REG - Victoria Property Ground Rents Inc Fnd - Statement of no intention to make an offer

Ground Rents Income FundAnnouncement

24/02/2025 17:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250224:nRSX2634Ya&default-theme=true

RNS Number : 2634Y  Victoria Property Holdings Limited  24 February 2025

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, 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 FALLING UNDER RULE 2.8 OF THE UK CITY CODE ON
TAKEOVERS AND MERGERS (THE "CODE")

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

FOR IMMEDIATE RELEASE

 

24 February 2025

 

No intention to make an offer for Ground Rents Income Fund Plc

 

 

On 8 January 2025, Victoria Property Holdings Limited ("Victoria Property",
"we") announced a possible offer for Ground Rents Income Fund plc ("GRIO" or
the "Company"). Following further non-binding indicative offers, the Board of
GRIO announced on 5 February 2025 a revised PUSU deadline of 25 February 2025
to provide Victoria Property an opportunity to assess the ability to submit an
improved proposal ("Proposal"), with access to certain materials.

 

Victoria Property maintains a disciplined acquisition policy and does not
intend to advance a Proposal. Victoria Property also confirms that it does not
intend to make an offer for GRIO under Rule 2.7 of the Code. This is a
statement to which Rule 2.8 of the Code applies.

 

For the purposes of Note 2 on Rule 2.8 of the Code, Victoria Property, and any
person(s) acting in concert with it, reserve the right to make or participate
in an offer or possible offer for GRIO (and/or take any other action which
would otherwise be restricted under Rule 2.8 of the Code) within six months of
the date of this announcement in the following circumstances:

 

a)   with the agreement of the Board of Directors of GRIO;

 

b)   following the announcement of a firm intention to make an offer for
GRIO by or on behalf of a third party;

 

c)   following the announcement by GRIO of a Rule 9 waiver proposal (as
described in Note 1 of the Notes on Dispensations from Rule 9 of the Takeover
Code) or a reverse takeover (as defined in the Code); or

 

d)   where the Panel on Takeovers and Mergers has determined that there has
been a material change of circumstances.

 

 

This announcement has been made without the consent of GRIO.

 

Enquiries:

 Ernst & Young LLP                         +44 (0) 207 951 2000
 (Financial adviser to Victoria Property)
 Fraser Greenshields
 Tom Watson

 

Important notices

Ernst & Young LLP ("EY"), which is authorised and regulated by the
Financial Conduct Authority in the United Kingdom, is acting exclusively for
Victoria Property and for no one else in connection with the matters described
in this announcement and will not be responsible to anyone other than Victoria
Property for providing the protections afforded to clients of EY, or for
providing advice in connection with the matters described in this announcement
or any matter referred to herein.

Additional information

This announcement is not intended to, and does not, constitute, represent or
form part of any offer, invitation or solicitation of an offer to purchase,
otherwise acquire, subscribe for, sell or otherwise dispose of, any securities
whether pursuant to this announcement or otherwise.

The distribution of this announcement in jurisdictions outside the United
Kingdom may be restricted by law or regulation and therefore any person who
comes into possession of this announcement should inform themselves about, and
comply with, such restrictions. Any failure to comply with such restrictions
may constitute a violation of the securities laws or regulations of any such
relevant jurisdiction.

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  OFDEAXALAFESEFA