REG - Workspace Grp PLC - Workspace Updates Post-Offer Intentions for McKay

WorkspaceAnnouncement

27/05/2022 07:00

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RNS Number : 0011N  Workspace Group PLC  27 May 2022

27 May 2022

Workspace Group plc

THE FOLLOWING ANNOUNCEMENT IS BEING MADE PURSUANT TO THE REQUIREMENTS OF RULE
19.6(B) OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE")

Workspace Group plc ("Workspace")

Update on Post-Offer Intentions with regard to McKay Securities ("McKay") and
the light industrial asset portfolio

Workspace confirms that following significant interest, it is considering
disposing of the light industrial assets, formerly owned by McKay, as a single
portfolio.

Further to the completion of its recommended cash and share acquisition of the
entire issued and to be issued share capital of McKay, which was effected by
way of a scheme of arrangement under Part 26 of the Companies Act 2006 on 6
May 2022 (the "Acquisition"), the Workspace Board has decided to take certain
courses of action which differ from the statements of intent made pursuant to
Rules 2.7(c)(iv) and 24.2 of the Code (the "Stated Intentions"), as set out in
its announcement of 2 March 2022 and the scheme document published on 29 March
2022 (together, the "Offer Documentation").

Stated Intentions

As set out in the Offer Documentation, Workspace intended to take advantage of
attractive opportunities to recycle capital into other assets, which may
result in the disposal of certain assets, including light industrial
properties.

Revisions to Stated Intentions

Since the Scheme effective date of 6 May 2022, Workspace has received
unsolicited indications of interest from a number of parties for the
acquisition of the entire portfolio of light industrial assets formerly owned
by McKay. Workspace confirms that it is now considering disposing of the light
industrial assets.

In all other respects, Workspace's Stated Intentions are unchanged from the
statements as set out in the Offer Documentation.

This announcement is required under Rule 19.6(b) of the Code.

- ENDS -

For analyst and investor enquiries, please contact:

 
 

Paul Hewlett, Director of Strategy & Corporate
Development
                020 7138 3300

 

Kate Annakin, Interim Investor Relations Manager
                                      020 7369 2370

 

For media enquiries, please contact:

 

Workspace Group
PLC
 

Duncan Pelham, Senior Corporate Communications
Manager
020 7369 2301

 

 

Finsbury Glover Hering
 
               020 7073 6293

Chris Ryall

Guy
Lamming

 

Notes to Editors

About Workspace Group PLC:

Established in 1987, and listed on the London Stock Exchange since 1993,
Workspace owns and manages some 4 million sq. ft. of business space in London.
We are home to London's brightest businesses, including fast growing and
established brands across a wide range of sectors. Workspace is geared towards
helping businesses perform at their very best. We provide inspiring, flexible
work spaces in dynamic London locations.

Workspace (WKP) is a FTSE 250 listed Real Estate Investment Trust (REIT) and a
member of the European Public Real Estate Association (EPRA).

Workspace® is a registered trademark of Workspace Group Plc, London, UK.

LEI: 2138003GUZRFIN3UT430

For more information on Workspace, please visit www.workspace.co.uk
(http://www.workspace.co.uk/)

 

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