15 Jan 2020 12:34
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 SUCH JURISDICTION.
For immediate release
15 January 2020
Clipper Logistics plc
Statement regarding Sun Capital
The Board of Clipper Logistics plc ("Clipper" or the "Company") notes today's announcement by Sun Capital Partners Group VII, LLC ("Sun Capital") stating that, in accordance with Rule 2.8 of the City Code on Takeovers and Mergers (the "Code"), it does not intend to make an offer for the Company. Accordingly, Sun Capital is now subject to the restrictions under Rule 2.8 of the Code.
The Board confirms that discussions regarding a possible offer took place between the parties, and the views of a number of independent Clipper shareholders were sought. However the Board and Sun Capital were unable to agree terms that would be recommendable to Clipper shareholders, given the medium term growth prospects of the Company. Consequently, both sides agreed to terminate discussions.
Trading remains strong, following a busy Black Friday and Christmas period. Clipper experienced its busiest Black Friday period ever, with volumes up more than 35% year on year, underpinning the Board's expectations for the full year.
Enquiries:
Clipper
Steve Parkin, Executive Chairman Tony Mannix, Chief Executive Officer David Hodkin, Chief Financial Officer | +44 (0) 113 204 2050 |
Numis (Financial Adviser & Broker to Clipper)
Stuart Skinner Kevin Cruickshank Tom Ballard
| +44 (0) 207 260 1000 |
Buchanan (PR Adviser to Clipper)
David Rydell Stephanie Watson
| +44 (0) 207 466 5000 |
Further information
This announcement is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction.
The release, publication or distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities law of any such jurisdiction.
Numis Securities Limited ("Numis"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as Financial Adviser exclusively for Clipper and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Clipper for providing the protections afforded to clients of Numis, nor for providing advice in relation to any matter referred to herein.
Publication on Website
In accordance with Rule 26.1 of the Code, a copy of this announcement will be available at https://www.clippergroup.co.uk/investor-news/ promptly and in any event by no later than 12 noon on the business day following this announcement. The content of this website is not incorporated into and does not form part of this announcement.
Ends