REG - STM Group PLC - PUSU extension and irrevocable undertakings
08/09/2023 07:00
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RNS Number : 7876L STM Group PLC 08 September 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE
A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS
AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM
INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO
CERTAINTY THAT ANY OFFER WILL BE MADE.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET
ABUSE REGULATIONS (EU) NO 596/2014 AS IT FORMS PART OF DOMESTIC UK LAW
PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THE INSIDE INFORMATION IS NOW CONSIDERED TO
BE IN THE PUBLIC DOMAIN FOR THE PURPOSES OF UK MAR.
8 September 2023
STM Group PLC
("STM Group", the "Company" or the "Group")
Offer update - further extension to PUSU Deadline and irrevocable undertakings
The Company made an announcement on 5 September 2023, regarding an extension
to the PUSU deadline and revised offer terms (the "PUSU Extension
Announcement") to those made in the announcement on 11 July 2023 (the "2.4
Announcement"). As stated in the PUSU Extension Announcement, the revised
offer terms are for a cash offer for the entire issued and to be issued share
capital of the Company at a price of 67 pence per share (the "Revised Possible
Offer").
The Revised Possible Offer would be conditional upon the completion of a
disposal of certain parts of the Group that are non-core to the strategy of
Pension SuperFund Capital, comprising the UK SIPP businesses and entities
connected with the 'funder' of the Master Trust and, in this regard, Alan
Kentish (a director and shareholder of the Company) has signed heads of terms
with STM Group and Pension SuperFund Capital.
Pension SuperFund Capital has now received a letter from its lending bank
confirming that it is highly confident that it could provide the level of
senior debt required to implement the Revised Possible Offer, enabling STM
Group and Pension SuperFund Capital to complete the further work required for
Bidco, funded by Pension SuperFund Capital, to announce a firm intention to
make an offer for the entire issued and to be issued share capital of the
Company, in accordance with Rule 2.7 of the Code.
In addition, the Company has now received irrevocable undertakings to vote (or
procure the vote) in favour of the Revised Possible Offer at meetings that
would be required to be convened in connection with the Revised Possible
Offer. As set out below, Shareholders in respect of, in aggregate, 19,428,900
ordinary shares representing approximately 32.70 per cent. of the Company's
existing issued share capital, have signed irrevocable undertakings, subject
to an offer price of no less than 67 pence in cash and an announcement being
made in accordance with Rule 2.7 of the Code by 5.00 p.m. on 27 September
2023.
Shareholder Number of Ordinary Shares Percentage of issued share capital (%)
Septer Limited 6,450,000 10.86%
Peter Gyllenhammar 5,900,000 9.93%
Clifton Participations Inc (the shares form part of the assets of the Perros 5,552,150 9.35%
Trust, of which the settlor is Alan Kentish, the independent trustee is Lesley
Nuttall and the potential beneficiaries are Alan Kentish, his wife Louise
Kentish and their immediate family)
Alan Kentish and his close relatives 1,526,750 2.57%
Total 19,428,900 32.71%
Important Takeover Code notes
In the light of this development, a further extension has been granted by the
Panel and, in accordance with Rule 2.6(a) of the Code, Pension SuperFund
Capital is required, by not later than 5.00pm on 27 September 2023, either to
announce a firm intention to make an offer in accordance with Rule 2.7 of the
Code or to announce that it does not intend to make an offer, in which case
the announcement will be treated as a statement to which Rule 2.8 of the Code
applies. This deadline may be further extended with the consent of the Panel,
at STM Group's request, in accordance with Rule 2.6(c) of the Code.
As detailed in the 2.4 Announcement and in accordance with Rule 2.5 of the
Code, Pension SuperFund Capital reserves the right to offer an alternative
form of consideration, in addition to or as well as the cash consideration
contemplated by the Possible Offer. Pension SuperFund Capital also reserves
the right to make an offer on less favourable terms than those described in
this announcement (i) with the agreement or consent of the Board of STM Group;
(ii) if a third party announces a firm intention to make an offer for STM
Group which, at that date, is of a value less than the value of the Possible
Offer; or (iii) following the announcement by STM Group of a Rule 9 waiver
transaction pursuant to Appendix 1 of the Code or a reverse takeover (as
defined in the Code).
There can be no certainty either that any offer will ultimately be made for
the Company.
A further announcement will be made when appropriate.
This announcement has been made with the consent of Pension SuperFund Capital.
For further information, please contact:
Alan Kentish (CEO) STM Group plc Via Walbrook PR
Matt Goode/ Emily Watts/ Henrik Persson / Abigail Kelly (Corporate Finance) finnCap Ltd (Financial Adviser, Nominated Adviser and Broker to STM Group) + 44 (0) 20 7220 0500
Tim Redfern (ECM)
Edmund Truell Pension SuperFund Capital edmund.truell@psf.capital
Will Smith / Graham Hertrich (Corporate Finance) Davy Capital Markets UK (Financial Adviser to Pension SuperFund Capital) +44 (0) 20 7448 8870
James Culverhouse EQ +44 (0) 20 7223 1100
+44 (0) 7912 508 322
James.culverhouse@eqcorp.com
Tom Cooper Walbrook PR +44 (0) 20 7933 8780
STM@walbrookpr.com
The person responsible for arranging the release of this announcement on
behalf of the Company is Nigel Birrell, Chairman.
finnCap Ltd which is regulated in the United Kingdom by the Financial Conduct
Authority is acting for the Company in relation to the matters described in
this announcement and is not advising any other person, and accordingly will
not be responsible to anyone other than the Company for providing the
protections afforded to customers of finnCap Ltd or for providing advice in
relation to the matters described in this announcement.
Davy Capital Markets UK is a trading name of J & E Davy (UK) Limited. J
& E Davy (UK) Limited is authorised and regulated by the Financial Conduct
Authority ("FCA"). J & E Davy (UK) Limited is a Davy Group company and
also a member of the Bank of Ireland Group. J & E Davy (UK) Limited is
acting for Pension SuperFund Capital in relation to the matters described in
this announcement and is not advising any other person, and accordingly will
not be responsible to anyone other than Pension SuperFund Capital for
providing the protections afforded to customers of J & E Davy (UK) Limited
or for providing advice in relation to the matters described in this
announcement.
Publication on website
A copy of this announcement will be made available (subject to certain
restrictions relating to persons resident in restricted jurisdictions) at
www.stmgroupplc.com
(https://urldefense.proofpoint.com/v2/url?u=http-3A__www.stmgroupplc.com&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=05PHl3GHdShYuaCii2fBRpoqaNr9B1d97X09daeosu0&m=PU7KD9-tYowY3PC9sXem4PQSmJ-Zm8TJB2ox4M8NHwI&s=39Vvq5Ccz7txaqksRCl4B8zUxhpd6elnqEy0XmTed50&e=)
by no later than 12 noon (London time) on the business day following the
release of this announcement in accordance with Rule 26.1 of the Code. The
content of the website referred to in this announcement is not incorporated
into and does not form part of this announcement.
Rule 2.9
Pursuant to Rule 2.9 of the Code, the Company confirms that there are
currently 59,408,088 ordinary shares of 0.1 pence each in issue in the
Company, with International Securities Identification Number IM00B1S9KY98
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 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 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 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 Takeover Panel's website at
www.thetakeoverpanel.org.uk, (http://www.thetakeoverpanel.org.uk/) 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 (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.
Note
References to "Code" are to the rules of the City Code on Takeovers and
Mergers. The terms "offeror", "offeree company", "offer period", "interested"
(and related variations), "relevant securities", "deals" (and related
variations) and "acting in concert" all bear the same meanings given to them
in the City Code on Takeovers and Mergers
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