KCOM Regulatory News (KCOM)

29 Apr 2019 10:30

Majedie Asset Management Limited (“Majedie”) refers to the recommended cash acquisition of KCOM Group Public Limited Company (“KCOM”) by Humber Bidco Limited (“Bidco”) (a wholly-owned indirect subsidiary of Universities Superannuation Scheme Limited, acting in its capacity as sole corporate trustee of Universities Superannuation Scheme) (“the Offer”) to be implemented by means of a scheme of arrangement under Part 26 of the Companies Act 2006 (the “Scheme”) which was announced by KCOM on 24 April 2019 (the “Recommended 2.7 Announcement”). 

In the Recommended 2.7 Announcement it was disclosed that Majedie had given Bidco a non-binding letter of intent to vote in favour of the Scheme, in respect of Majedie’s holding of 17,006,505 KCOM shares representing approximately 3.3 per cent. of KCOM's issued ordinary share capital (the “Letter of Intent”). 

On 24 April 2019, following the release of the Recommended 2.7 Announcement, Majedie chose instead to sell its entire holding of KCOM shares (as disclosed in the Form 8.3 released by Majedie on 25 April 2019). 

Accordingly, there are no KCOM shares subject to the Letter of Intent and Majedie is making this announcement as required by Rule 2.10(c)(i) of the Takeover Code.