Takeover Panel Statement re Eddie Stobart Logistics plc (9484L)
September 11 2019 - 3:03AM
UK Regulatory
TIDMESL
RNS Number : 9484L
Takeover Panel
11 September 2019
2019/15
Possible Offer by
DBAY Advisors Limited ("DBAY")
for
Eddie Stobart Logistics plc ("Eddie Stobart")
On 9 September 2019, Eddie Stobart announced that it had
received a preliminary expression of interest from DBAY in relation
to a possible offer. This announcement commenced an offer period
for the purposes of the Code, with the result that the disclosure
requirements of Rule 8 of the Code now apply in relation to
relevant securities of Eddie Stobart.
The Panel Executive notes that Stobart Finance plc, a
wholly-owned subsidiary of Stobart Group plc (which is separate
from Eddie Stobart), holds approximately 11.8 per cent of the
issued ordinary shares of 1p in Eddie Stobart and has issued
exchangeable bonds (ISIN XS1946847388) which are exchangeable into
this shareholding.
The Panel Executive wishes to clarify that pursuant to paragraph
(3)(a) of the definition of "interests in securities" in the Code,
a person that holds exchangeable bonds issued by Stobart Finance is
treated for the purposes of the Code as being interested in the
number of ordinary shares of Eddie Stobart for which the bonds are
exchangeable. To determine the number of Eddie Stobart ordinary
shares in which a person is interested as a result of holding
exchangeable bonds, the exchange ratio of 842.1053 per GBP1,000
should be used.
On the basis that the exchangeable bonds were issued by Stobart
Finance, and not Eddie Stobart, the exchangeable bonds are not
themselves "relevant securities" of Eddie Stobart under the
Code.
Any questions regarding compliance with the disclosure rules in
the Code, including Rule 8, should be addressed to the Panel
Executive's Market Surveillance Unit which can be contacted on
+44(0)20 7638 0129.
11 September 2019
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END
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