Bovis Homes Group PLC Statement regarding Galliford Try (2267A)
28 Maggio 2019 - 8:01AM
UK Regulatory
TIDMBVS
RNS Number : 2267A
Bovis Homes Group PLC
28 May 2019
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 OR REGULATIONS OF THAT
JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
28 May 2019
For immediate release
Bovis Homes Group PLC ("Bovis Homes")
Statement regarding potential combination with Galliford Try's
Linden Homes and Partnerships & Regeneration businesses
In view of the recent press speculation and the announcement by
Galliford Try plc ("Galliford Try"), Bovis Homes confirms that
following an initial proposal, some preliminary discussions and the
receipt of some high-level financial information from Galliford
Try, Bovis Homes submitted a revised proposal (subject to detailed
due diligence) on 8 May 2019 regarding the potential combination of
Bovis Homes and Galliford Try's Linden Homes and Partnerships &
Regeneration businesses (the "Housing Businesses") for
consideration of GBP950m together with the assumption of Galliford
Try's 10-year debt private placement of GBP100m, with the
consideration to be satisfied via the issuance of new Bovis Homes
shares directly to Galliford Try shareholders (the "Bovis Homes
Proposal").
The potential combination relates solely to a combination with
the Housing Businesses and does not relate to a merger with
Galliford Try itself. The potential combination envisages Galliford
Try remaining a UK listed construction focused group owned entirely
by Galliford Try shareholders.
Galliford Try rejected the Bovis Homes Proposal on 24 May 2019
as Galliford Try did not believe that the proposal fully reflected
the value of the Housing Businesses and the need to ensure that the
remaining Galliford Try UK listed construction focused group had a
viable capital structure.
Bovis Homes and Galliford Try are no longer in discussions.
The information contained within this announcement is inside
information as stipulated under the Market Abuse Regulation (EU)
No. 596/2014. Upon the publication of this announcement this inside
information is now considered to be in the public domain. The
person responsible for this announcement on behalf of Bovis Homes
is Earl Sibley (Group Finance Director).
For further information please contact:
Enquiries:
Bovis Homes
Earl Sibley Tel: +44(0) 1732 280 272
Powerscourt (Public Relations Adviser to Bovis Homes)
Justin Griffiths/ Nick Dibden Tel: +44(0) 20 7549 0999
Numis (Corporate Broker to Bovis Homes)
Heraclis Economides / Richard Thomas Tel: +44(0) 20 7260 1000
Numis Securities Limited, which is authorised and regulated in
the United Kingdom by the Financial Conduct Authority, is acting
for the Company only as corporate broker in connection with the
matters described in this announcement and is not acting for or
advising any other person, or treating any other person as its
client, in relation thereto and will not be responsible for
providing the protections afforded to clients of Numis Securities
Limited or advice to any other person in relation to the matters
contained herein.
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 or visit www.rns.com.
END
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