender
Instruction on their behalf via CREST, prior to the Retail Expiration
Deadline.

The settlement date for Retail Investors whose respective validly submitted
Tender Instructions are received by the Receiving Agent after the General
Expiration Deadline and prior to the Retail Expiration Deadline is expected to
be 16 August 2023 (subject to the right of the Offeror to extend, re-open,
amend and/or terminate any of the Tender Offer, as applicable) (the "Retail
Settlement Date").

 

The Offeror retains the discretion to accept Tender Instructions received
after the General Expiration Deadline or the Retail Expiration Deadline, which
in each case will be at the sole and absolute discretion of the Offeror.

Offer Price and Payment in Lieu of Dividend Amount

The total consideration payable to each Preference Share Holder in respect of
each Preference Share validly submitted for tender and accepted for purchase
by the Offeror on or before the General Expiration Deadline will be an amount
in cash equal to (i) the Offer Price for the Preference Shares, plus (ii) the
Payment in Lieu of Dividend Amount for the applicable Settlement Date, as set
out in the Offer Memorandum.

INDICATIVE TIMETABLE

 

The following table sets out the expected dates and times of the key events
relating to the Tender Offer following the date of this announcement.  The
below times and dates are indicative only, and subject to change and to the
right of the Offeror to extend, reopen, amend and/or terminate the Offer
(subject to applicable law and as provided in the Offer Memorandum).
Accordingly, the actual timetable may differ from the timetable below.

 

 Events                                                                           Times and Dates

                                                                                  (All times are UK time)
 Early Settlement Date                                                            13 July 2023
 This is the expected settlement date of the Early Acceptances to the Tender
 Offer, including (i) purchase by the Offeror of Preference Shares validly
 tendered and accepted pursuant to the Tender Offer and (ii) payment of the
 Offer Price and the relevant Payment in Lieu of Dividend Amount in respect of
 such Preference Shares.
 Retail Expiration Deadline                                                       1.00 p.m. on 2 August 2023
 Deadline for receipt by the Receiving Agent of Tender Instructions from a
 Retail Investor to be eligible (if such Preference Shares are accepted for
 purchase by the Offeror) to receive the Offer Price and the relevant Payment
 in Lieu of Dividend Amount. Accordingly, this is the latest time and date for
 (i) receipt of Tender Instruction Forms for tendered Preference Shares in
 certificated form; and (ii) settlement of TTE Instructions for Preference
 Shares tendered in CREST.

 Please note that only Retail Investors can submit a Tender Instruction by the
 Retail Expiration Deadline.
 Record date in respect of later instructions                                     6.30 p.m. on 2 August 2023
 Final Results Announcement                                                       3 August 2023
 Announcement of the Offeror's decision whether to accept valid tenders of
 Preference Shares received prior to the Retail Expiration Deadline pursuant to
 the Tender Offer.

 Details of:

 (i) the number of Preference Shares validly tendered whose respective validly
 submitted Tender Instructions are received by the Receiving Agent after the
 General Expiration Deadline and prior to the Retail Expiration Deadline
 pursuant to the Tender Offer that the Offeror determines, in its sole
 discretion, that it will accept for purchase;

 (ii) the number of Preference Shares purchased pursuant to the Tender Offer
 (being the amount purchased on the Early Settlement Date plus the amount to be
 purchased on the Retail Settlement Date);

 (iii) the percentage of Preference Shares validly tendered before the Retail
 Expiration Deadline pursuant to the Tender Offer; and

 (iv) the aggregate percentage of Preference Shares and Ordinary Shares of
 Bristol & West that will be owned by the Bank of Ireland Group following
 the Retail Settlement Date.
 Retail Settlement Date                                                           16 August 2023
 This is the expected settlement date of the Later Acceptances to the Tender
 Offer, including (i) purchase of Preference Shares purchased in the Tender
 Offer by the Offeror and (ii) payment of the Offer Price and the relevant
 Payment in Lieu of Dividend Amount in respect of such Preference Shares.

The above times and dates are indicative only, and subject to change and to
the right of the Offeror to extend, re-open, amend and/or terminate the Tender
Offer (subject to applicable law and as provided in the Offer Memorandum).

 

Preference Share Holders are advised to check with any bank, custodian,
securities broker or other Intermediary through which they hold their
Preference Shares when such Intermediary would need to receive instructions
from a Preference Share Holder in order for that Preference Share Holder to be
able to participate in, or (in the limited circumstances in which revocation
is permitted) revoke their instruction to participate in, the Tender Offer
before the relevant deadlines specified in this announcement and the Offer
Memorandum.  The deadlines set by any such Intermediary will be earlier than
the relevant deadlines specified above.

 

Further Information

 

D.F. King Ltd has been appointed by the Offeror as retail information agent
(the "Retail Information Agent"). Link Market Services Limited has been
appointed to act as receiving agent in connection with the Tender Offer.
J&E Davy Unlimited Company, Jefferies International Limited, Lloyds Bank
Corporate Markets plc, UBS AG London Branch have been appointed as dealer
managers for the purposes of the Tender Offer, to provide further information
to Institutional Investors only. Their details are set out below.

 

A "Retail Investor" means a Preference Shareholder who is not an Institutional
Investor (as defined below). Any Shareholder who is an individual (rather than
a company or other organisation) will be a Retail Investor. Any Shareholder
that is a company or other organisation and is not sure whether they are a
Retail Investor or an Institutional Investor may contact the Retail
Information Agent for further information, using the contact details below.

 

An "Institutional Investor" means a Preference Shareholder that is:

(i)         an "eligible counterparty" or a "professional client",
each as defined in Directive 2014/65/EU (as amended); or

(ii)       an "eligible counterparty" as defined in the FCA Handbook
Conduct of Business Sourcebook or a "professional client" as defined in
Regulation (EU) No 600/2014 as it forms part of English domestic law by virtue
of the European Union (Withdrawal) Act 2018.

 

Retail Investors

 

Retail Investors who have questions or require technical assistance in
connection with the delivery of Tender Instructions should contact the
Receiving Agent using the following contact details:

 Link Market Services Limited

 Telephone: 0800 029 4524 (if calling from the UK)(1)

 Telephone: +44 800 029 4524 (if calling from outside the UK)(( 1  (#_ftn1) ))

Retail Investors who have any other questions regarding the Tender Offer
should contact the Retail Information Agent using the following contact
details:

 D.F. King

 Telephone: 0800 029 4528 (if calling from the UK) (( 2  (#_ftn2) ))

 Telephone: +44 800 029 4528 (if calling from outside the UK) (2)

 

Institutional Investors

 

Institutional Investors, nominees, banks, brokers, or custodians who have
procedural questions or require technical assistance in connection with the
delivery of Tender Instructions should contact D.F. King using the following
contact details:

 D.F. King

 Telephone: 0207 920 9700 (if calling from the UK)

 Telephone: +44 20 7058 0080 / 0090 (if calling from outside the UK) (( 3 
 (#_ftn3) ))

 Email: BOI@dfkingltd.co.uk

 

Institutional Investors who have any other questions regarding the Tender
Offer should contact the Dealer Managers using the following contact details:

 J&E Davy Unlimited Company                         Jefferies International Limited

 Tel: +3531 6797788                                 Tel: +44 75 2516 8520

 Email: dcf@davy.ie                                 Email: Liabilitymanagement@jefferies.com

                                                    Attn: Liability Management

 Lloyds Bank Corporate Markets plc                  UBS AG, London Branch

 Tel: +44 20 7158 1726 / 1719                       Tel: +44 20 7568 1121

 Email: lbcmliabilitymanagement@lloydsbanking.com   Email: ol-liabilitymanagement-eu@ubs.com

 Attn: Liability Management                         Attn: Liability Management

 

 

 

DISCLAIMER: This announcement must be read in conjunction with the
announcement relating to the Tender Offer published by Bristol & West on
21 June 2023 (the "Launch Announcement"), Offer Memorandum and any other
announcements published in connection with the Tender Offer. This
announcement, the Launch Announcement and the Offer Memorandum contain
important information which should be read carefully before any decision is
made with respect to the Tender Offer. If you are in any doubt as to the
contents of this announcement or the Offer Memorandum or the action you should
take, you are recommended to seek your own financial and legal advice,
including as to any tax consequences, immediately from your broker, solicitor,
accountant or other independent financial or legal adviser. Any person whose
Preference Shares are held on its behalf by a custodian, broker, dealer,
commercial bank, trust company or other nominee or intermediary (each an
"Intermediary") should contact such Intermediary urgently if it wishes to
participate in the Tender Offer. None of the Offeror, Bristol & West, the
Dealer Managers, the Receiving Agent or the Retail Information Agent makes any
recommendation as to whether holders should tender Preference Shares pursuant
to the Tender Offer. Shareholders should consult their own advisers as needed
to assist them in making a decision in respect of the Tender Offer and to
advise them whether they are legally permitted to tender their Preference
Shares.

 

OFFER AND DISTRIBUTION RESTRICTIONS: Neither this announcement nor the Offer
Memorandum constitutes an offer or an invitation to participate in the Tender
Offer in any jurisdiction in which, or to any person to or from whom, it is
unlawful to make such invitation or for there to be such participation under
applicable securities laws. The distribution of this announcement and the
Offer Memorandum in certain jurisdictions may be restricted by law. Persons
into whose possession this announcement and/or the Offer Memorandum come are
required by each of the Offeror, Bristol & West, the Dealer Managers, the
Receiving Agent and the Retail Information Agent to inform themselves about
and to observe any such restrictions.

 

Retail Investors who believe they are unable to participate in the Tender
Offer due to the offer and distribution restrictions set out below are urged
to contact the Retail Information Agent as a matter of priority.

United States: The Tender Offer is not being made and will not be made to (or
for the account or benefit of) U.S. persons (as defined in Regulation S under
the Securities Act) or directly or indirectly in or into, or by use of the
mails of, or by any means or instrumentality of interstate or foreign commerce
of or of any facilities of a national securities exchange of, the United
States. This includes, but is not limited to, facsimile transmission,
electronic mail, telex, telephone, the internet and other forms of electronic
communication.  The Preference Share may not be tendered in the Tender Offer
by any such use, means, instrumentality or facility from or within the United
States or by U.S. persons or by persons located or resident in the United
States as defined in Regulation S of the U.S. Securities Act of 1933, as
amended (the "Securities Act"). Accordingly, copies of the Offer Memorandum
and any other documents or materials relating to the Tender Offer are not
being, and must not be, directly or indirectly mailed or otherwise
transmitted, distributed or forwarded (including, without limitation, by
custodians, nominees or trustees) in or into the United States or to any
persons located or resident in the United States or to U.S. persons. Any
purported tender of Preference Shares in the Tender Offer resulting directly
or indirectly from a violation of these restrictions will be invalid and any
purported tender of Preference Shares made by a U.S. person or by a person
located in the United States or any agent, fiduciary or other Intermediary
acting on a non-discretionary basis for a principal that is a U.S. person or
that is giving instructions from within the United States will be invalid and
will not be accepted.

As used in this document, "United States" means the United States of America,
its territories and possessions (including Puerto Rico, the U.S. Virgin
Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands),
any state of the United States of America and the District of Columbia.

Each Preference Shareholder participating in the Tender Offer will represent
that it is not a U.S. Person, is not located in the United States and is not
participating in the Tender Offer from the United States, or it is acting on a
non-discretionary basis for a principal located outside the United States that
is not a U.S. person and is not giving an order to participate in the Tender
Offer from the United States.

In addition, nothing in this announcement and/or the Offer Memorandum or the
transmission therefore constitutes or contemplates an offer of, or the offer
to purchase or the solicitation of an offer to sell securities in the United
States or any other jurisdiction. The Preference Shares have not been, and
will not be, registered under the Securities Act or the securities laws of any
state or other jurisdiction of the United States, and the Preference Shares
may not be offered, sold or delivered, directly or indirectly, within the
United States or to, or for the account or benefit of, U.S. persons (as
defined in Regulation S under the Securities Act) except pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and applicable state or local securities
laws. Accordingly, this announcement and the Offer Memorandum must not be
distributed in or into the United States or to U.S. persons (as defined in
Regulation S under the Securities Act) in any circumstances.

United Kingdom: The communication of this announcement and the Offer
Memorandum by the Offeror and any other documents or materials relating to the
Tender Offer are not being made, and such documents and/or materials have not
been approved, by an authorised person for the purposes of section 21 of FSMA.

Accordingly, such documents and/or materials are not being distributed to, and
must not be passed on to, the general public in the United Kingdom. The
communication of such documents and/or materials as a financial promotion is
only being made to, and may only be acted upon by, those persons in the United
Kingdom falling within Article 43 of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005, as amended (the "Financial Promotion
Order") (which includes an existing member of Bristol & West and,
therefore, includes the Preference Share Holders) or within the definition of
investment professionals (as defined in Article 19(5) of the Financial
Promotion Order) or any other persons to whom it may otherwise lawfully be
made under the Financial Promotion Order.

Ireland: The Tender Offer is not being made, directly or indirectly, to the
public in Ireland and no offers of any Preference Shares under or in
connection with such Tender Offer may be effected to persons in Ireland except
in conformity with the provisions of Irish laws and regulations (the
"Applicable Irish Laws") including: (i) the Irish Companies Act 2014; (ii) the
Irish Central Bank Acts 1942 to 2023 (as amended) and any codes of practice
made under Section 117(1) of the Central Bank Act 1989 (as amended); (iii) the
Regulation (EU) 2017/1129 (as amended), the European Union (Prospectus)
Regulations 2019 and any rules issued under Section 1363 of the Companies Act
by the Central Bank of Ireland (the "Central Bank"); (iv) the European Union
(Markets in Financial Instruments) Regulations 2017 (as amended) and any codes
or rules of conduct applicable thereunder, Regulation (EU) No 600/2014 and any
delegated or implementing acts adopted thereunder and the provisions of the
Investor Compensation Act 1998 (as amended); and (v) the Market Abuse
Regulation (EU 596/2014) (as amended), the European Union (Market Abuse)
Regulations 2016 (as amended) and any rules and guidelines issued under
Section 1370 of the Irish Companies Act 2014 by the Central Bank.

The Tender Offer and any other documents or materials relating to the Tender
Offer must not be distributed to persons in Ireland otherwise than in
conformity with the provisions of the Applicable Irish Law.

General: Neither the Offer Memorandum nor this announcement constitutes an
offer to buy or the solicitation of an offer to sell Preference Shares (and
tenders of Preference Shares in the Tender Offer will not be accepted from
Preference Shareholders) in any circumstances in which such offer or
solicitation is unlawful.

In addition to the representations referred to above in respect of the United
States, the United Kingdom, and Ireland, each Shareholder participating in an
Offer will also be deemed to give certain representations, acknowledgements,
warranties and undertakings and make certain agreements in respect of the
jurisdictions referred to above and generally as described in the Annex
("Agreements, Acknowledgements, Representations, Warranties and Undertakings")
of the Offer Memorandum.

Any tender of Preference Shares for purchase pursuant to the Tender Offer from
a Preference Shareholder that is unable to make these representations will not
be accepted. Each of the Offeror, Bristol & West, the Issuer, the Dealer
Managers, the Receiving Agent and the Retail Information Agent reserves the
right, in its absolute discretion to investigate, in relation to any tender of
Preference Shares for purchase pursuant to the Tender Offer, whether any such
representation given by a Preference Share Holder is correct and, if such
investigation is undertaken and as a result the Offeror determines (for any
reason) that such representation is not correct, such tender shall not be
accepted.

The Offer Memorandum contains certain forward-looking statements that reflect
the Offeror's intent, beliefs or current expectations about the future and can
be recognised by the use of words such as "expects," "will,", "anticipate," or
words of similar meaning. These forward-looking statements are not guarantees
of any future performance and are necessarily estimates reflecting the best
judgment of the senior management of the Offeror and involve a number of risks
and uncertainties that could cause actual results to differ materially from
those suggested by the forward-looking statements. As a consequence, these
forward-looking statements should be considered in light of various important
factors that could cause actual results to differ materially from estimates or
projections contained in the forward-looking statements, which include,
without limitation, the risk factors set forth in the Offer Memorandum. The
Offeror cannot guarantee that any forward-looking statement will be realised,
although they believe they have been prudent in their respective plans and
assumptions. Achievement of future results is subject to risks, uncertainties
and assumptions that may prove to be inaccurate. Should known or unknown risks
or uncertainties materialise, or should underlying assumptions prove
inaccurate, actual results could vary materially from those anticipated,
estimated or projected. The Offeror undertakes no obligation to update
publicly or release any revisions to these forward-looking statements to
reflect events or circumstances or to reflect the occurrence of unanticipated
events, except as required by applicable law.

 

 1  (#_ftnref1) Lines are open from 8.30 a.m. to 5.30 p.m. (UK time) Monday to
Friday (excluding public holidays in England and Wales). Calls from within the
UK are charged at the standard geographic rate and will vary by provider.
Calls to the helpline from outside the UK will be charged at the applicable
international rate. Please note that calls may be monitored for security and
training purposes. The helpline cannot provide advice on the merits of the
Tender Offer nor give any financial, legal or tax advice.

 2  (#_ftnref2) Lines are open from 9.00 a.m. to 5.30 p.m. (UK time) Monday to
Friday (excluding public holidays in England and Wales). Calls to Freephone
numbers will vary by provider. Calls from outside the UK will be charged at
the applicable international rate. Please note that calls may be monitored for
security and training purposes. The helpline cannot provide advice on the
merits of the Tender Offer nor give any financial, legal or tax advice.

 3  (#_ftnref3) Lines are open from 9.00 a.m. to 5.30 p.m. (UK time) Monday to
Friday (excluding public holidays in England and Wales). Calls to Freephone
numbers will vary by provider. Calls from outside the UK will be charged at
the applicable international rate. Please note that calls may be monitored for
security and training purposes. The helpline cannot provide advice on the
merits of the Tender Offer nor give any financial, legal or tax advice.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TENWPUCWQUPWGAU