Vistry Group PLC Update to post-offer intention statements (3357S)
March 08 2023 - 9:41AM
UK Regulatory
TIDMVTY
RNS Number : 3357S
Vistry Group PLC
08 March 2023
THE FOLLOWING ANNOUNCEMENT IS BEING MADE PURSUANT TO THE
REQUIREMENTS OF RULE 19.6(B) OF THE CITY CODE ON TAKEOVERS AND
MERGERS (THE "CODE")
8 March 2023
Vistry Group PLC
Rule 19.6(b) update to stated post-offer intention statements
with regard to Countryside Partnerships plc (now renamed
Countryside Partnerships Limited)
Vistry Group plc ("Vistry") announces that, further to the
completion of its recommended cash and share offer for Countryside
Partnerships plc (now Countryside Partnerships Limited)
("Countryside" and the "Combination", respectively), which was
effected by way of scheme of arrangement under Part 26 of the
Companies Act 2006, on 11 November 2022, a different course of
action has been taken from one of the post-offer statements of
intent made by Vistry pursuant to Rules 2.7(c)(viii) and 24.2 of
the Code, as set out in its announcement made under Rule 2.7 of the
Code on 5 September 2022 as well as in Vistry's circular and
prospectus and Countryside's scheme document each dated 7 October
2022 (together, the "Offer Documents").
This announcement is required under Rule 19.6(b) of the
Code.
As set out in the Offer Documents, the relevant stated intention
provided that, in order to ensure continuity and assist with the
preliminary stages of the integration of the Combined Group, Mike
Woolliscroft, then Co-interim Chief Executive Officer of the
Countryside Group, intended to remain with the Combined Group for
an interim period (and that his employment would continue from
Completion of the Combination until 31 May 2023).
It has subsequently been decided by the board of directors of
Vistry that Mr Woolliscroft will remain with the Combined Group in
a permanent role in the capacity of Group Business Improvement
Director and London Divisional Chair. Mr Woolliscroft will be
responsible for the Vistry Group's Countryside Partnerships
business in London, reporting to the CEO, Countryside Partnerships
and also responsible for business improvement and development
objectives reporting to the Chief Operating Officer. Mr
Woolliscroft will also join the Combined Group's Executive
Leadership Team.
Greg Fitzgerald, CEO commented
"Mike is a highly capable and respected leader in partnerships
and urban regeneration and has a deep understanding of the
Countryside Partnerships business. The Board and I are delighted
that he is joining the Vistry Executive Leadership Team to help
lead the business over the exciting years ahead."
The revision included above does not impact Vistry's fundamental
rationale for the Combination.
Capitalised terms used but not defined in this announcement have
the meanings set out in Countryside's scheme document dated 7
October 2022.
Enquiries:
Vistry
Earl Sibley, Chief Operating Officer
Clare Bates, General Counsel & Company Secretary
Susie Bell, Head of Investor Relations +44 16 7543 7160
Vistry's legal entity identifier is 2138001KOWN7CG9SLK53.
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END
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