REG - CK Asset Holdings Greene King PLC - Statement re post-offer intention statements

CK Asset HoldingsAnnouncement

24/04/2020 14:40

RNS Number : 8410K
  
CK Asset Holdings Limited
  
24 April 2020
  
 

24 April 2020
 
 
CK NOBLE (UK) LIMITED
 
RULE 19.6(B) UPDATE TO STATED POST-OFFER INTENTION STATEMENTS WITH REGARD TO GREENE KING LIMITED ("GREENE KING"), FORMERLY KNOWN AS GREENE KING PLC
 
CK Noble (UK) Limited ("CK Bidco"), (a wholly-owned indirect subsidiary of CK Asset Holdings Limited ("CKA")) is providing an update in relation to the statements of intent made at the time of its acquisition of Greene King pursuant to Rules 2.7(c)(iv) and 24.2 of The City Code on Takeovers and Mergers (the "Code") (the "Stated Intentions"), as set out in its announcement of 19 August 2019 and the scheme document published on 16 September 2019 (together, the "Offer Documentation"). 
 
This announcement is required under Rule 19.6(b) of the Code. 
 
The Stated Intentions as at the date of the Offer Documentation included that CK Bidco did not intend, amongst other things, to make material changes with regard to the continued employment of the employees and management of Greene King or the composition of the business.
 
In the light of the COVID-19 pandemic, however, and to adhere to the requirements prescribed by the UK government, the Greene King management, with the full support of CK Bidco, has implemented some necessary changes, including those described below. 
 
All pubs across the Greene King portfolio have been closed in accordance with the UK government instructions and, as a result, over 95% of the Greene King staff, being persons who are unable to perform their functions as a result of the current pub closures, are now on furlough arrangements. The current terms of such furlough arrangements meet or are enhanced compared to the government's guidelines. 
 
Subject to any further restrictions that may be imposed or extended by the UK government, the current changes to the business composition and operations are expected to be temporary. Greene King intends to end the furlough arrangements when appropriate and for employees to have the opportunity to return to their roles within Greene King at that time. 
 
Enquiries:



Greene King
Nick Mackenzie, Chief Executive 
Richard Smothers, Chief Financial Officer 
 


 
Tel: +44(0) 128476 3222 




HSBC Bank plc (financial adviser to CKA and CK Bidco) 
Anthony Parsons
David Plowman
Aamir Khan
Edmond Tin


 
Tel: +44(0) 207991 8888



 
Important notice
 
HSBC Bank plc ("HSBC"), which is authorised by the PRA and regulated by the PRA and the FCA in the United Kingdom, is acting exclusively as financial adviser to CKA and CK Bidco and no one else in connection with the acquisition and will not be responsible to anyone other than CKA and CK Bidco for providing the protections afforded to clients of HSBC nor for giving advice in relation to the acquisition or any matter or arrangement referred to in this announcement. Neither HSBC, nor any of its group undertakings or affiliates, owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of HSBC in connection with this announcement, any statement contained herein or otherwise. 
 


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