TIDMBOTB
RNS Number : 4396E
Globe Invest Limited
29 June 2023
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 OF THAT
JURISDICTION
FOR IMMEDIATE RELEASE
29 June 2023
RECOMMED FINAL MANDATORY CASH OFFER
for
Best of the Best plc
by
Globe Invest Limited
1. Introduction
On 20 June 2023, Globe Invest Limited ("GIL"), the Cyprus
registered and headquartered single-family office and investment
holding company of Mr. Teddy Sagi , and the holder of approximately
29.9 per cent. of the currently issued ordinary shares of Best of
the Best plc ("BOTB" or the "Company"), announced that it had
reached agreement with BOTB on the terms of a recommended cash
offer to be made by GIL to acquire the entire issued and to be
issued share capital of BOTB not already held by GIL (the "Offer")
to be implemented by way of a takeover offer within the meaning of
Part 28 of the Companies Act.
Under the terms of the Offer , the shareholders of BOTB (the
"BOTB Shareholders") will be entitled to receive 535 pence in cash
for each BOTB Share. Further information on the Offer is set out in
the announcement made on 20 June 2023 (the "Offer Announcement").
Terms defined in the Offer Announcement have the same meaning when
used in this announcement. A copy of the Offer Announcement can be
found on GIL's website at www.globeinvest.com .
GIL announces that it has, through market purchases, acquired
733,678 BOTB Shares at the Offer Price of 535 pence per BOTB Share.
As a result, GIL now owns, in aggregate, 3,235,418 BOTB Shares,
representing approximately 38.67% of BOTB's issued share
capital.
When aggregated with the 1,736,025 BOTB Shares in respect of
which GIL has received irrevocable undertakings to accept the Offer
(as set out in detail in the Offer Announcement), GIL is now
interested in, in aggregate, a total of 4,971,443 BOTB Shares,
representing approximately 58.75% of BOTB's issued and to be issued
share capital.
2. Mandatory Offer
As a result of the market purchases referred to in paragraph 1
above, under Rule 9 of the City Code on Takeovers and Mergers (the
"Code"), GIL is now required to make a mandatory cash offer for the
entire issued and to be issued share capital of BOTB not already
owned or controlled by GIL (or any persons acting in concert with
it) at a price which is not less than the highest price paid by GIL
or any person acting in concert with it for any interest in BOTB
Shares during the 12 months prior to the date of this announcement.
The highest price paid for BOTB Shares by GIL (or persons acting in
concert with it) during such period was the Offer Price of 535 per
BOTB Share.
GIL therefore announces that the Offer is now a mandatory cash
offer for the entire issued and to be issued share capital of BOTB
not already owned or controlled by GIL (or any persons acting in
concert with it) at a price of 535 pence in cash per BOTB Share
(the "Mandatory Offer").
GIL also announces that it is declaring the financial terms of
the Mandatory Offer to be final. As a result, GIL will not be
permitted under the Takeover Code to increase the Mandatory
Offer.
3. Condition to the Mandatory Offer
Offers made under Rule 9 of the Code must be conditional only
upon the offeror having received acceptances in respect of shares
which, together with shares acquired or agreed to be acquired
before or during the offer, will result in the offeror and any
person acting in concert with it holding shares carrying more than
50% of the voting rights in the offeree company. Accordingly, GIL
announces that all of the Conditions set out in Part 1 of Appendix
A to the Offer Announcement (including the Acceptance Condition)
will immediately cease to apply and will be replaced in their
entirety by the following condition (the "Mandatory Offer
Condition"):
"Valid acceptances of the Mandatory Offer having been received
(and not validly withdrawn in accordance with the rules and
requirements of the Takeover Code and the terms of the Mandatory
Offer) by no later than 1.00 p.m. on the Unconditional Date (or
such other times and/or dates as Bidco may specify, subject to the
rules of the Code and, where applicable, with the consent of the
Panel) in respect of such number of BOTB Shares as, together with
any BOTB Shares acquired or agreed to be acquired (whether pursuant
to the Mandatory Offer or otherwise), will result in GIL and any
person acting in concert with it holding BOTB Shares carrying more
than 50% of the voting rights then normally exercisable at a
general meeting of BOTB, including for this purpose (to the extent,
if any, required by the Panel) any voting rights attaching to BOTB
Shares that are unconditionally allotted or issued before the
Mandatory Offer becomes or is declared unconditional, whether
pursuant to the exercise of any outstanding subscription rights or
conversion rights or otherwise.
For the purposes of this condition:
(a) BOTB Shares which have been unconditionally allotted but not
issued before the Mandatory Offer becomes or is declared
unconditional, whether pursuant to the exercise of any outstanding
subscription or conversion rights or otherwise, shall be deemed to
carry the voting rights they will carry upon issue;
(b) valid acceptances shall be deemed to have been received in
respect of BOTB Shares which are treated for the purposes of Part
28 of the Companies Act as having been acquired or contracted to be
acquired by GIL, whether by virtue of acceptance of the Mandatory
Offer or otherwise; and
(c) all percentages of voting rights and share capital are to be
calculated by reference to the percentage held and in issue
excluding any and all shares held in treasury by BOTB from time to
time."
As stated in the Offer Announcement, GIL has received
irrevocable undertakings from certain of the BOTB Directors,
Shareholders and their connected parties, including the
founder/Chief Executive Officer, who are interested in BOTB Shares,
to accept or procure acceptance of the Offer (which includes for
these purposes the Mandatory Offer) in respect of a total of
1,641,673 BOTB Shares. GIL has also received irrevocable
undertaking from the holders of all 94,352 of the BOTB Share
Options that are "in the money" to exercise those BOTB Share
Options and thereafter accept the Offer (which includes for these
purposes the Mandatory Offer). These irrevocable undertakings
together represent , in aggregate, approximately 20.52 per cent. of
the issued and to be issued share capital of BOTB as at the Latest
Practicable Date . These undertakings will remain binding in the
event of a competitive offer being made. When aggregated with the
2,501,740 BOTB Shares held by GIL and the 733,678 BOTB Shares which
GIL has acquired through the market purchases referred to in
paragraph 1 of this announcement, this will represent 58.75 per
cent. of the issued and to be issued share capital of BOTB as at
the Latest Practicable Date. The Mandatory Offer Condition is
therefore expected to be satisfied on full performance by the
relevant BOTB Directors, Shareholders and their connected parties
of their respective obligations under their irrevocable
undertakings.
4. Recommendation
As stated in the Offer Announcement, the Independent BOTB
Directors accept the advice of finnCap who have advised as to the
financial terms of the Mandatory Offer. finnCap has on balance
determined that, in their opinion, the financial terms of the
Mandatory Offer are not fair and reasonable. In providing this
advice to the Independent BOTB Directors, finnCap has taken into
account the commercial assessments of the
BOTB Board.
The Independent BOTB Directors have considered the advice from
finnCap carefully and acknowledge that the Mandatory Offer may not
fully recognise the potential shareholder value which may be
generated in the longer term as a result of a deep and successfully
executed partnership with GIL and that it also lacks a customary
control premium based on the closing price of an Ordinary Share on
19 June 2023 (the last practicable date prior to the Offer
Announcement), such that the financial terms, taken in isolation,
are not fair and reasonable.
The Independent BOTB Directors maintain confidence in the
Company's current strategy and its ability to respond to the
challenges that the Company will inevitably face in a challenging
inflationary and consumer environment.
However, the Independent BOTB Directors acknowledge that there
are execution risks to this strategy during the transition in
leadership of the Company , in an uncertain environment for
discretionary consumer spending alongside a more active competitor
landscape that may impact the market in which BOTB operates. It
also recognises a concern that the potential to successfully
collaborate with GIL and fully leverage its expertise and
assistance may be diminished, should the Mandatory Offer fail and
should GIL be unable to materially increase their interest in the
Company.
The Independent BOTB Directors are concerned that, should the
Mandatory Offer become unconditional, any remaining BOTB
Shareholders would become minority shareholders in a majority
controlled company, that there can be no certainty that BOTB would
pay any further dividends or other distributions, or that such
minority BOTB Shareholders would again be offered an opportunity to
sell their BOTB Shares on terms which are equivalent to or no less
advantageous than those under the Mandatory Offer.
For the above reasons and the reasons stated in the Offer
Announcement, on balance, the Independent BOTB Directors intend to
unanimously recommend that the BOTB Shareholders accept the
Mandatory Offer as they and their connected persons intend to do in
respect of their own and their connected parties' own shareholding,
totalling 1,585,506 BOTB Shares and 79,352 BOTB Share Options
expected to be exercised following this Announcement.
5. Further terms to the Mandatory Offer
The Mandatory Offer is a change in the nature of GIL's voluntary
Offer announced on 20 June 2023 and shall be construed
accordingly.
The Mandatory Offer will, save as set out in this announcement,
be made solely by the offer document (the "Mandatory Offer
Document") which is expected to the despatched to BOTB Shareholders
as soon as reasonably practicable and in any event within 28 days
of the date of the Offer Announcement.
The Mandatory Offer will be made solely by the Mandatory Offer
Document (together with, in the case of BOTB Shares in certificated
form, the Form of Acceptance), which will contain the Mandatory
Offer Condition and the full terms of the Mandatory Offer,
including details of how the Mandatory Offer may be accepted.
BOTB Shareholders should carefully read the Mandatory Offer
Document (and, if they hold their BOTB Shares in certificated form,
the Form of Acceptance) in its entirety before making a decision
with respect to the Mandatory Offer. Each BOTB Shareholder is urged
to consult its independent professional adviser immediately
regarding the tax consequences to it (or its beneficial owners) of
the Mandatory Offer.
6. General
Save as set out in this announcement and as will be further
explained in the Mandatory Offer Document, the Mandatory Offer will
be subject to the same terms and conditions as the Offer as set out
in the Offer Announcement. Accordingly, your attention is drawn to
the Offer Announcement, which is available on GIL's website at
www.globeinvest.com and the BOTB's website at
www.botb.com/about/investors/offer . Shareholders are reminded
that, as per the Offer Announcement, should GIL acquire (pursuant
to the Mandatory Offer or otherwise) voting rights representing 75
per cent. or more of the total voting rights in BOTB, GIL intends
that BOTB will make an application to the London Stock Exchange for
the cancellation of the admission to trading of BOTB. Should GIL
not so acquire voting rights representing acceptances reaching 75
per cent. or more of the total voting rights of BOTB, GIL will
consider requisitioning a general meeting of BOTB to seek to pass a
resolution to delist BOTB from AIM as soon as reasonably practical
following the Mandatory Offer (unless it determines that such a
resolution will not be passed at a general meeting).
Copies of this Announcement will be made available on GIL's
website at www.globeinvest.com and on BOTB's website at
www.botb.com/about/investors/offer .
Further information
Singer Capital Markets Advisory LLP (Financial Adviser to
GIL)
Phil Davies +44 (20) 7496 3000
Asha Chotai
Alma PR (PR Adviser to GIL)
Josh Royston +44 20 3405 0205
Rebecca Sanders-Hewitt +44 7780 901 979
Andy Bryant
Matthew Young
finnCap Limited (Rule 3 Adviser, Nominated Adviser and Broker to
BOTB)
Carl Holmes +44 20 7220 0500
Henrik Persson
Edward Whiley
Buchanan (PR Adviser to BOTB)
Chris Lane
Toto Berger +44 20 7466 5000
Bird & Bird LLP is acting as legal adviser to GIL and
Winston & Strawn London LLP is acting as legal adviser to
BOTB.
Important Notices
Singer Capital Markets Advisory LLP (" Singer "), which is
authorised and regulated by the Financial Conduct Authority in the
United Kingdom, is acting exclusively for GIL and no one else in
connection with the matters referred to in this Announcement and
will not regard any other person (whether or not a recipient of
this Announcement) as a client in relation to the matters referred
to in this Announcement and is not, and will not be, responsible to
anyone other than GIL for providing the protections afforded to its
clients or for providing advice in relation to the contents of this
Announcement or any transaction or arrangement referred to in
connection with this Announcement. Neither Singer nor any of its
group undertakings or affiliates owes or accepts any duty,
liability or responsibility whatsoever (whether direct or indirect,
whether in contract, tort, under statute or otherwise) to any
person who is not a client of Singer in connection with this
Announcement or any matter referred to herein.
finnCap Limited (" finnCap "), which is authorised and regulated
by the Financial Conduct Authority in the United Kingdom, is acting
exclusively for BOTB and no one else in connection with the matters
referred to in this Announcement and will not regard any other
person (whether or not a recipient of this Announcement) as a
client in relation to the matters referred to in this Announcement
and is not, and will not be, responsible to anyone other than BOTB
for providing the protections afforded to its clients or for
providing advice in relation to the contents of this Announcement
or any transaction or arrangement referred to in connection with
this Announcement. Neither finnCap nor any of its group
undertakings or affiliates owes or accepts any duty, liability or
responsibility whatsoever (whether direct or indirect, whether in
contract, tort, under statute or otherwise) to any person who is
not a client of finnCap in connection with this Announcement or any
matter referred to herein.
This Announcement is for information purposes only and is not
intended to and does not constitute or form part of, an 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 in
contravention of applicable law.
This Announcement does not constitute a prospectus or prospectus
exempted document.
Overseas Shareholders
The Mandatory Offer relates to securities in a company which is
incorporated in the United Kingdom, which is admitted to trading on
the AIM market of the London Stock Exchange and is subject to the
disclosure requirements, rules and practices applicable to such
companies, which differ from those of the United States in certain
material respects. This document has been prepared for the purposes
of complying with English law, the AIM Rules and the rules of the
London Stock Exchange and the Code, and the information disclosed
may not be the same as that which would have been disclosed if this
document had been prepared in accordance with the laws of
jurisdictions outside the United Kingdom.
The release, publication or distribution of this Announcement in
or into certain jurisdictions other than the United Kingdom may be
restricted by law and therefore any persons who are subject to the
laws of any jurisdiction other than the United Kingdom should
inform themselves about, and observe, any applicable
requirements.
To the fullest extent permitted by applicable law, the companies
and persons involved in the Mandatory Offer disclaim any
responsibility or liability for the violation of such restrictions
by any person.
Copies of this Announcement and formal documentation relating to
the Mandatory Offer shall not be, and must not be, mailed or
otherwise forwarded, distributed or sent in, into or from any
Restricted Jurisdiction or any jurisdiction where to do so would
violate the laws of that jurisdiction and persons receiving such
documents (including custodians, nominees and trustees) must not
mail or otherwise forward, distribute or send them in, into or from
any Restricted Jurisdiction. Doing so may render invalid any
related purported acceptance of the Mandatory Offer.
Unless otherwise permitted by applicable law and regulation, the
Mandatory Offer may not be made, directly or indirectly, in or
into, or by the use of mails or any means or instrumentality
(including, but not limited to, e-mail or other electronic
transmission, telex or telephone) of interstate or foreign commerce
of, or of any facility of a national, state or other securities
exchange of any Restricted Jurisdiction and the Mandatory Offer may
not be capable of acceptance by any such use, means,
instrumentality or facilities.
Further details in relation to Overseas Shareholders will be
contained in the Mandatory Offer Document.
If you are a resident of the United States, please read the
following:
The Mandatory Offer is being made to acquire the securities of
BOTB, a company incorporated under the laws of the United Kingdom
and is being made in the United States in reliance on, and
compliance with, the exemption from certain requirements of
Regulation 14E under the US Securities Exchange Act of 1934
afforded by Rule 14d-1(d) thereunder. The Mandatory Offer shall be
made in the United States by GIL and no one else.
The Mandatory Offer is subject to the disclosure and procedural
requirements of the United Kingdom, which differ from those in the
United States. In addition, the payment and settlement procedure
with respect to the Mandatory Offer shall comply with the relevant
United Kingdom rules, which differ from United States payment and
settlement procedures. Neither the SEC, nor any securities
commission of any state of the United States has approved the
Mandatory Offer, passed upon the fairness of the Mandatory Offer or
passed upon the adequacy or accuracy of this document. Any
representation to the contrary is a criminal offence in the United
States.
In accordance with normal United Kingdom practice, GIL or its
nominees, or its brokers (acting as agents), may from time to time
make certain purchases of, or arrangements to purchase, shares or
other securities of BOTB outside of the US, other than pursuant to
the Mandatory Offer, before or during the period in which the
Mandatory Offer remains opens for acceptance. These purchases may
occur either in the open market at prevailing prices or in private
transactions at negotiated prices. Any information about such
purchases shall be disclosed as required by law or regulation in
the United Kingdom and the United States, and, shall be reported to
a Regulatory Information Service and shall be available on the
London Stock Exchange website at www.londonstockexchange.com .
Financial information relating to BOTB included in the Offer
Announcement has been extracted from BOTB's published financial
statements, prepared in accordance with UK adopted international
accounting standards (collectively, " IFRS "), and may not be
comparable to financial information of US companies or companies
whose financial statements are prepared in accordance with
generally accepted accounting principles in the United States.
GIL is organised under the laws of Cyprus and BOTB is organised
under the laws of the United Kingdom. Some or all of the officers
and directors of GIL and BOTB, respectively, are residents of
countries other than the United States. In addition, most of the
assets of GIL and BOTB are located outside the United States. As a
result, it may be difficult for US shareholders of BOTB to effect
service of process within the United States upon GIL or BOTB or
their respective officers or directors or to enforce against them a
judgment of a US court predicated upon the federal or state
securities laws of the United States.
Forward-Looking Statements
This document (including information incorporated by reference
in this document), oral statements made regarding the Mandatory
Offer, and other information published by BOTB, GIL or any member
of the Wider GIL Group contain statements which are, or may be
deemed to be, "forward looking statements". Such forward looking
statements are prospective in nature and are not based on
historical facts, but rather on current expectations and on
numerous assumptions regarding the business strategies and the
environment in which GIL or any member of the Wider GIL Group shall
operate in the future and are subject to risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied by those statements. The forward-looking
statements contained in this document relate to GIL, any member of
the Wider GIL Group or, following the acquisition of BOTB, the
enlarged group's future prospects, developments and business
strategies, the expected timing and scope of the Mandatory Offer
and other statements other than historical facts. In some cases,
these forward looking statements can be identified by the use of
forward looking terminology, including the terms "believes",
"estimates", "will look to", "would look to", "plans", "prepares",
"anticipates", "expects", "is expected to", "is subject to",
"intends", "may", "will", "shall" or "should" or their negatives or
other variations or comparable terminology. By their nature,
forward looking statements involve risk and uncertainty because
they relate to events and depend on circumstances that shall occur
in the future. These events and circumstances include changes in
the global, political, economic, business, competitive, market and
regulatory forces, future exchange and interest rates, changes in
tax rates and future business combinations or disposals. If any one
or more of these risks or uncertainties materialises or if any one
or more of the assumptions prove incorrect, actual results may
differ materially from those expected, estimated or projected. Such
forward looking statements should therefore be construed in the
light of such factors. Neither BOTB or any of GIL or any member of
the Wider GIL Group, nor any of their respective associates or
directors, officers or advisers, provides any representation,
assurance or guarantee that the occurrence of the events expressed
or implied in any forward-looking statements in this document shall
actually occur. Given these risks and uncertainties, potential
investors should not place any reliance on forward looking
statements. The forward-looking statements speak only at the date
of this document. All subsequent oral or written forward- looking
statements attributable to any member of the Wider GIL Group, or
any of their respective associates, directors, officers, employees
or advisers, are expressly qualified in their entirety by the
cautionary statement above.
GIL and the Wider GIL Group expressly disclaim any obligation to
update such statements other than as required by law or by the
rules of any competent regulatory authority, whether as a result of
new information, future events or otherwise.
No profit forecasts or estimates
Except as otherwise stated, no statement in this Announcement is
intended or shall be deemed to be a profit forecast, estimate or
projection of the future financial performance of GIL or BOTB for
any period except as otherwise stated and no statement in this
Announcement should be interpreted to mean that cashflow from
operations, earnings or earnings per share or income of those
persons (where relevant) for the current or future financial years
would necessarily match or exceed the historical published cashflow
from operations, earnings or earnings per share or income of those
persons (where relevant).
Disclosure requirements of the Code
Under Rule 8.3(a) of the Code, any person who is interested in 1
per cent. 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 p.m. on the 10(th) business day following the commencement of
the Offer Period and, if appropriate, by no later than 3.30 p.m. on
the 10(th) 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 per cent. 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. 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 Panel's website at 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.
Electronic Communications
Please be aware that addresses, electronic addresses and certain
information provided by BOTB Shareholders, persons with information
rights and other relevant persons for the receipt of communications
from BOTB may be provided to GIL during the Offer Period as
requested under Section 4 of Appendix 4 of the Code to comply with
Rule 2.11(c) of the Code.
Publication on Website and Availability of Hard Copies
This Announcement, together with all information incorporated
into this document by reference to another source, subject to
certain restrictions relating to persons resident in Restricted
Jurisdictions, shall be available on GIL's website at
www.globeinvest.com and on BOTB's website at
www.botb.com/about/investors/offer by no later than 12 noon (London
time) on the Business Day following this Announcement. For the
avoidance of doubt, the contents of these websites are not
incorporated into and do not form part of this Announcement.
You may request a hard copy of this Announcement and / or any
information incorporated into this Announcement by reference to
another source by contacting the Receiving Agent, Computershare
Investor Services PLC on 0370 707 1543, or +44 370 707 1543 if
calling from outside the United Kingdom. You may also request that
all future documents, announcements and information to be sent to
you in relation to the Mandatory Offer should be in hard copy form
.
If you are in any doubt about the contents of this Announcement
or the action you should take, you are recommended to seek your own
independent financial advice immediately from your stockbroker,
bank manager, solicitor, accountant or independent financial
adviser duly authorised under the Financial Services and Markets
Act 2000 (as amended) if you are resident in the United Kingdom or,
if not, from another appropriately authorised independent financial
adviser.
Rounding
Certain figures included in this Announcement have been
subjected to rounding adjustments. Accordingly, figures shown for
the same category presented in different tables may vary slightly
and figures shown as totals in certain tables may not be an
arithmetic aggregation of the figures that precede them.
Rule 2.9 disclosure
In accordance with Rule 2.9 of the Code, BOTB confirms that as
at the close of business on 19 June (being the last Business Day
prior to the date of the Offer Announcement), it had in issue
8,367,024 ordinary shares (excluding ordinary shares held in
treasury) of 5 pence each. The International Securities
Identification Number (ISIN) for the ordinary shares is
GB00B16S3505.
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END
OUPUKRVROKUNUAR
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June 29, 2023 11:10 ET (15:10 GMT)
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