REG - Vp PLC - Conclusion of Formal Sale Process

VPAnnouncement

15/08/2022 18:30

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RNS Number : 0911W  Vp PLC  15 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 IMMEDIATE RELEASE

16 August 2022

Vp plc ("Vp" or the "Company")

Conclusion of Formal Sale Process

Further to the announcement of 28 April 2022 commencing a Formal Sale Process
under the City Code on Takeovers and Mergers (the "Takeover Code") by the
Company (the "FSP"), the Board of Vp announces it has unanimously decided to
conclude the FSP.

The Board carefully reviewed a number of proposals with its advisers and has
unanimously concluded that none of the proposals would meet the Board's
objectives of delivering an outcome that would satisfactorily meet the
interests of all stakeholders.

Vp's controlling shareholder Ackers P Investment Company Limited (the
"Controlling Shareholder"), a company connected to Vp's Chairman Jeremy
Pilkington, has indicated to the Board they remain committed to Vp and have no
intention of selling their shares on the market for the foreseeable future.

The person responsible for arranging the release of this announcement on
behalf of Vp is Allison Bainbridge, Group Finance Director and Company
Secretary

Following this announcement, the Company is no longer considered to be in an
"offer period" as defined in the Takeover Code and the requirement to make
disclosures under Rule 8 of the Takeover Code has now ceased.

Jeremy Pilkington, Chairman of Vp, commented:

"In the original FSP announcement I commented that Vp's controlling
shareholder, a company connected to me, had decided that it wished to
diversify its investments.

Following a review conducted with our advisers, we, as a Board unanimously
concluded that it would be in the best interests of all the Company's
stakeholders to launch the FSP. The process was focused on identifying the
right owner for the business and whilst we were pleased with the level of
interest shown, the FSP did not lead to the identification of a suitable new
owner.

I am pleased that Vp's controlling shareholder Ackers P Investment Company
Limited, a company connected to me, has confirmed its ongoing commitment to Vp
following the conclusion of this process."

Neil Stothard, Chief Executive of Vp, commented:

"When we announced the FSP on 28 April 2022, we made it clear that having
regard to the interest of all the Company's stakeholders the Board concluded
that it would be appropriate to investigate the sale of the Company.

Whilst we received a good level of interest throughout the process, the Board
concluded that none of the proposals submitted met our original objectives.

We are pleased that the controlling shareholder (Ackers P Investment Company
Limited), a company connected to our Chairman Jeremy Pilkington, has indicated
to the Board that they remain fully committed to Vp.

Throughout the FSP it has been a case of business as usual within our trading
divisions with distractions successfully kept to an absolute minimum. At our
recent AGM on 21 July 2022, Jeremy commented that "trading within the business
has been positive into the new financial year."

We have strategic growth plans in place for all of our businesses and we
intend to execute those plans and continue to deliver on our long-term track
record of creating shareholder value."

 

Enquiries

Vp
plc
+44 (0)1423 533 445

Neil Stothard, Chief
Executive

Allison Bainbridge, Group Finance Director

Rothschild &
Co
+44 (0)20 7280 5000

John Deans

Stephen
Griffiths

Daniel Chetcuti

 

Inside Information

The information contained within this announcement is deemed by Vp to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) no. 596/2014 (as it forms part of UK 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.

Notice related to financial adviser

N.M. Rothschild & Sons Limited ("Rothschild & Co"), which is
authorised and regulated by the Financial Conduct Authority in the United
Kingdom, is acting exclusively for Vp and for no one else in connection with
the subject matter of this announcement and will not be responsible to anyone
other than Vp for providing the protections afforded to its clients or for
providing advice in connection with the subject matter of this announcement.

Additional Information

This announcement is not intended to, and does not, constitute or form part of
any offer, invitation or the solicitation of an offer to purchase, otherwise
acquire, subscribe for, sell or otherwise dispose of, any securities, or the
solicitation of any vote or approval in any jurisdiction, pursuant to this
announcement or otherwise. Any offer, if made, will be made solely by certain
offer documentation which will contain the full terms and conditions of any
offer, including details of how it may be accepted. The distribution of this
announcement in jurisdictions other than the United Kingdom and the
availability of any offer to shareholders of Vp who are not resident in the
United Kingdom may be affected by the laws of relevant jurisdictions.
Therefore any persons who are subject to the laws of any jurisdiction other
than the United Kingdom or shareholders of Vp who are not resident in the
United Kingdom will need to inform themselves about, and observe any
applicable requirements.

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