REG - Smartspace Software - Disclosure under Rule 2.10(c) of the Takeover Code

Smartspace SoftwareAnnouncement

28/03/2024 11:15

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RNS Number : 7263I  Smartspace Software PLC  28 March 2024

FOR IMMEDIATE RELEASE

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

 

28 March 2024

 

RECOMMENDED CASH OFFER

for

SMARTSPACE SOFTWARE PLC ("SMARTSPACE")

by

WELCOME UK BIDCO LIMITED ("BIDCO")

a wholly-owned subsidiary of Sign In Solutions Inc. ("SIS")

 

to be effected by means of a Scheme of Arrangement

under Part 26 of the Companies Act 2006

 

On 14 March 2024, the boards of directors of SmartSpace and SIS, made an
announcement pursuant to Rule 2.7 of the Code (the "Rule 2.7 Announcement")
that they had reached agreement on the terms and conditions of a recommended
cash offer for the entire issued and to be issued ordinary share capital of
SmartSpace by SIS (the "Acquisition"), to be implemented by means of a scheme
of arrangement under Part 26 of the Companies Act 2006 (the "Scheme").

Capitalised terms used in this announcement (the "Announcement"), unless
otherwise defined, shall have the meanings given to them in the Rule 2.7
Announcement.

Update on letter of intent given by Close Asset Management Limited

As set out in the Rule 2.7 Announcement, SIS received irrevocable undertakings
or letters of intent in respect of, in aggregate, 13,728,662 SmartSpace Shares
representing approximately 47.44 per cent. of the existing issued share
capital of SmartSpace as at 13 March 2024 (being the latest practicable date
prior to publication of the Rule 2.7 Announcement). SmartSpace hereby
announces that, pursuant to a Rule 8.3 disclosure released by Close Asset
Management Limited, in respect of the disposal of SmartSpace Shares, the
letter of intent from Close Asset Management Limited now represents the
following:

 Name of SmartSpace Shareholder  Number of SmartSpace Shares in respect of which the letter of intent is given  Percentage of SmartSpace issued share capital (%)
 Close Asset Management Limited  846,849                                                                        2.93

 

In total, therefore, SIS and Bidco have received irrevocable undertakings or
letters of intent with respect to, in aggregate, 11,825,846 SmartSpace Shares
representing approximately 40.86 per cent. of the issued share capital of
SmartSpace as at the Latest Practicable Date (and 40.22 per cent. of the
issued share capital of SmartSpace excluding the 310,640 SmartSpace Shares
beneficially held by the Executive Directors, which will not be voted at the
Court Meeting).

The Company remains in an 'offer period' in accordance with the rules of the
Code and the attention of SmartSpace shareholders is drawn to the continuing
disclosure requirements of Rule 8 of the Code, which are summarised below.

 

ENDS

Enquiries

 SmartSpace Software Plc                                              via Lisa Baderoon

 Frank Beechinor (CEO)                                                - Head of Investor Relations

 Kris Shaw (CFO)

 Lisa Baderoon (Head of Investor Relations)

 LBaderoon@smartspaceplc.com (mailto:LBaderoon@smartspaceplc.com)     +44(0) 7721 413 496

 Canaccord Genuity (Financial Adviser, Nominated Adviser and Broker)  +44 (0) 20 7523 8000

 Adam James, Harry Rees

About SmartSpace Software Plc

 

SmartSpace Software Plc is a fast-growing SaaS-based technology business,
designing and building smart software solutions. The Company's software
solutions help transform employee engagement with modules which include
visitor management, desk management, meeting room management and analytics.

The operating brands of the Company group comprise:

·    Space Connect - SaaS meeting room and desk booking
(www.spaceconnect.co (http://www.spaceconnect.co/) )

·    SwipedOn - SaaS visitor management, desk booking (www.SwipedOn.com
(http://www.swipedon.com/) )

 

For more information go to: www.smartspaceplc.com
(http://www.smartspaceplc.com/) .

Canaccord Genuity Limited, which is authorised and regulated in the United
Kingdom by the FCA, is acting as financial adviser and corporate broker
exclusively for SmartSpace and for no one else in connection with the Possible
Offer and will not regard any other person as its client in relation to the
matters referred to in this announcement and will not be responsible to anyone
other than SmartSpace for providing the protections afforded to clients of
Canaccord Genuity Limited, nor for providing advice in relation to the
Possible Offer or any other matter referred to in this announcement.

The person responsible for arranging the release of this announcement on
behalf of SmartSpace is Kris Shaw.

LEI: 213800IQXZ3XYCMH6U90

Publication of this announcement

In accordance with Rule 26.1 of the Code, a copy of this announcement will be
available (subject to certain restrictions relating to persons resident in
restricted jurisdictions) on the Company's website at www.smartspaceplc.com
(http://www.smartspaceplc.com/) by no later than 12 noon (London time) on 26
March 2024. The content of the website referred to in this announcement is not
incorporated into and does not form part of this announcement.

Notice to overseas investors

This announcement does not constitute an offer to purchase any securities, or
an offer to sell or the solicitation of an offer to buy any securities, nor
shall there be any offer to purchase or sell securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful. The release,
distribution or publication of this announcement in jurisdictions other than
the UK may be restricted by law and therefore any persons who are subject to
the laws of any jurisdiction other than the UK should inform themselves about
and observe any applicable requirements.

Disclosure requirements of the Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% 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 (as defined in the Code) 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 p.m. (London time) on the 10th business day
following the commencement of the offer period and, if appropriate, by no
later than 3.30 p.m. (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 (as defined in the
Code).

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1%
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 p.m. (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 Bidder 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 Takeover Panel's website at
www.thetakeoverpanel.org.uk, including details of the number of relevant
securities in issue, when the offer period commenced and when any Bidder was
first identified. You should contact the Panel's Market Surveillance Unit on
+44 (0)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.

Rule 2.4 information

In accordance with Rule 2.4(c)(iii) of the Code, SIS confirms that it is not
aware of any dealings in SmartSpace shares that would require it to offer a
minimum level, or a particular form, of consideration under Rule 6 or Rule 11
of the Code. However, it has not been practicable for SIS to make enquiries of
all persons acting in concert with it prior to the date of this announcement
in order to confirm whether any details are required to be disclosed under
Rule 2.4(c)(iii) of the Code. To the extent that any such details are
identified following such enquiries, SIS shall make an announcement disclosing
such details as soon as practicable, and in any event by no later than the
time it is required to make its Opening Position Disclosure under Rule 8.1 of
the Code.

Further information

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse (Amendment) (EU Exit)
Regulations 2019. Upon the publication of this announcement, this inside
information is now considered to be in the public domain.

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