16 Aug 2022 14:30
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.
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THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE").
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
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16 August 2022
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For immediate release
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No intention to make an offer for FirstGroup plc
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Further to the announcements made by FirstGroup plc ("FirstGroup") on 26 May 2022, 23 June 2022 and 21 July 2022, I Squared Capital Advisors (UK) LLP ("I Squared") confirms that it does not intend to make an offer for FirstGroup.
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This announcement is made in accordance with Rule 2.8 of the Code. As a result of this announcement, I Squared will, except with the consent of the UK Panel on Takeovers and Mergers (the "Panel"), be bound by the restrictions contained in Rule 2.8 of the Code.
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Under Note 2 on Rule 2.8 of the Code, I Squared reserves the right to set aside the restrictions in Rule 2.8 in the following circumstances:
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i. with the agreement or recommendation of the board of directors of FirstGroup;
ii. following the announcement of a firm intention to make an offer for FirstGroup by or on behalf of a third party;
iii. following the announcement by FirstGroup of a Rule 9 waiver proposal (as described in Note 1 on the Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); or
iv. where the Panel has determined there has been a material change of circumstances.
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