Last checked at 23 Jul 2020 12:00
FOR IMMEDIATE RELEASE
MARSTON'S PLC
Transaction Update
23 July 2020
As previously announced, Marston's PLC ("the Group") anticipated completion of the proposed arrangements with Carlsberg UK Holdings Limited ("the Transaction"), as described in the circular to shareholders dated 8 June 2020, to occur in Q3 of this calendar year, following shareholder approval and competition authority clearance.
We have been advised that for procedural reasons, the UK CMA (rather than the European Commission) will now likely be the relevant competition authority. As a result, completion is now anticipated to take place slightly later than expected as the CMA completes its review. Completion is now expected in Q4.
As stated previously, we do not expect that the Transaction raises any competition concerns and are satisfied that the Group has sufficient liquidity in place to meet its requirements ahead of completion.
Enquiries
Marston's PLC
Ralph Findlay, Chief Executive Officer
Andrew Andrea, Chief Financial and Corporate Development Officer
Tel: 01902 329516
J.P. Morgan Cazenove (Financial Adviser, Sponsor and Joint Corporate Broker to the Company)
James Mitford/Anastasia Volnova/Jonty Edwards
Tel: 020 7742 4000
Numis (Joint Corporate Broker to the Company)
Jonathan Wilcox/Alasdair Abram
Tel: 020 7260 1000
Instinctif Partners
Justine Warren/Matthew Smallwood
Tel: 020 7457 2010/2005
Cautionary statement
This announcement is not intended to, and does not constitute, or form part of, any offer to sell or an invitation to purchase or subscribe for any securities or a solicitation of any vote or approval in any jurisdiction. The information contained in this announcement is not for release, publication or distribution to persons in any jurisdiction where to do so might constitute a violation of local securities laws or regulations.
Important Information relating to financial advisers
J.P. Morgan Securities plc (which conducts its U.K. investment banking activities as J.P. Morgan Cazenove) ("J.P. Morgan Cazenove"), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting exclusively as sponsor and financial adviser to Marston's plc and for no one else in connection with the Transaction and will not be responsible to anyone other than Marston's PLC for providing the protections afforded to clients of J.P. Morgan Cazenove or for providing advice in relation to the Transaction, the contents of this announcement or any transaction, arrangement or other matter referred to in this announcement.