REG - Town Centre Secs. - Result of Tender Offer

Town Centre SecuritiesAnnouncement

10/08/2022 12:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220810:nRSJ5838Va&default-theme=true

RNS Number : 5838V  Town Centre Securities PLC  10 August 2022

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 THAT JURISDICTION

 

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014

10 August 2022

Town Centre Securities PLC

(The 'Group' or the 'Company')

Results of the Tender Offer

The Company today announces the results of the Tender Offer, as set out in the
shareholder circular published by the Company on 15 July 2022 (the
"Circular"), which closed on 8 August 2022.

A total of 4,964,623 Ordinary Shares were validly offered for tender and, in
accordance with the terms and conditions of the Tender Offer the number of
shares purchased will be scaled back in accordance with the scaling mechanism
as set out in paragraphs 2.14 to 2.17 of Part V of the Circular.

Accordingly, 4,000,000 Ordinary Shares will be purchased via the Tender Offer
at a price of 185.0p per Ordinary Share for a total cost of £7.4m. This
represents approximately 7.61 per cent. of the issued share capital of the
Company.

It is anticipated that the proceeds payable to the Company's Shareholders for
the certificated Ordinary Shares purchased under the Tender Offer will be
despatched by 24 August 2022 in the form of a cheque and that CREST account
holders will have their CREST accounts credited by 24 August 2022.

As set out in the Circular, the Ordinary Shares will be purchased by Liberum
pursuant to the Tender Offer and the Company will purchase such Ordinary
Shares from Liberum.

Following such purchase, the Company intends to cancel such Ordinary Shares,
reducing its Issued Ordinary Share Capital from 52,530,599 Ordinary Shares to
48,530,599 Ordinary Shares. This figure of 48,530,599 may be used by
Shareholders as the denominator for the calculations by which they can
determine if they are required to notify their interest in, or a change to
their interest in, the Ordinary Shares under the FCA's Disclosure Guidance and
Transparency Rules.

Following completion of the purchase of Ordinary Shares pursuant to the Tender
Offer, the Concert Party will be interested in a total of 54.66 per cent. of
the reduced Issued Ordinary Share Capital. As a consequence, the Concert Party
remains free to purchase additional shares, if required, without being subject
to any obligation to make a general offer under Rule 9 of the Takeover Code.

Capitalised terms used in this announcement have the meanings given to them in
the announcement of the Company dated 15 July 2022 in respect of the Tender
Offer.

ENDS

For further information, please contact:

 

Town Centre Securities
PLC
www.tcs-plc.co.uk (http://www.tcs-plc.co.uk) / @TCS PLC

Edward Ziff, Chairman and Chief
Executive
0113 222 1234

Stewart MacNeill, Group Finance Director

 

MHP Communications
 
                 020 3128 8567

Reg Hoare / Pauline
Guenot
 
         tcs@mhpc.com (mailto:tcs@mhpc.com)

 

Liberum
    www.liberum.com (http://www.liberum.com)

Jamie Richards / Lauren Kettle / Nikhil Varghese
                                              020 3100
2123

 

Peel Hunt
 
                            www.peelhunt.com
(http://www.peelhunt.com)

Carl Gough / Henry
Nicholls
                  020 3597 8673 / 8640

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  RTEEAEPEFSKAEFA