Update to post-offer intention statements

Mefcom Capital Markets

12/06/2026 16:20

RNS Number : 1815I
  
PhillipCapital UK Limited
  
12 June 2026
  
 


THE FOLLOWING ANNOUNCEMENT IS BEING MADE PURSUANT TO THE REQUIREMENTS OF RULES 19.6(B) OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE").
FOR IMMEDIATE RELEASE.



12 June 2026


PhillipCapital UK LTD

("PhillipCapital")
(an indirect wholly-owned subsidiary of Phillip Brokerage Pte Ltd)



Rule 19.6(b) update to stated post-offer intention statements with regard to Walker Crips Group plc (now Walker Crips Group Limited) ("Walker Crips")
PhillipCapital announces that, further to the Scheme of Arrangement in relation to the acquisition of Walker Crips becoming effective on 3 March 2026 (the "Acquisition"), PhillipCapital has concluded to take a course of action which differs from that described in the statements of intent made pursuant to Rule 2.7(c)(viii) and 24.2(a)(ii) of the City Code on Takeovers and Mergers (the "Stated Intentions") as set out in the announcement issued on 24 November 2025 (the "2.7 Announcement") and the scheme document published in connection with the Acquisition on 15 December 2025 (the "Scheme Document" and together with the 2.7 Announcement, the "Offer Documentation").
Capitalised terms in this announcement, unless otherwise defined, have the same meanings as set out in the Scheme Document.
This announcement is required under Rule 19.6(b) of the City Code on Takeovers and Mergers.
The Offer Documentation described that there would be initiatives to streamline Walker Crips' operational structure and create a more efficient organisation. The Stated Intentions stated that PhillipCapital intended, as at the date of the Offer Documentation, to retain the employment of both joint Chief Executive Officers of Walker Crips, being Christian Dougal and Sean Lam respectively.
Following a review, PhillipCapital and Walker Crips concluded that the Walker Crips business would benefit from combining the roles of the Joint Chief Executive Officers into a single role. As a result, Christian Dougal subsequently departed Walker Crips on 8 June 2026 with the best wishes of Walker Crips and PhillipCapital. Christian goes with the deep gratitude of Walker Crips and PhillipCapital for his significant contribution and hard work, being integral to the operational and compliance environment improvements that have been made in the business since his appointment.
PhillipCapital continues to recognise the importance of Walker Crips' management team and looks forward to continue partnering with them. Save as set out in this announcement, PhillipCapital's Stated Intentions remain unchanged.
 
Enquiries:




PhillipCapital UK Ltd




Meng Heng Tan


Tel: +44 (0)20 7220 0500
(via Cavendish)




Cavendish Capital Markets Limited (Financial Adviser to PhillipCapital)




Henrik Persson
Marc Milmo
Fergus Sullivan
Elysia Bough                                        


Tel: +44 (0)20 7220 0500
 




 
 
 
 




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