REG - Harland & Wolff Isles of Scilly SCL - Update re. Possible Offer

Harland & Wolff groupAnnouncement

21/12/2023 10:00

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RNS Number : 6183X  Harland & Wolff Group Holdings PLC  21 December 2023

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THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS
AND MERGERS (THE "CODE").

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

FOR IMMEDIATE RELEASE

 

 

Harland & Wolff Group Holdings plc

("Harland & Wolff" or the "Company")

Response re. announcement by Isles of Scilly Steamship Company Limited

 

 

The Board of Harland & Wolff Group Holdings plc (AIM: HARL) provides the
following update on the possible offer for the  Isles of Scilly Steamship
Company Limited ("ISSCL").

 

As previously announced, the Company has been considering the opportunity to
build and/or operate ferries to service the Isles of Scilly to Penzance route,
which it believes is significantly underserved by its current operation. The
Company continues to believe there is a clear strategic, operational and
financial rationale for the proposed acquisition in pursuit of this and is
disappointed that the board of ISSCL had unequivocally rejected its proposal.
The board of Harland & Wolff has concluded not to pursue this matter and
accordingly the Company does not intend to make a firm offer for ISSCL.
Meanwhile, the Company continues with its plans to offer a fast ferry service
on the Penzance - Isles of Scilly route as well as offer dedicated freight
service on this route. The Company will make further announcements on both
these services in due course.

 

This is a statement to which Rule 2.8 of the Code applies.

 

Under Note 2 on Rule 2.8 of the Code, the Company and any person(s) acting in
concert with it, reserve the right to set the restrictions in Rule 2.8 aside
in any of the following circumstances:

 

a)    with the agreement of the Board of ISSCL;

 

b)    if a third party announces a firm intention to make an offer for
ISSCL;

 

c)   if ISSCL announces a Rule 9 waiver proposal (see Note 1 of the Notes on
Dispensations from Rule 9) or a reverse takeover (as defined in the Code); or

 

d)    if the Takeover Panel has determined that there has been a material
change of circumstances.

 

 

For further information, please visit  www.harland-wolff.com
(http://www.harland-wolff.com/)   or contact:

 

 Harland & Wolff Group Holdings plc                                        +44 (0)20 3900 2122

 John Wood, Chief Executive Officer                                        investor@harland-wolff.com (mailto:investor@harland-wolff.com)

 Arun Raman, Chief Finance Officer                                         media@harland-wolff.com (mailto:media@harland-wolff.com)

 Cavendish Securities plc (Nominated Adviser & Broker)                     +44 (0)20 7397 8900

 Stephen Keys / Callum Davidson / Dan Hodkinson (Corporate Finance)

 Michael Johnson (Sales)

 Liberum Capital Limited (Joint Broker)                                    +44 (0)20 3100 2000

 Nicholas How / Edward Mansfield

 Radnor Capital Partners (Investor Relations)                              +44 (0) 20 3897 1838

 Neville Harris / Joshua Cryer

 

 

About Harland & Wolff

Harland & Wolff is a multisite fabrication company, operating in the
maritime and offshore industry through five markets: commercial, cruise and
ferry, defence, energy and renewables and six services: technical services,
fabrication and construction, decommissioning, repair and maintenance,
in-service support and conversion.

 

Its Belfast yard is one of Europe's largest heavy engineering facilities,
with deep water access, two of Europe's largest drydocks, ample quayside and
vast fabrication halls. As a result of the acquisition of Harland & Wolff
(Appledore) in August 2020, the company has been able to capitalise on
opportunities at both ends of the ship-repair and shipbuilding markets where
there will be significant demand.

 

In February 2021, the company acquired the assets of two Scottish-based yards
along the east and west coasts. Now known as Harland & Wolff (Methil) and
Harland & Wolff (Arnish), these facilities will focus on fabrication work
within the renewables, energy and defence sectors.

 

In addition to Harland & Wolff, it owns the Islandmagee gas storage
project, which is expected to provide 25% of the UK's natural gas storage
capacity and to benefit the Northern Irish economy as a whole when completed.

 

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