TIDMSYN
RNS Number : 0372T
Camelot Capital Partners LLC
12 November 2019
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
RECOMMED CASH OFFER
FOR
SYNNOVIA PLC ("Synnovia")
BY
BPF1 LIMITED ("BIDCO"), A WHOLLY-OWNED SUBSIDIARY OF FUNDS
ADVISED BY CAMELOT CAPITAL PARTNERS LLC
OFFER CLOSED FOR ACCEPTANCE
On 3 September 2019, the Bidco Director and the Independent
Synnovia Directors announced the terms of a recommended offer to be
made by Bidco for the entire issued and to be issued share capital
of Synnovia, pursuant to Rule 2.7 of the Takeover Code (the
"Offer"). The full terms and conditions of the Offer, together with
the procedures for acceptance of the Offer, were set out in the
offer document issued by Synnovia on 23 September 2019 (the "Offer
Document") and, in respect of certificated Synnovia Shares, the
accompanying Form of Acceptance. On 11 October 2019 Synnovia
announced the results of the General Meeting, which included the
approval of the Management Shareholder Resolution, a key condition
to the Offer.
On 29 October 2019, Bidco announced that it had decided to waive
the acceptance condition under the Offer and that the Offer was
unconditional as to acceptances and wholly unconditional.
On 29 October 2019, Synnovia announced that it had informed the
London Stock Exchange that it wished to cancel the admission to
trading of the Synnovia Shares on AIM (the "Cancellation").
Cancellation is expected to take effect from 7:00am on 26 November
2019, being 20 business days from the date of the announcement.
Following Cancellation, Bidco will seek to re-register Synnovia
as a private limited company.
Capitalised terms used in this announcement, unless otherwise
defined, have the same meanings as set out in the Offer
Document.
No extension to the Offer
The Offer was open for acceptance until 1:00pm (London time) on
11 November 2019. The Offer has now closed and is no longer capable
of being accepted.
Level of acceptances
As at 1:00pm (London time) on 11 November 2019 Bidco had
received valid acceptances of the Offer in respect of a total of
21,221,574 Synnovia Shares, representing approximately 54.4 per
cent. of Synnovia's existing issued share capital, and 94.2 per
cent. of the Synnovia shares to which the Offer relates. This
includes acceptances for a total of 6,213,500 Synnovia Shares,
representing approximately 15.9 per cent. of Synnovia's existing
issued share capital in relation to irrevocable undertakings given
by the Independent Synnovia Directors, certain other Synnovia
Shareholders and Faisal Rahmatallah's (who is considered to be
acting in concert with Bidco) FR SIPP shares.
Bidco's parent Company holds 11,659,513 Synnovia Shares and it
has agreed to transfer those shares to Bidco along with the
Management Shareholders who have agreed to transfer an additional
4,804,855 Synnovia Shares to Bidco pursuant to the Management Share
Exchange Agreement, representing approximately in aggregate 42.2
per cent. of Synnovia's entire issued share capital. Accordingly,
as at 1:00pm (London time) on 11 November 2019, Bidco owned or will
own pursuant to the Management Share Exchange Agreement or had
received valid acceptances in respect of a total of 37,685,942
Synnovia Shares, representing approximately 96.6 per cent. of
Synnovia's entire issued share capital.
The percentages listed in this announcement are based on a
current issued share capital of 38,995,151 Synnovia Shares.
Compulsory acquisition
As Bidco has now received acceptances in respect of, and/or
otherwise acquired, 90 per cent. or more of the Synnovia Shares by
nominal value and voting rights attaching to such shares to which
the Offer relates, Bidco intends to exercise its rights pursuant to
the provisions of Chapter 3 of Part 28 of the Companies Act to
compulsorily acquire the remaining Synnovia Shares in respect of
which the Offer has not been accepted on the same terms as the
Offer.
Settlement of the consideration
Settlement of the consideration to which any accepting Synnovia
Shareholder is entitled under the Offer will be despatched as
follows: in the case of acceptances which had been received by 1pm
on 11 November 2019 and are valid and complete in all respects,
within 14 calendar days of such receipt, in each case in the manner
described in the Offer Document.
Interests in Synnovia Shares
As at the close of business on 11 November 2019, being the
latest practicable date prior to publication of this announcement,
the interests of Bidco and its concert parties and their immediate
families, related trusts and connected persons, all of which are
beneficial unless otherwise stated, in relevant securities were as
follows:
Name Type of relevant Number of relevant Approximate
security held securities aggregate percentage
of the existing
issued share
capital, and
voting rights,
of Synnovia
Bidco Synnovia Shares 11,659,513 29.9
------------------ ---------------------- ----------------------
Faisal Rahmatallah Synnovia Shares 2,761,669(1)(2)(3)(4) 6.8
------------------ ---------------------- ----------------------
Richard Vessey Synnovia Shares 2,591,865 6.6
------------------ ---------------------- ----------------------
Nicholas Ball Synnovia Shares 266,820 0.7
------------------ ---------------------- ----------------------
(1) 1,946,170 of the Synnovia Shares in which Faisal Rahmatallah
has an interest are registered in the name of Nicolino Assets
Holdings Limited
(2) 202,434 of the Synnovia Shares in which Faisal Rahmatallah
has an interest are registered in the name of Lawshare Nominees
Limited as the nominee of Faisal Rahmatallah's self-invested
personal pension provider
(3) 512,463 of the Synnovia Shares in which Faisal Rahmatallah
has an interest are registered in the name of R&H Trust Co
(Jersey) Limited
(4) 100,602 of the Synnovia Shares in which Faisal Rahmatallah
has an interest are registered in the name of Lawshare Nominees
Limited as the nominee of the self-invested personal pension
provider of Jane Margaret O'Riordan, a connected person of Faisal
Rahmatallah
With the exception of the interests set out above, as at close
of business on 11 November 2019, being the latest practicable date
prior to publication of this announcement, neither Bidco, nor any
person acting in concert with it for the purposes of the Offer, is
interested in or has any rights to subscribe for any Synnovia
Shares, nor does any such person have any short position (whether
conditional or absolute and whether in the money or otherwise),
including any short position under a derivative or any arrangement
in relation to any relevant securities of Synnovia. For these
purposes 'arrangement' includes any agreement to sell or any
dealing obligation or right to require another person to purchase
or take delivery of any relevant securities of Synnovia, and any
borrowing or lending of any relevant securities of Synnovia which
have not been on-lent or sold and any outstanding irrevocable
commitment or letter of intent with respect to any relevant
securities of Synnovia.
Enquiries:
Synnovia
Nick Ball (Group Finance Director) Tel: 020 7978 0574
Numis Securities Limited (financial adviser Tel: 020 7260 1000
to Bidco)
Stuart Ord
George Fry
Jono Mawson
Cenkos Securities plc (financial adviser and
nominated adviser to Synnovia)
Stephen Keys Tel: 020 7397 8900
Callum Davidson
Important Information
Numis Securities Limited ("Numis"), which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority,
is acting exclusively as financial adviser to Bidco and no one else
in connection with the Offer and other matters referred to in this
announcement. In connection with these matters, Numis, its
affiliates and their respective directors, officers, employees and
agents will not regard any other person as their client, nor will
they be responsible to anyone other than Bidco for providing the
protections afforded to the clients of Numis nor for providing
advice in relation to the matters referred to in this
announcement.
Cenkos Securities plc ("Cenkos"), which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority,
is acting exclusively as financial adviser to Synnovia and no-one
else in connection with the Offer and other matters referred to in
this announcement. In connection with these matters, Cenkos, its
affiliates and their respective directors, officers, employees and
agents will not regard any other person as their client, nor will
they be responsible to anyone other than Synnovia for providing the
protections afforded to the clients of Cenkos nor for providing
advice in relation to the matters referred to in this
announcement.
Further 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 the Offer or
otherwise. The Offer is being made solely by means of the Offer
Document and the Form of Acceptance accompanying the Offer
Document, which contains the full terms of, and Conditions to, the
Offer, including details of how the Offer may be accepted. Any
response to the Offer should be made only on the basis of
information contained in the Offer Document. Synnovia Shareholders
are advised to read the formal documentation in relation to the
Offer carefully.
This announcement has been prepared for the purposes of
complying with English law, the AIM Rules and the Code and the
information disclosed may not be the same as that which would have
been disclosed if this announcement had been prepared in accordance
with the laws and regulations of any jurisdiction outside the
United Kingdom.
Overseas jurisdictions
The distribution of this announcement in jurisdictions other
than the United Kingdom and the ability of Synnovia Shareholders
who are not resident in the United Kingdom to participate in the
Offer 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 Synnovia Shareholders
who are not resident in the United Kingdom will need to inform
themselves about, and observe, any applicable legal or regulatory
requirements. Any failure to comply with the applicable
restrictions may constitute a violation of the securities laws of
any such jurisdiction. Further details in relation to overseas
Synnovia Shareholders is contained in the Offer Document.
The Offer is not being, and will not be, made available,
directly or indirectly, in or into or by the use of the mails of,
or by any other means or instrumentality of interstate or foreign
commerce of, or any facility of a national state or other
securities exchange of, any Restricted Jurisdiction unless
conducted pursuant to an exemption from the applicable securities
laws of such Restricted Jurisdiction.
Accordingly, copies of this announcement and all documents
relating to the Offer are not being, and must not be, directly or
indirectly, mailed, transmitted or otherwise forwarded, distributed
or sent in, into or from any Restricted Jurisdiction except
pursuant to an exemption from the applicable securities laws of
such Restricted Jurisdiction and persons receiving this
announcement (including, without limitation, agents, nominees,
custodians and trustees) must not distribute, send or mail it in,
into or from such jurisdiction. Any person (including, without
limitation, any agent, nominee, custodian or trustee) who has a
contractual or legal obligation, or may otherwise intend, to
forward this announcement and/or the Offer Document and/or any
other related document to a jurisdiction outside the United Kingdom
should inform themselves of, and observe, any applicable legal or
regulatory requirements of their jurisdiction.
Information relating to Synnovia Shareholders
Please be aware that addresses, electronic addresses and certain
other information provided by Synnovia Shareholders, persons with
information rights and other relevant persons for the receipt of
communications from Synnovia may be provided to Bidco during the
Offer Period as required under Section 4 of Appendix 4 to the
Takeover Code.
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
OUPZMMMMRMKGLZM
(END) Dow Jones Newswires
November 12, 2019 02:00 ET (07:00 GMT)
Grafico Azioni Synergia Energy (LSE:SYN)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Synergia Energy (LSE:SYN)
Storico
Da Apr 2023 a Apr 2024