Last checked at 28 Jun 2013 13:43
CPPGroup PlcOffer discussions terminated and Directorate Change28 June 2013
Further to the announcement of 31st May regarding a possible offer for CPPGroup Plc ("CPP" or the "Group"), the Board has been engaged in discussions with CPP's existing lenders, Mr Hamish Macgregor Ogston CBE and others concerning the financing requirements of the Group. In parallel with discussions with Mr Ogston, the Group has also been seeking alternative financing solutions including with certain Business Partners. Mr Ogston has now informed the Board of his decision to cease all work in relation to his possible offer for CPP and his potential involvement in a refinancing of the Group, and that he will not be making an offer for CPP and is bound by the restrictions under Rule 2.8 of the City Code. Mr Ogston has also given notice of his resignation as a director of CPP with immediate effect.
The Group remains engaged in constructive discussions with its existing lenders and certain Business Partners with a view to putting in place a long-term funding plan for CPP. The Group has in place existing banking facilities which expire on 30th September 2013 and the Board will make further announcements when appropriate.
Enquiries:
CPPGroup Plc
Paul Stobart, Chief Executive Officer
Shaun Parker, Chief Financial Officer
Tel: +44 (0) 1904 544 372
Helen Spivey, Head of Corporate and Investor Communications
Tel: +44 (0) 1904 544387
Greenhill & Co. International LLP
Anthony Parsons
Hugo Grimston
Tel: +44 (0) 20 7198 7400
Tulchan Communications
David Allchurch
Martin Robinson
Tel: +44 (0) 20 7353 4200