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Findel PLC - Letter Of Support From Schroder

Mon, 1st Apr 2019 13:59

RNS Number : 7072U
Findel PLC
01 April 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 SUCH JURISDICTION

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR").  Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. 

   1 April 2019

Findel plc ("Findel" or the "Group")

Letter of support from Schroder Investment Management Limited ("Schroders")

Further to the Response Circular published on 27 March 2019, recommending the rejection of the mandatory offer for the entire issued and to be issued share capital of Findel not already owned by Sports Direct at a price of 161 pence per share in cash (the "Offer"), the Findel Board has received a letter of support from its second largest shareholder, Schroders Investment Management Limited ("Schroders").  Schroders is the discretionary investment manager of, with power to dispose of and direct the exercise of voting rights attached to, 16,297,490 ordinary shares representing approximately 18.85 per cent. of the issued share capital of Findel.

 

In its letter, Schroders confirms that "it remains supportive of Findel and its management team and the operational and financial progress that the Group has made under the leadership of Phil Maudsley and Stuart Caldwell. Furthermore, having carefully considered the merits of the Offer and the arguments advanced by the Board of Findel for its rejection, Schroders agrees with the conclusion of the Findel Board that the Offer significantly undervalues the future prospects of Findel and as such, our current intention is not to accept the Offer on the terms proposed."

 

This letter, received from Schroders, is considered a statement of support under Rule 19.3 of The Takeover Code.

 

Commenting on the letter, Ian Burke, Chairman of Findel said:

 

"We are grateful for the support of our second largest shareholder in Schroders, and continue to recommend strongly that all other shareholders take no action in respect of the offer from Sports Direct."

 

A copy of the letter received from Schroders is available on the Company's website, https://www.findel.co.uk/investor-centre/mandatory-offer-for-findel-plc.

 

For further information please contact:

Findel plc              

Ian Burke, Chairman

Phil Maudsley, Group CEO

Stuart Caldwell, Group CFO 

0161 303 3465

 

N+1 Singer (Joint Financial Adviser to Findel)                 

Mark Taylor

Jen Boorer

Harry Mills

 

020 7496 3000

 

Stifel (Joint Financial Adviser to Findel)                           

Tim Medak

Mark Harrison

Anthony Ledeboer

Francis North

 

020 7710 7600

 

Tulchan Communications                                                    

Catherine James

Will Smith

 

020 7353 4200 

Further information

N+1 Singer Advisory LLP ("N+1 Singer"), which is authorised and regulated in the United Kingdom by the Financial  Conduct Authority, is acting exclusively for Findel and no one else in connection with the above and will not be responsible to anyone other than Findel for providing the protections offered to clients of N+1 Singer nor for providing advice in relation to the subject matter of this announcement or any other matters referred to in this announcement.

Stifel Nicolaus Europe Limited ("Stifel"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for Findel and no one else in connection with the above and will not be responsible to anyone other than Findel for providing the protections offered to clients of Stifel nor for providing advice in relation to the subject matter of this announcement or any other matters referred to in this announcement.

In accordance with Rule 26.1 of the Takeover Code, a copy of this announcement will be available, subject to certain restrictions relating to persons resident in restricted jurisdictions, on Findel's website, www.findel.co.uk, by no later than 12 noon on the business day following the date of this announcement. For the avoidance of doubt, the content of the website is not incorporated into and does not form part of this announcement.

 

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.
 
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