REG - Hargreaves Servs PLC - Result of Tender Offer

Hargreaves ServicesAnnouncement

30/04/2026 07:02

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RNS Number : 4420C  Hargreaves Services PLC  30 April 2026

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT (TOGETHER THIS
"ANNOUNCEMENT") IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, NEW
ZEALAND, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN, SINGAPORE OR ANY OTHER
JURISDICTION WHERE, OR TO ANY OTHER PERSON TO WHOM, TO DO SO MIGHT CONSTITUTE
A VIOLATION OR BREACH OF ANY APPLICABLE LAW OR REGULATION. PLEASE SEE THE
IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.

 

30 April 2026
 

 

HARGREAVES SERVICES PLC

("Hargreaves" or the "Company")

 

Result of Tender Offer

 

Following the close of the Tender Offer at 1.00 p.m. (UK time) on 28 April
2026, Hargreaves Services plc (AIM: HSP), a diversified group delivering
services to the environmental, infrastructure and property sectors  announces
the result of the Tender Offer, details of which were set out in the circular
published by the Company on 27 March 2026 (the "Circular").

 

The maximum aggregate number of Ordinary Shares that could be purchased
pursuant to the Tender Offer was 2,352,941 Ordinary Shares, representing
approximately 7.12 per cent. of the Issued Ordinary Share Capital as at the
Tender Offer Record Time. The Tender Price was 850 pence per Ordinary Share.

 

In total, 18,867,467 Ordinary Shares were validly tendered, equal to 57.07 per
cent. of the Issued Ordinary Share Capital as at the Tender Offer Record Time.

 

Accordingly, a total of 2,352,941 Ordinary Shares will therefore be purchased
under the Tender Offer. The total value which will be returned to Shareholders
pursuant to the Tender Offer will be approximately £20 million.

 

In accordance with the terms and conditions of the Tender Offer as was
contained in the Circular, all Excess Tenders will be scaled-back pro rata to
the total number of such Ordinary Shares tendered in excess of the Basic
Entitlement and up to the Excess Capacity.

 

Payment of the consideration due to Shareholders, whose tenders under the
Tender Offer have been accepted, is expected to be paid by no later than 22
May 2026.

 

The Company announces that it has been notified that the Participating
Directors have tendered their Basic Entitlements and a separate PDMR dealing
announcement will be made in due course.

 

Total Voting Rights

 

Of the 2,352,941 Ordinary Shares that were successfully tendered, 1,602,941
Ordinary Shares will be cancelled and 750,000 Ordinary Shares will be retained
in treasury in order to satisfy awards made in the future under the Share
Schemes. Following the conclusion of the Tender Offer, the remaining number of
Ordinary Shares in issue will be 31,535,815. The Company currently holds
81,304 Ordinary Shares in treasury and this will be increased to 831,304
Ordinary Shares following the conclusion of the Tender Offer. Therefore, the
total voting rights in the Group following the conclusion of the Tender Offer
will be 30,704,511. This figure for the total number of voting rights may be
used by Shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or a change
to their interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.

 

Unless otherwise defined in this announcement, capitalised terms used in this
announcement will have the same meaning given to them in the Circular.

 

Enquiries:

 Hargreaves Services                        www.hsgplc.co.uk (http://www.hsgplc.co.uk/)

 Gordon Banham, Chief Executive Officer     Tel: 0191 373 4485

 Stephen Craigen, Chief Financial Officer

 Simon Hicks, Chief Operating Officer

 Walbrook PR (Financial PR & IR)            Tel: 020 7933 8780 or hargreavesservices@walbrookpr.com

                                          (mailto:hargreavesservices@walbrookpr.com)
 Paul McManus, Lianne Applegarth,

                                          Mob: 07980 541 893 / 07584 391 303
 Anna Dunphy

                                          07876 741 001

 Singer Capital Markets (Nomad and Joint Corporate Broker)

 Phil Davies, Sara Hale, Dan Ingram                                                             Tel: 020 7496 3000

 Cavendish Capital Markets Ltd (Joint Corporate Broker)                   Tel: 020 7220 0500

 Adrian Hadden, Jasper Berry, Sunila de Silva

 

 

About The Hargreaves Group

Hargreaves Services plc is a diversified group delivering services to the
environmental, infrastructure and property sectors, supporting key industries
within the UK and South East Asia. The Company's three business segments are
Services, Hargreaves Land and an investment in a German joint venture,
Hargreaves Raw Materials Services GmbH ("HRMS"). Services provides critical
support to many core industries including Connectivity, Clean Energy and
Environmental infrastructure through the provision of materials handling,
mechanical and electrical contracting services, logistics and major
earthworks. Hargreaves Land is focused on the sustainable development of
brownfield sites for both residential and commercial purposes. HRMS trades in
specialist commodity markets and owns DK Recycling und Roheisen GmbH, a
specialist recycler of steel waste material. Hargreaves is headquartered in
County Durham and has operational centres across the UK, as well as in Hong
Kong, South Africa and a joint venture in Duisburg, Germany.

 

For further information, please visit www.hsgplc.co.uk
(http://www.hsgplc.co.uk) .

 

Forward Looking Statements

 

This announcement contains forward-looking statements. Forward-looking
statements are neither historical facts nor assurances of future performance.
They are based only on the Group's current beliefs, expectations and
assumptions regarding the future of its business, future plans and strategies,
projections, anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the future, such
statements are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and many of which are outside of
Hargreaves' control. The Group's actual results and financial condition may
differ materially from those indicated in the forward-looking statements.
Therefore, you should not rely on any of these forward-looking statements.

 

Important Notice

 

The offer period for the Tender Offer has now expired. No further tenders of
any Ordinary Shares may be made pursuant to the Tender Offer. This
announcement is not intended to, and does not constitute, or form part of, any
offer to sell or an invitation to purchase or subscribe for any securities or
a solicitation of any vote or approval in any jurisdiction. This announcement
must be read in conjunction with the Circular.

 

This announcement and the Circular contain important information which should
be read carefully. If any Shareholders are in any doubt as to the contents of
this announcement and/or the Circular or the action they should take, they are
recommended to seek their own financial and legal advice, including in respect
of any tax consequences, immediately from their broker, bank manager,
solicitor, accountant or other independent financial, tax or legal adviser.

 

Singer Capital Markets Securities Limited ("Singer Capital Markets"), which is
authorised and regulated by the Financial Conduct Authority, is acting
exclusively for the Company and no-one else as financial adviser and broker in
connection with the Tender Offer and Singer Capital Markets, its affiliates
and its and their respective directors, officers, employees and agents will
not regard any other person as their client, nor will they be responsible to
any person other than the Company for providing the protections afforded to
their clients, or for providing advice in relation to the Tender Offer or any
other matters or arrangements referred to or contained in this Announcement.

 

 

 

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