REG-Next Fifteen Comm Result of Meeting
25/10/2022 12:00
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Result of Meeting
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO
ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT
LAWS OR REGULATIONS OF SUCH JURISDICTION.
FOR IMMEDIATE RELEASE.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
25 October 2022
FINAL(i) CASH AND SHARE ACQUISITION
OF
M&C SAATCHI PLC
BY
NEXT FIFTEEN COMMUNICATIONS GROUP PLC
Results of the Next 15 Reconvened General Meeting
Next Fifteen Communications Group plc ("Next 15") announces the results of its
Reconvened General Meeting held today in connection with the cash and share
acquisition of M&C Saatchi plc by Next 15.
The Next 15 Resolution to authorise the Directors to allot and issue New Next
15 Shares for the purposes of the Acquisition was duly passed on a poll vote
by the requisite majority.
Each shareholder, present in person or by proxy, was entitled to one vote per
share held at the close of business on 21 October 2022. The total number of
shares in issue at such time was 98,413,658 ordinary shares of 2.5p each. Next
15 held no ordinary shares in treasury.
The results of the poll at the Reconvened General Meeting were as follows:
Ordinary Resolution Number of shares voted % of shares voted
FOR 55,123,216 86.66%
AGAINST 8,482,752 13.34%
WITHHELD* 12,255,571 N/A
TOTAL 63,605,968 100%
*A vote withheld is not a vote in law and counts neither "For" nor "Against"
the Next 15 Resolution.
As noted by the Company in its announcement on 21 October 2022, Next 15 does
not expect the Next 15 Scheme to be approved by M&C Saatchi Shareholders
at the M&C Saatchi Meetings, given the previous statement made by ADV and
Vin Murria (who together hold approximately 22.3% of M&C Saatchi's issued
share capital) that they intended to vote their respective shareholdings in
M&C Saatchi against the Next 15 Scheme.
Capitalised terms used but not defined in this announcement shall have the
meanings given to them in the supplementary circular posted by Next 15 to its
shareholders on 12 October 2022, a copy of which is available on Next 15's
website at www.next15.com/investors/
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.next15.com%2Finvestors%2F&esheet=52952036&newsitemid=20221025005592&lan=en-US&anchor=www.next15.com%2Finvestors%2F&index=1&md5=9cab510a2c4ac429416c6eb49aa56c4f)
.
Enquiries:
Next 15
Tim Dyson (Chief Executive Officer) +1 415 350 2801
Peter Harris (Chief Financial Officer) +44 20 7908 6444
Smith Square Partners (Financial adviser to Next 15) +44 20 3696 7260
John Craven
Jonathan Coddington
Douglas Gilmour
Numis (Broker and NOMAD to Next 15) +44 20 7260 1000
Mark Lander
Hugo Rubinstein
Berenberg (Broker to Next 15) +44 20 3207 7800
Ben Wright
Mark Whitmore
Richard Andrews
MHP (PR adviser to Next 15) +44 20 3128 8100
Katie Hunt next15@mhpc.com (mailto:next15@mhpc.com)
Eleni Menikou
Peter Lambie
Robert Collett-Creedy
Inside Information
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) no. 596/2014 (as it forms part of domestic law by virtue of the European
Union (Withdrawal) Act 2018). On the publication of this announcement via a
Regulatory Information Service, this inside information is now considered to
be in the public domain. The person responsible for making this announcement
is Mark Sanford.
Important Information
Smith Square Partners LLP, which is authorised and regulated by the FCA in the
United Kingdom, is acting exclusively for Next 15 and no one else in
connection with the Acquisition and other matters set out in this announcement
and will not be responsible to anyone other than Next 15 for providing the
protections afforded to clients of Smith Square Partners, or for providing
advice in connection with the Acquisition or any matter referred to herein.
Neither Smith Square Partners nor any of its 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 Smith Square Partners in connection with this announcement,
any statement contained herein or otherwise.
Numis Securities, which is authorised and regulated by the Financial Conduct
Authority in the United Kingdom, is acting exclusively for Next 15 as
nominated adviser and broker, and exclusively for M&C Saatchi as joint
financial advisor and joint broker, and no one else in connection with the
Acquisition and will not be responsible to anyone other than Next 15 and
M&C Saatchi for providing the protections afforded to clients of Numis nor
for providing advice in relation to the Acquisition or any other matters
referred to in this announcement. Neither Numis nor any of its 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 Numis in connection with this announcement, any
statement contained herein or otherwise.
Joh. Berenberg, Gossler & Co. KG, London Branch ("Berenberg"), which is
authorised and regulated by the German Federal Financial Supervisory Authority
(BaFin) and is deemed authorised and regulated by the FCA in the United
Kingdom, is acting exclusively for Next 15 and no one else in connection with
the Acquisition and other matters set out in this Announcement and will not be
responsible to anyone other than Next 15 for providing the protections
afforded to clients of Berenberg, or for providing advice in connection with
the Acquisition or any matter referred to herein. Neither Berenberg nor any of
its 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 Berenberg in
connection with this Announcement, any statement contained herein or
otherwise.
Further information
This announcement is for information purposes only and is not intended to and
does not constitute or form part of an offer, invitation or the solicitation
of an offer or invitation to purchase, or otherwise acquire, subscribe for,
sell or otherwise dispose of any securities or the solicitation of any vote or
approval in any jurisdiction pursuant to the Acquisition or otherwise nor
shall there be any sale, issuance or transfer of securities of Next 15 or
M&C Saatchi pursuant to the Acquisition in any jurisdiction in
contravention of applicable laws. The Acquisition is being implemented solely
pursuant to the terms of the Scheme Document (or, in the event that the
Acquisition is to be implemented by means of a Takeover Offer, the offer
document), which contains the full terms and conditions of the Acquisition,
including details of how to vote in respect of the Acquisition. Any decision
in respect of, or other response to, the Acquisition should be made on the
basis of the information contained in the Scheme Document, the Original
Circular and the Supplementary Circular.
This announcement does not constitute a prospectus or prospectus equivalent
document.
Overseas jurisdictions
The release, publication or distribution of this announcement in or into
jurisdictions other than the United Kingdom may be restricted by law and
therefore any persons who are subject to the laws of any jurisdiction other
than the United Kingdom should inform themselves about, and observe any
applicable legal or regulatory requirements. In particular, the ability of
persons who are not resident in the United Kingdom to vote their M&C
Saatchi Shares with respect to the Scheme at the M&C Saatchi Court
Meeting, or to execute and deliver forms of proxy appointing another to vote
at the M&C Saatchi Court Meeting on their behalf, may be affected by the
laws of the relevant jurisdictions in which they are located. Any failure to
comply with the applicable restrictions may constitute a violation of the
securities laws of any such jurisdiction. To the fullest extent permitted by
applicable law the companies and persons involved in the Acquisition disclaim
any responsibility or liability for the violation of such restrictions by any
person. This announcement has been prepared for the purpose of complying with
English law and the Takeover Code and the information disclosed may not be the
same as that which would have been disclosed if this announcement had been
prepared in accordance with the laws of jurisdictions outside the United
Kingdom.
Unless otherwise determined by Next 15 or required by the Takeover Code, and
permitted by applicable law and regulation, the availability of New Next 15
Shares to be issued pursuant to the Acquisition to M&C Saatchi
Shareholders will not be made available, directly or indirectly, in, into or
from a Restricted Jurisdiction where to do so would violate the laws in that
jurisdiction and no person may vote in favour of the Acquisition by any such
use, means, instrumentality or form within a Restricted Jurisdiction or any
other jurisdiction if to do so would constitute a violation of the laws of
that jurisdiction. Accordingly, copies of this announcement and any formal
documentation relating to the Acquisition are not being, and must not be,
directly or indirectly, mailed or otherwise forwarded, distributed or sent in
or into or from any Restricted Jurisdiction or any other jurisdiction where to
do so would constitute a violation of the laws of that jurisdiction, and
persons receiving such documents (including custodians, nominees and trustees)
must not mail or otherwise forward, distribute or send such documents in or
into or from any Restricted Jurisdiction. Doing so may render invalid any
related purported vote in respect of the Acquisition. If the Acquisition is
implemented by way of a Takeover Offer (unless otherwise permitted by
applicable law and regulation), the Takeover Offer may not be made directly or
indirectly, in or into, or by the use of mails or any means or instrumentality
(including, but not limited to, facsimile, e-mail or other electronic
transmission or telephone) of interstate or foreign commerce of, or of any
facility of a national, state or other securities exchange of any Restricted
Jurisdiction and the Takeover Offer may not be capable of acceptance by any
such use, means, instrumentality or facilities or from within any Restricted
Jurisdiction.
The availability of New Next 15 Shares pursuant to the Acquisition to M&C
Saatchi Shareholders who are not resident in the United Kingdom or the ability
of those persons to hold such shares may be affected by the laws or regulatory
requirements of the relevant jurisdictions in which they are resident. Persons
who are not resident in the United Kingdom should inform themselves of, and
observe, any applicable legal or regulatory requirements. M&C Saatchi
Shareholders who are in doubt about such matters should consult an appropriate
independent professional adviser in the relevant jurisdiction without delay.
Further details in relation to M&C Saatchi Shareholders in overseas
jurisdictions are contained in the Scheme Document.
The Acquisition is subject to the applicable requirements of the Takeover
Code, the Panel, the London Stock Exchange and the FCA.
Additional information for US Investors
The Acquisition relates to the shares of a company incorporated in England and
Wales and is proposed to be effected by means of a scheme of arrangement under
Part 26 of the Companies Act 2006 that will be governed by the laws of England
and Wales. A transaction effected by means of a scheme of arrangement is not
subject to the tender offer rules or the proxy solicitation rules under the US
Exchange Act. Accordingly, the Acquisition is subject to the disclosure
requirements and practices applicable in the United Kingdom to schemes of
arrangement which differ from the disclosure requirements of United States
tender offer and proxy solicitation rules. If, in the future, Next 15
exercises the right to implement the Acquisition by way of a Takeover Offer
and determines to extend the Takeover Offer into the United States, the
Acquisition will be made in compliance with applicable United States laws and
regulations.
Financial information included in this announcement, the Original Circular,
the Scheme Document and/or the Supplementary Circular has been or will have
been prepared in accordance with accounting standards applicable in the United
Kingdom that may not be comparable to financial information of US companies or
companies whose financial statements are prepared in accordance with generally
accepted accounting principles in the United States.
It may be difficult for US holders of M&C Saatchi Shares to enforce their
rights and any claim arising out of the US federal laws, since M&C Saatchi
and Next 15 are located in a nonUS jurisdiction, and some or all of their
officers and directors may be residents of a nonUS jurisdiction. US holders
of M&C Saatchi Shares may not be able to sue a nonUS company or its
officers or directors in a nonUS court for violations of the US securities
laws. Further, it may be difficult to compel a nonUS company and its
affiliates to subject themselves to a US court's judgement.
The New Next 15 Shares to be issued pursuant to the Scheme have not been and
will not be registered under the US Securities Act or the securities laws of
any state or other jurisdiction of the United States and may not be offered or
sold in the United States absent registration or an applicable exemption from
the registration requirements of the US Securities Act and such other laws.
The Acquisition is intended to be carried out under a scheme of arrangement
under Part 26 of the Companies Act 2006 (which requires the approval of the
Scheme Shareholders). If so, it is expected that any New Next 15 Shares to be
issued pursuant to the Scheme to M&C Saatchi Shareholders will be issued
in reliance upon the exemption from the registration requirements of the US
Securities Act, provided by Section 3(a)(10) thereof. The New Next 15 Shares
issued pursuant to the Scheme will not be registered under any US state
securities laws and may only be issued to persons resident in a state pursuant
to an exemption from the registration requirements of the securities laws of
such state.
Publication on website and availability of hard copies
A copy of this announcement will be available, subject to certain restrictions
relating to persons resident in Restricted Jurisdictions, for inspection on
Next 15's website www.next15.com/investors/
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.next15.com%2Finvestors%2F&esheet=52952036&newsitemid=20221025005592&lan=en-US&anchor=www.next15.com%2Finvestors%2F&index=2&md5=f4afd59222edb4a99f1ce108fd926f09)
by no later than 12 noon (London time) on the Business Day following this
announcement. For the avoidance of doubt, the contents of the websites
referred to in this announcement are not incorporated into and do not form
part of this announcement.
Next 15 Shareholders may request a hard copy of this announcement by
contacting Next 15's registrars, Link Group, 0371 664 0300. Calls are charged
at the standard geographic rate and will vary by provider. From overseas
please call +44 (0)371 664 0300. Calls from outside the United Kingdom will be
charged at the applicable international rate. Lines are open between 9.00 a.m.
and 5.30 p.m. Monday to Friday excluding public holidays in England and Wales.
Dealing and Opening Position Disclosure requirements
Under Rule 8.3(a) of the Takeover Code, any person who is interested in one
per cent. or more of any class of relevant securities of an offeree company or
of any securities exchange offeror (being any offeror other than an offeror in
respect of which it has been announced that its offer is, or is likely to be,
solely in cash) must make an Opening Position Disclosure following the
commencement of the Offer Period and, if later, following the announcement in
which any securities exchange offeror is first identified.
An Opening Position Disclosure must contain details of the person's interests
and short positions in, and rights to subscribe for, any relevant securities
of each of (i) the offeree company and (ii) any securities exchange
offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a)
applies must be made by no later than 3.30 pm (London time) on the 10th
Business Day following the commencement of the Offer Period and, if
appropriate, by no later than 3.30 pm (London time) on the 10th Business Day
following the announcement in which any securities exchange offeror is first
identified. Relevant persons who deal in the relevant securities of the
offeree company or of a securities exchange offeror prior to the deadline for
making an Opening Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Takeover Code, any person who is, or becomes,
interested in one per cent. or more of any class of relevant securities of the
offeree company or of any securities exchange offeror must make a Dealing
Disclosure if the person deals in any relevant securities of the offeree
company or of any securities exchange offeror. A Dealing Disclosure must
contain details of the dealing concerned and of the person's interests and
short positions in, and rights to subscribe for, any relevant securities of
each of (i) the offeree company and (ii) any securities exchange offeror(s),
save to the extent that these details have previously been disclosed under
Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be
made by no later than 3.30 pm (London time) on the Business Day following the
date of the relevant dealing. If two or more persons act together pursuant to
an agreement or understanding, whether formal or informal, to acquire or
control an interest in relevant securities of an offeree company or a
securities exchange offeror, they will be deemed to be a single person for the
purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by
any offeror and Dealing Disclosures must also be made by the offeree company,
by any offeror and by any persons acting in concert with any of them (see
Rules 8.1, 8.2 and 8.4). Details of the offeree and offeror companies in
respect of whose relevant securities Opening Position Disclosures and Dealing
Disclosures must be made can be found in the Disclosure Table on the Panel's
website at www.thetakeoverpanel.org.uk
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.thetakeoverpanel.org.uk&esheet=52952036&newsitemid=20221025005592&lan=en-US&anchor=www.thetakeoverpanel.org.uk&index=3&md5=62e09d46641a6085c3f7954a7603bcf7)
, including details of the number of relevant securities in issue, when the
Offer Period commenced and when any offeror was first identified. You should
contact the Panel's Market Surveillance Unit on +44 20 7638 0129 if you are in
any doubt as to whether you are required to make an Opening Position
Disclosure or a Dealing Disclosure.
(i )Next 15 reserves the right to increase the offer price if there is an
announcement on or after the date of this announcement of an offer or a
possible offer for M&C Saatchi by a third party offeror or potential
offeror, other than ADV.
View source version on businesswire.com:
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