PHLL Petershill Partners Plc

23 April 2024

PETERSHILL PARTNERS PLC

Proposed return of up to US$100 million* to Shareholders by way of tender offer for up to 37,870,955 Ordinary Shares

Highlights of the Tender Offer

·    Proposed Tender Offer to return up to US$100 million* to Shareholders at a price per Ordinary Share of £2.14.

·    Premium of 15 per cent. to the closing price of 186 pence per Ordinary Share on 22 April 2024.

·    Tender Offer subject to shareholder approval at the Company's Annual General Meeting; Notice of Annual General Meeting to be published today.

·    Tender Offer opens 23 April 2024 and will close at 1.00 p.m. on 31 May 2024.

·    Tender proceeds expected to be despatched to Shareholders in early June 2024.

Key elements of the Tender Offer

·    Up to US$100 million* is available to be returned to Qualifying Shareholders via the purchase of up to 37,870,955 Ordinary Shares (representing up to approximately 3.4 per cent of the Company's Issued Ordinary Share Capital).

·    The Tender Price will be £2.14 per Ordinary Share, representing a premium of 15 per cent. to the closing price of 186 pence per Ordinary Share on 22 April 2024.

·    The Tender Offer is conditional on, among other things, the approval of shareholders, which will be sought at the annual general meeting of the Company to be held at Plumtree Court, 25 Shoe Lane, London, EC4A 4AU at 1.00 p.m. on 23 May 2024 (the "Annual General Meeting").

·    The Tender Offer will open 23 April 2024 and will close at 1.00 p.m. on 31 May 2024, unless such dates are altered by means of an announcement through a Regulatory Information Service.

·    Proceeds are expected to be despatched in early June 2024 to Shareholders who successfully tender Ordinary Shares.

·    The Petershill Funds that are Shareholders in the Company and which are managed or advised by Goldman Sachs Asset Management, L.P., in aggregate having an interest in 76.8 per cent. of the Company's voting rights, are supportive of the Tender Offer and intend to vote in favour of the Tender Offer Resolution at the Annual General Meeting in respect of their holdings of Ordinary Shares, but will not participate in the Tender Offer.

·    The Directors have committed to vote in favour of the proposed resolutions and not to participate in the Tender Offer in respect of their individual holdings of Ordinary Shares.

Benefits of the Tender Offer

The benefits of the Tender Offer for shareholders as a whole are that:

·    it is available to all Qualifying Shareholders regardless of the size of their holdings;

·    it provides Qualifying Shareholders who wish to reduce their holdings of Ordinary Shares with an opportunity to do so at a premium to the closing price of an Ordinary Share of £1.86 on 22 April 2024; and

·    it permits Shareholders who wish to retain their current investment in the Company to do so, allowing them to benefit from the accretive impact of the Company repurchasing its own Ordinary Shares at a material discount to the book value of its assets and at a price which is expected to be accretive to earnings per share.

A shareholder circular (the "Circular") containing the full terms and conditions of the Tender Offer and instructions to Qualifying Shareholders on how to tender their Ordinary Shares should they wish to do so will be dispatched to shareholders today.

The Circular will also be available on the Company's website at https://www.petershillpartners.com.  Copies of the Circular will be submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/nsm.

This summary should be read in conjunction with the full text of the announcement and the Circular.

The maximum number of Ordinary Shares that may be purchased in the Tender Offer has been calculated by converting US$100 million into Pounds Sterling using an exchange rate of GBP1.00:US$1.23390 and dividing the resulting Pounds Sterling amount by the Tender Price of £2.14. Depending on the GBP:US$ exchange rate at the time that Ordinary Shares that have been successfully tendered are acquired under the Tender Offer, the aggregate US dollar amount that is paid to Shareholders under the Tender Offer may be more or less than US$100 million.

This announcement includes inside information as defined in Article 7 of the UK Market Abuse Regulation and is being released on behalf of Petershill Partners plc by Naguib Kheraj, Chairman.

Investor Relations

Gurjit Kambo

+44 (0) 207 051 2564

PHP-Investor-Relations@gs.com

Media Relations

Brunswick Group

Simone Selzer

+44 (0) 207 404 5959

phll@brunswickgroup.com

Advisers

Joint Financial Advisers

BofA Securities

Duncan Stewart / Tom Brown / Michael Perry

+44 20 7628 1000

Goldman Sachs

Richard Cormack / Tom Hartley / Jamie Macdonald / Hannah Mackey

+44 (0) 20 7774 1000

J.P. Morgan Cazenove

Ed Squire / William Simmonds / Rupert Budge / Harshit Kandpal

+44 203 493 8000

Legal Adviser

Freshfields Bruckhaus Deringer LLP

Upcoming events

·    Q1 2024 Trading Update on 23 May 2024

·    Annual General Meeting on 23 May 2024

About Petershill Partners plc

Petershill Partners plc is a diversified, publicly listed, global alternatives investment group focused on private equity and other private capital strategies.  Through its economic interests in more than 20 Partner-firms Petershill Partners plc provides investors with exposure to the growth and profitability of the alternative asset management industry.

Petershill Partners plc aims to deliver diversified, highly visible, risk-adjusted returns from private markets to public market investors.  Petershill Partners plc invests into Partner-firms whose funds generate earnings, primarily in the form of fees.  Petershill Partners plc participates in the fee income from more than 200 underlying funds that are diversified across multiple factors such as asset class, investment strategy, and investment lifecycle.

Further information regarding Petershill Partners plc is available on Petershill Partners plc's website at https://www.petershillpartners.com.

ISIN: GB00BL9ZF303

PETERSHILL PARTNERS PLC

Proposed return of up to US$100 million* to Shareholders by way of tender offer for up to 37,870,955 Ordinary Shares

Petershill Partners plc ("Petershill Partners" or the "Company") announces the proposed return of up to US$100 million to its shareholders (the "Shareholders") by way of a tender offer by acquiring up to 37,870,955 Ordinary Shares at a price of £2.14 per Ordinary Share (the "Tender Offer").

1.         Background to the Tender Offer

The Company announced on 26 March 2024, on publication of its annual results for the period ending 31 December 2023, that it was considering launching a tender offer.  It is now proposed that the Company conduct a tender offer, for up to US$100 million in equivalent aggregate value, at a price per Ordinary Share of £2.14  (the "Tender Price").

The Directors remain focused on the efficient and disciplined management of capital with the overriding objective of driving shareholder value.  The Company exercised restraint around M&A in an uncertain market environment last year but understands that deploying capital is a critical driver of delivering investment returns for Shareholders.  Given the current share price and the Company's cash resources, the Directors believe that the Tender Offer provides a meaningful opportunity for the Company to invest in its own portfolio at a significant discount to current valuations, offering a very attractive investment opportunity to increase its exposure to assets the Company knows well, whilst also providing liquidity to Shareholders who may wish to sell Ordinary Shares. The Company has previously repurchased its own Ordinary Shares via successive on-market buyback programmes, with the first US$50 million buyback programme announced on 22 April 2022 and the second US$50 million buyback programme announced on 17 May 2023.  Unlike the on-market buyback programmes, which can be restricted in terms of the price payable and liquidity, the Tender Offer will allow all Qualifying Shareholders the opportunity to obtain liquidity for all or part of their shareholding on equal terms.

The Directors have received confirmation that the Petershill Funds that are Shareholders in the Company and which are managed or advised by Goldman Sachs Asset Management, L.P. (the "PH Fund Shareholders"), in aggregate having an interest in 76.8 per cent. of the Company's voting rights, are supportive of the Tender Offer and intend to vote in favour of the Tender Offer Resolution at the Annual General Meeting in respect of their holdings of Ordinary Shares, but will not participate in the Tender Offer.

As the PH Fund Shareholders will not participate in the Tender Offer, the Tender Offer will involve the purchase of Ordinary Shares with an aggregate value of up to the Maximum Aggregate Tender Offer Amount from other Shareholders, who collectively own 23.2 per cent. of the Ordinary Shares.  This represents a substantial increase in the aggregate value that can be returned to those other Shareholders compared to what would have been returned to them had the PH Fund Shareholders participated in the Tender Offer. As a consequence of completion of the Tender Offer, assuming 37,870,955 Ordinary Shares are purchased from other Shareholders at the Tender Price, and subsequently repurchased by the Company, the percentage of the Company's voting rights in which the PH Fund Shareholders have an interest will increase to 79.5 per cent.  Following the completion of the Tender Offer, therefore, the PH Fund Shareholders (and Goldman Sachs Asset Management, L.P., as their manager which controls the votes of the Petershill Funds) will continue to possess significant voting power and have a significant direct influence over all matters requiring Shareholder approval, including the election of the Directors.

At the time of the initial public offering of the Company, the Operator expected to need to reduce its long-term managed holdings to less than 25 per cent. of the Company, under US bank holding company regulations, but was not required to do so prior to the fifth anniversary of the Company's initial public offering (being September 2026).  However, as announced on 15 April 2024, having had the opportunity to evaluate the operation of Petershill Partners over the past several years, the Operator, in consultation with the Company, has determined that it could maintain an ownership greater than 25 per cent. of the Company beyond September 2026 in compliance with US bank holding company regulations, while allowing the Company to continue to operate as it has been doing in the ordinary course.  The Petershill Funds maintain their aim to create additional liquidity and free float in Petershill Partners over time while maximising value.  While the Operator's goal remains to reduce long-term managed holdings to less than 25 per cent., should this occur after the fifth anniversary of the Company's initial public offering (being September 2026), the Operator does not expect any changes to the operations of the Company.

On 26 March 2024, the Board proposed a final dividend payment of 10.1 cents (USD) per Ordinary Share, payable on 14 June 2024 to Shareholders on the register as at close of business on 10 May 2024 with the ex‑dividend date being 9 May 2024.  Accordingly, all Shareholders, irrespective of participation in the Tender Offer, will receive the final dividend.

At the forthcoming Annual General Meeting of the Company on 23 May 2024 (notice of which accompanies this document) the Company will seek Shareholders' approval for an on-market buyback resolution that will authorise the Company to effect the Tender Offer.  The Company will also seek Shareholders' approval for a general buyback authority to replace the equivalent authority which was granted at the annual general meeting of the Company held on 24 May 2023.

Qualifying Shareholders are not required to tender any or all of their Ordinary Shares if they do not wish to do so.

2.         Benefits of the Tender Offer

The benefits of the Tender Offer for Shareholders as a whole are that:

·    it is available to all Qualifying Shareholders regardless of the size of their holdings;

·    it provides Qualifying Shareholders who wish to reduce their holdings of Ordinary Shares with an opportunity to do so at a premium to the closing price of an Ordinary Share of £1.86 on 22 April 2024 (the "Latest Practicable Date") as derived from the London Stock Exchange's Daily Official List; and

·    it permits Shareholders who wish to retain their current investment in the Company to do so, allowing them to benefit from the accretive impact of the Company repurchasing its own Ordinary Shares at a material discount to the book value of its assets and at a price which is expected to be accretive to earnings per share.

3.         The Tender Offer

Overview of the Tender Offer

Full details of the Tender Offer, including the terms and conditions on which it is made, are set out in Part IV (Details of the Tender Offer) of the Circular and in the Tender Form. Shareholders do not have to tender any Ordinary Shares.

All Qualifying Shareholders who are on the Register at 6.00 p.m. on 31 May 2024 are entitled, but not required, to tender some or all of their Ordinary Shares for purchase by BofA Securities, acting as principal, on the terms set out in the Circular and the Tender Form. Subject to satisfaction of the conditions to the Tender Offer, Ordinary Shares which are successfully tendered under the Tender Offer will be purchased at the Tender Price.

The Tender Price represents a premium of 15 per cent. to the closing price of 186 pence per Ordinary Share on the Latest Practicable Date.

The Tender Offer is to be effected by BofA Securities (acting as principal and not as agent, nominee or trustee) purchasing Ordinary Shares from Shareholders. BofA Securities, in turn, has the right to require the Company to purchase from it, and can be required by the Company to sell to it, such (or an equivalent number of) Ordinary Shares at the Tender Price under an option agreement (the "Option Agreement"), details of which are set out in paragraph 3 of Part VI (Additional Information) of the Circular. All Ordinary Shares purchased by the Company from BofA Securities pursuant to the Option Agreement will be cancelled.

Options available to Qualifying Shareholders in respect of the Tender Offer

Qualifying Shareholders can elect:

·    to tender some or all of their Ordinary Shares for purchase and to receive the Tender Price in cash in consideration for such purchase (subject to scaling-down, where applicable); or

·    not to tender any Ordinary Shares in the Tender Offer.

It is a matter for each Qualifying Shareholder whether they wish to tender any Ordinary Shares.  Qualifying Shareholders are not obliged to tender any Ordinary Shares if they do not wish to do so.  The total number of Ordinary Shares tendered by any Qualifying Shareholder must not exceed the total number of Ordinary Shares registered in their name at the Record Date.

Once made, any tender of Ordinary Shares will be irrevocable.

Price which Shareholders will receive in respect of Ordinary Shares they successfully tender

A single price per Ordinary Share will be paid in respect of all Ordinary Shares purchased by BofA Securities pursuant to the Tender Offer, that price being the Tender Price.

The maximum number of Ordinary Shares that may be purchased in the Tender Offer was calculated by converting US$100 million into Pounds Sterling at the Bloomberg fix rate for GBP:US$ at 5.00 p.m. on 22 April 2024 and dividing the resulting Pounds Sterling amount by the Tender Price.  As the aggregate value at the Tender Price of all validly tendered Ordinary Shares will be a Pounds Sterling amount, the actual aggregate US dollar amount that is ultimately retuned to Shareholders through the Tender Offer may be more or less than US$100 million because it will depend on (a) the number of Ordinary Shares purchased in the Tender Offer, and (b) the GBP:US$ exchange rate on the date that the Company acquires the Ordinary Shares that BofA Securities purchased in the Tender Offer.

Number of Ordinary Shares that will be purchased pursuant to the Tender Offer

All Shareholders who tender Ordinary Shares will receive the Tender Price for each Ordinary Share that is tendered, subject, where applicable, to the scaling-down arrangements described in paragraphs 2.13 to 2.15 of Part IV (Details of the Tender Offer) of the Circular.  If more than 37,870,955 Ordinary Shares are validly tendered by Shareholders, acceptances of validly tendered Ordinary Shares will be scaled-down to determine the extent to which individual tenders are accepted. Accordingly, where scaling-down applies there is no guarantee that all of the Ordinary Shares which are tendered by Qualifying Shareholders will be accepted for purchase.

Guaranteed Entitlement

The Guaranteed Entitlement (as defined below) is only relevant if the Tender Offer is oversubscribed.  Tenders in respect of up to approximately 14.6 per cent. of each holding of Ordinary Shares of every Qualifying Shareholder on the Record Date will be accepted in full at the Tender Price and will not be scaled down.  This percentage is known as the "Guaranteed Entitlement".  

Qualifying Shareholders may tender Ordinary Shares in excess of their Guaranteed Entitlement.  However, the tender of such excess Ordinary Shares will only be successful to the extent that other Qualifying Shareholders have tendered less than their Guaranteed Entitlement.

Circumstances in which the Tender Offer may not proceed

There is no guarantee that the Tender Offer will be completed. The Tender Offer is conditional on the passing of the Tender Offer Resolution set out in the Notice of Annual General Meeting that accompanies the Circular. The Tender Offer is also conditional on the other matters specified in paragraph 2.1 of Part IV (Details of the Tender Offer) of the Circular.

The Board has reserved the right, at any time prior to the Tender Offer becoming unconditional, to require BofA Securities not to proceed with the Tender Offer if the Board concludes that the implementation of the Tender Offer is no longer in the best interests of the Company and/or Shareholders as a whole. The Board has also reserved the right, at any time prior to the announcement of the results of the Tender Offer, with the prior consent of BofA Securities, to revise the aggregate value of the Tender Offer, or to extend the period during which the Tender Offer is open, based on market conditions and/or other factors, subject to compliance with applicable legal and regulatory requirements.

If the Tender Offer is not completed or is only partially taken up, the Board will consider how best to deploy the cash resources available for the benefit of Shareholders in the light of prevailing market conditions at the time.

Results announcement and Unconditional Date

It is expected that the results of the Tender Offer will be announced on 5 June 2024, which will be the Unconditional Date for the Tender Offer. Settlement is then expected to take place as set out in the timetable below and as provided for in Part IV (Details of the Tender Offer) of the Circular.

Full terms and conditions of the Tender Offer

Full details of the Tender Offer, including the terms and conditions on which it is made and some questions and answers related to the Tender Offer are set out in the Circular.

4.         Expected timetable for Tender Offer

Each of the times and dates in the table below is indicative only and may be subject to change by Petershill Partners, in consultation with the Financial Advisers, in which event details of the new times and dates will be notified to Shareholders by announcement through a Regulatory Information Service.

Note:

1.     All references to times in the timetable above are to London times.

5.         Annual General Meeting

The Tender Offer is conditional on approval from Shareholders of certain matters, which is being sought at the Annual General Meeting.  Notice of the Annual General Meeting to be held at Plumtree Court, 25 Shoe Lane, London, EC4A 4AU at 1.00 p.m. on 23 May 2024 accompanies the Circular.

Shareholders will be asked to vote on the Tender Offer Resolution at the Annual General Meeting of the Company.  The Tender Offer Resolution to approve the Tender Offer is a special resolution that requires a majority of 75 per cent. or more of the votes cast in order to be passed.

The Directors have received confirmation that the Petershill Funds that are Shareholders in the Company and which are managed or advised by Goldman Sachs Asset Management, L.P. (the "PH Fund Shareholders"), in aggregate having an interest in 76.8 per cent. of the Company's voting rights, will not participate in the Tender Offer. The Directors have also received confirmation that the PH Shareholders are supportive of the Tender Offer and intend to vote in favour of the Tender Offer Resolution at the Annual General Meeting in respect of their holdings of Ordinary Shares.

The Tender Offer Resolution seeks authority to make market purchases of Ordinary Shares in connection with the Tender Offer.  In order to comply with the applicable requirements of the Companies Act 2006, it specifies the maximum number of Ordinary Shares which may be acquired, and the minimum price and maximum price at which Ordinary Shares may be acquired, pursuant to this authority (although both the minimum and the maximum price in the resolution are set at the Tender Price). The authority sought will expire on 31 July 2024.

6.         Financial advice

The Board has received financial advice from BofA Securities, Goldman Sachs and J.P. Morgan Cazenove in relation to the Tender Offer.  In providing their financial advice, BofA Securities, Goldman Sachs and J.P. Morgan Cazenove have relied upon the Board's commercial assessments.

7.         Recommendation

As set out in the Notice of Annual General Meeting that accompanies the Circular, the Directors consider that all the resolutions to be put to the meeting (including the Tender Offer Resolution) are in the best interests of the Company and its Shareholders as a whole. Accordingly, the Directors unanimously recommend that Shareholders vote in favour of each of these resolutions to be proposed at the Annual General Meeting (including the Tender Offer Resolution), as they intend to do in respect of their own beneficial holdings.

However, the Board makes no recommendation to Shareholders in relation to participation in the Tender Offer itself.  Whether or not Shareholders decide to tender all or any of their Ordinary Shares will depend on, among other things, their view of the Company's prospects and their own individual circumstances, including their tax position. Shareholders need to take their own decision and are recommended to consult their duly authorised independent advisers.

8.         Directors' intentions

Each Director has confirmed that he or she does not intend to tender Shares owned or controlled by that Director in the Tender Offer.

Definitions

The following definitions apply throughout this document unless context requires otherwise:

IMPORTANT NOTICE

This announcement does not constitute or form part of an offer or invitation, or a solicitation of any offer or invitation, to purchase any Ordinary Shares or other securities.

The full terms and conditions of the Tender Offer will be set out in the Circular, which shareholders are advised to read in full.  Any response to the Tender Offer should be made only on the basis of the information in the Circular.

Goldman Sachs International ("Goldman Sachs") is authorised in the United Kingdom by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority.  Goldman Sachs is acting exclusively for Petershill Partners and for no-one else in connection with the Tender Offer or any other matters referred to in this document.  Goldman Sachs will not regard any other person (whether or not a recipient of the Circular) as a client in relation to the Tender Offer or any other matters referred to in the Circular and will not be responsible to any person other than Petershill Partners for providing the protections afforded to clients of Goldman Sachs or for providing advice in relation to any transaction, matter or arrangement referred to in the Circular. Goldman Sachs is acting solely as financial adviser to the Company and will not be undertaking any purchases of Ordinary Shares on behalf of the Company under the Tender Offer.

Goldman Sachs Group, Inc. is the holding company of a corporate group (the "Goldman Sachs Group") that includes Goldman Sachs Asset Management Fund Services Limited, which acts as Petershill Partners' operator and investment manager, and Goldman Sachs, which is acting as a financial adviser to Petershill Partners in relation to the Tender Offer.  The Goldman Sachs Group and its affiliates are engaged in various activities and businesses, including but not limited to, securities, commodities and derivatives trading, foreign exchange and other brokerage activities, research publication and principal investments, as well as provision of investment, corporate and private banking, asset and investment management, financing and financial advisory services and other commercial services and products to a wide range of corporations, funds, governments and individuals from whom conflicting interests or duties, or a perception thereof, may arise.  Accordingly, members of the Goldman Sachs Group may conduct businesses or activities (whether acting in their own interests or in the interests of other clients) which may affect Petershill Partners and its corporate group.

J.P. Morgan Securities plc (which conducts its UK investment banking business as J.P. Morgan Cazenove) ("J.P. Morgan Cazenove") is authorised in the United Kingdom by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority.  J.P. Morgan Cazenove is acting exclusively for Petershill Partners and for no one else in connection with the Tender Offer or any other matters referred to in this document.  J.P. Morgan Cazenove will not regard any other person (whether or not a recipient of the Circular) as a client in relation to the Tender Offer or any other matters referred to in the Circular and will not be responsible to any person other than Petershill Partners for providing the protections afforded to clients of J.P. Morgan Cazenove or for providing advice in relation to any transaction, matter or arrangement referred to in the Circular. J.P. Morgan Cazenove is acting solely as financial adviser to the Company and will not be undertaking any purchases of Ordinary Shares on behalf of the Company under the Tender Offer.

BofA Securities is authorised in the United Kingdom by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority.  BofA Securities is acting exclusively for Petershill Partners and for no-one else in connection with the Tender Offer or any other matters referred to in this document.  BofA Securities will not regard any other person (whether or not a recipient of the Circular) as a client in relation to the Tender Offer or any other matters referred to in the Circular and will not be responsible to any person other than Petershill Partners for providing the protections afforded to clients of BofA Securities or for providing advice in relation to any transaction, matter or arrangement referred to in the Circular.

Apart from the responsibilities and liabilities, if any, which may be imposed on BofA Securities, Goldman Sachs and J.P. Morgan Cazenove (the "Financial Advisers") under FSMA or the regulatory regime established thereunder, or under the regulatory regime of any jurisdiction where the exclusion of liability under the relevant regulatory regime would be illegal, void or unenforceable (i) none of the Financial Advisers or any persons associated or affiliated with any of them accepts any responsibility whatsoever or makes any warranty or representation, express or implied, in relation to the contents of the Circular, including its accuracy, completeness or verification or for any other statement made or purported to be made by, or on behalf of it, Petershill Partners or the Directors, in connection with Petershill Partners and/or the Tender Offer, and (ii) each of the Financial Advisers and each of their respective affiliates accordingly disclaims, to the fullest extent permitted by law, all and any liability whatsoever, whether arising in tort, contract or otherwise (save as referred to above) which they might otherwise be found to have in respect of the Circular or any such statement.  No representation or warranty, express or implied, is made by any of the Financial Advisers or any of their respective affiliates as to the accuracy, completeness, verification or sufficiency of the information set out in the Circular, and nothing in this document will be relied upon as a promise or representation in this respect, whether or not as to the past or future.

Each of the Financial Advisers and their respective affiliates may have engaged in transactions with, and provided various commercial banking, investment banking, financial advisory transactions and services in the ordinary course of their business with Petershill Partners and its affiliates for which they would have received customary fees and commissions.  Each of the Financial Advisers and their respective affiliates may provide such services to Petershill Partners and its affiliates in the future.  In the ordinary course of their various business activities, the Financial Advisers and their respective affiliates may hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (which may include bank loans and/or credit default swaps) in Petershill Partners and its respective affiliates for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities and instruments.

Investors who participate in the Tender Offer will be deemed to have acknowledged that (i) they have not relied on any of the Financial Advisers or any person affiliated with any of the Financial Advisers in connection with any investigation of the accuracy of any information contained in the Circular or their investment decision, (ii) they have relied only on the information contained in the Circular, and (iii) no person has been authorised to give any information or to make any representation concerning Petershill Partners or the Tender Offer (other than as contained in the Circular) and, if given or made, any such other information or representation should not be relied upon as having been authorised by Petershill Partners or any of the Financial Advisers.

None of Petershill Partners or any of the Financial Advisers or any of their respective representatives is making any representation to any participant in the Tender Offer regarding the legality of participation in the Tender Offer by such offeree or participant under the laws applicable to such offeree or participant.

Cautionary statement regarding forward-looking statements

This announcement includes forward-looking statements.  These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond our control and all of which are based on the Directors' current beliefs and expectations about future events.  Forward-looking statements are sometimes identified by the use of forward-looking terminology such as "believe", "expect", "may", "will", "would", "could", "should", "shall", "risk", "intend", "estimate", "aim", "plan", "predict", "continue", "assume", "positioned", "anticipate", "hope" or "target" or the negative thereof, other variations thereon or comparable terminology.  These forward‑looking statements include all matters that are not historical facts.  They appear in a number of places throughout this announcement and include statements regarding our intentions, beliefs or current expectations concerning, among other things, the future results of operations, financial condition, liquidity, prospects, growth, strategies, our dividend policy, and the industry in which we operate.

These forward-looking statements and other statements contained in this announcement regarding matters that are not historical facts involve predictions and by their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances.  No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks and uncertainties we face.  Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed, or implied in such forward-looking statements.

Such forward-looking statements contained in this announcement speak only as of the date of this announcement, and such forward-looking statements based on past trends or activities should not be taken as a representation that such trends or activities will continue in the future.  The Company, the Directors and the Financial Advisers and their respective affiliates expressly disclaim any obligation or undertaking to update these forward-looking statements contained in the document to reflect any change in their expectations or any change in events, conditions, or circumstances on which such statements are based unless required to do so by applicable law, the Prospectus Regulation Rules, the Listing Rules or the Disclosure Guidance and Transparency Rules of the FCA or the UK Market Abuse Regulation.

No statement in this announcement or incorporated by reference into this announcement is intended to constitute a profit forecast or profit estimate for any period, nor should any statement be interpreted to mean that earnings or earnings per share will necessarily be greater or less than those for the preceding financial periods of the Company.

Overseas Shareholders

The making of the Tender Offer in, or to persons who are citizens or nationals of, or resident in, jurisdictions outside the United Kingdom or to custodians, nominees or trustees for citizens, nationals or residents of jurisdictions outside the United Kingdom may be prohibited or affected by the laws of the relevant overseas jurisdiction. Shareholders who are Overseas Shareholders should inform themselves about and observe any applicable legal requirements.  It is the responsibility of any such Shareholder wishing to tender Ordinary Shares to satisfy itself, himself or herself as to the full observance of the laws of the relevant jurisdiction in connection therewith, including the obtaining of any governmental, exchange control or other consents which may be required, the compliance with other necessary formalities and the payment of any transfer or other taxes or other requisite payments due in such jurisdiction.  Any such Shareholder will be responsible for payment of any such transfer or other taxes or other requisite payments due by whomsoever payable and BofA Securities and Petershill Partners and any person acting on their behalf shall be fully indemnified and held harmless by such Shareholder for any such transfer or other taxes or other requisite payments such person may be required to pay.  No steps have been taken to qualify the Tender Offer or to authorise the extending of the Tender Offer or the distribution of the Circular or any Tender Form in any territory outside the United Kingdom.

In particular, the Tender Offer is not being made, directly or indirectly, in or into, or by use of the mails of, or by any means or instrumentality (including, without limitation, facsimile transmission, telex, telephone and e-mail) of interstate or foreign commerce of, or any facilities of a national securities exchange of, any Restricted Jurisdiction and the Tender Offer cannot be accepted by any such use, means, instrumentality or facility or from within any Restricted Jurisdiction.  Accordingly, copies of the Circular, the Tender Forms and any related documents must not be mailed or otherwise distributed or sent in, into or from any Restricted Jurisdiction, including to Shareholders with registered addresses in any Restricted Jurisdiction other than the mailing by the Company of the Circular for the purposes of giving notice of the Annual General Meeting.  Persons receiving such documents (including, without limitation, custodians, nominees and trustees) should not distribute, send or mail them in, into or from any Restricted Jurisdiction or use such mails or any such means, instrumentality or facility in connection with the Tender Offer, and so doing will render invalid any related purported acceptance of the Tender Offer.  Persons wishing to tender pursuant to the Tender Offer must not use such mails or any such means, instrumentality or facility for any purpose directly or indirectly relating to any tender pursuant to the Tender Offer.  Envelopes containing Tender Forms should not be postmarked in any Restricted Jurisdiction or otherwise dispatched from any Restricted Jurisdiction and all Shareholders who wish to participate in the Tender Offer must provide addresses outside any Restricted Jurisdiction for the remittance of cash or for the return of Tender Forms, share certificates and/or other documents of title.

If, in connection with making the Tender Offer, notwithstanding the restrictions described above, any person (including, without limitation, custodians, nominees and trustees), whether pursuant to a contractual or legal obligation or otherwise, forwards the Circular, any personalised Tender Form or any related documents in, into or from any Restricted Jurisdiction or uses the mails of, or any means or instrumentality (including, without limitation, facsimile transmission, telex, telephone and e-mail) of interstate or foreign commerce of, or any facilities of a national securities exchange of, any Restricted Jurisdiction in connection with such forwarding, such persons should (a) inform the recipient of such fact; (b) explain to the recipient that such action may invalidate any purported acceptance by the recipient; and (c) draw the attention of the recipient to this paragraph.

The provisions of this paragraph and any other terms of the Tender Offer relating to Overseas Shareholders may be waived, varied or modified as regards specific Shareholders or on a general basis by BofA Securities in its absolute discretion, but only if BofA Securities is satisfied that such waiver, variation or modification will not constitute or give rise to a breach of applicable securities or other laws.  Subject to this, the provisions of this paragraph supersede any terms of the Tender Offer inconsistent herewith.

Notice for US Shareholders

The Tender Offer relates to securities in a non-US company which is registered in the UK and is subject to the disclosure requirements, rules and practices applicable to companies listed in the UK, which differ from those of the US in certain material respects.  The Circular has been prepared in accordance with UK style and practice for the purpose of complying with English law and the Listing Rules, and US Shareholders should read the entire Circular, including Part IV (Details of the Tender Offer) and Part V (Taxation) of the Circular.  The financial information relating to the Company, which is available for review on the Company's website, has not been prepared in accordance with generally accepted accounting principles in the US and thus may not be comparable to financial information relating to US companies.

The Tender Offer will be made in the US pursuant to an exemption from certain US tender offer rules and otherwise in accordance with the requirements of UK legislation.  Accordingly, the Tender Offer will be subject to disclosure and other procedural requirements, including with respect to withdrawal rights, that may be different from those applicable under US domestic tender offer procedures and law.  US Shareholders should note that the Ordinary Shares are not listed on a US securities exchange and the Company is not subject to the periodic reporting requirements of the US Exchange Act and is not required to, and does not, file any reports with the US Securities and Exchange Commission thereunder.

It may be difficult for US Shareholders to enforce certain rights and claims arising in connection with the Tender Offer under US federal securities laws since the Company is located outside the US and most of its officers and Directors may reside outside the US.  It may not be possible to sue a non-US company or its officers or Directors in a non-US court for violations of US securities laws.  It also may not be possible to compel a non-US company or its affiliates to subject themselves to a US court's judgment.

The receipt of cash pursuant to the Tender Offer by a Shareholder who is a US person subject to US federal income tax is expected to be a taxable transaction for US federal income tax purposes. Paragraph 2 of Part V (Taxation) of the Circular sets out a guide to certain US tax consequences of the Tender Offer for Shareholders under current US law.  Each such Shareholder should, however, consult and seek individual advice from an appropriate professional adviser.

In accordance with normal UK market practice and Rule 14e-5(b) of the US Exchange Act, the Company, its nominees, its brokers (acting as agents), the Financial Advisers or any of their respective affiliates may from time to time make certain purchases of, or arrangements to purchase, Ordinary Shares outside the United States, other than pursuant to the Tender Offer, before or during the period in which the Tender Offer remains open for acceptance, including sales and purchases of Ordinary Shares effected by the Financial Advisers acting as market makers in the Ordinary Shares. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be disclosed as required in the United Kingdom, will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website, http://www.londonstockexchange.com.

While the Tender Offer is being made available to Shareholders in the US, the right to tender Ordinary Shares is not being made available in any jurisdiction in the US in which the making of the Tender Offer or the right to tender such Ordinary Shares would not be in compliance with the laws of such jurisdiction.

This announcement has not been approved, disapproved or otherwise recommended by the US Securities and Exchange Commission or any US state securities commission and such authorities have not confirmed the accuracy or determined the adequacy of this announcement. Any representation to the contrary is a criminal offence in the US.