TIDMPNA
RNS Number : 7838X
Penna Consulting PLC
10 May 2016
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 OF SUCH
JURISDICTION
10 May 2016
RECOMMED CASH OFFER
For
PENNA CONSULTING PLC
By
OLSTEN (U.K.) HOLDINGS LIMITED
an indirect wholly-owned subsidiary of
ADECCO GROUP AG (formerly known as ADECCO S.A.)
by way of a scheme of arrangement
under Part 26 of the Companies Act 2006,
Scheme of Arrangement
Issue of equity
Director's dealing
Scheme Effective
On 9 March 2016, the boards of directors of Penna Consulting Plc
("Penna" or the "Company") and Adecco S.A. (now known as Adecco
Group AG, "Adecco") announced that they had reached agreement on
the terms of a recommended cash offer to be made by Olsten (U.K.)
Holdings Limited, an indirect wholly-owned subsidiary of Adecco,
for the entire issued and to be issued share capital of Penna by
means of a Court-sanctioned scheme of arrangement under Part 26 of
the Companies Act 2006 (the "Scheme"). The Court sanctioned the
Scheme on 9 May 2016.
The boards of Penna and Adecco are pleased to announce that,
following registration of the Court's order sanctioning the Scheme
with the Registrar of Companies this morning, the Scheme has now
become effective in accordance with its terms. Holders of Scheme
Shares are entitled to receive 365 pence in cash for each Scheme
Share held.
Trading on AIM in Penna Shares was temporarily suspended with
effect from 7.00a.m. on 9 May 2016. It is expected that
cancellation of the admission to AIM of Penna Shares will take
effect at 7.00a.m. on 11 May 2016.
Settlement of Consideration due under the Scheme will be
made:
-- by cheque or through CREST by the creation of an assured
payment obligation within 14 days of the Effective Date (being
today); or
-- in respect of Scheme Shares acquired pursuant to the exercise
of Penna Options, in accordance with the terms of the Optionholder
Letters.
Issue of Penna Shares following the exercise of all remaining
Penna Options and director's dealing
Following sanction of the Scheme and the Scheme Record Time
which occurred at 6.00 p.m. on 9 May 2016, Mr Gary Browning
exercised his remaining options in respect of 506,234 Penna Shares.
These Penna Shares are not Scheme Shares but instead will
automatically be transferred to Olsten under Article 51A of the
Company's articles of association as adopted at the General Meeting
held on 14 April 2016.
Following the exercise of all remaining Penna Options and the
issue and allotment by the Company of 506,234 Penna Shares to Mr
Browning, Mr Browning's holdings of Penna Shares are as
follows:
Name of Director Number of Penna Number of Penna
Shares held at Shares held following
the Scheme Record the exercise
Time prior to of options on
the exercise 9 May 2016 after
of options on the Scheme Record
9 May 2016 Time
Gary Browning 755,493 1,261,727
The Company confirms that is has a total of 28,385,697 Ordinary
Shares of 5p each in issue and admitted to AIM under ISIN reference
GB0006794662. The above figure of 28,385,697 Ordinary Shares may be
used by shareholders as the denominator for the calculations by
which they will determine if they are required to notify their
interest in, or a change to their interest in Penna under the
Disclosure and Transparency Rules.
Capitalised terms used but not defined in this announcement (the
"Announcement") have the same meaning given to them in the circular
posted to Penna Shareholders on 24 March 2016 (the "Scheme
Document"). All times referred to are London times.
Enquiries:
Adecco
David Hancock Tel: +41 (0) 44 878 88 26
Marina Morsellino Tel: +41 (0) 44 878 87 87
Smith Square Partners (Financial adviser to Adecco and
Olsten)
Jonathan Coddington Tel: +44 (0) 20 3696 7260
Sylvester Oppong
Penna
Gary Browning Tel: +44 (0) 20 7332 7750
David Firth Tel: +44 (0) 20 7332 7751
J.P. Morgan Cazenove (Financial adviser to Penna)
Christopher Dickinson Tel: +44 (0) 20 7742 4000
Guy Bomford
Panmure Gordon (Rule 3 adviser, nominated adviser and corporate
broker to Penna)
Karri Vuori Tel: +44 (0) 20 7886 2500
Dominic Morley
James Greenwood
Vigo Communications (Public relations adviser to Penna)
Ben Simons Tel: +44 (0) 20 7830 9700
Jeremy Garcia
Fiona Henson
J.P. Morgan Limited is authorised and regulated in the United
Kingdom by the Financial Conduct Authority. J.P. Morgan Limited
conducts its UK investment banking business as J.P. Morgan
Cazenove. J.P. Morgan Cazenove is acting as financial adviser
exclusively for Penna and no one else in connection with the Offer
and other matters set out in this Announcement and will not regard
any other person as its client in relation to the matters set out
in this Announcement and will not be responsible to anyone other
than Penna for providing the protections afforded to clients of
J.P. Morgan Cazenove, nor for providing advice in relation to any
matter referred to herein.
Panmure Gordon (UK) Limited is authorised and regulated in the
United Kingdom by the Financial Conduct Authority. Panmure Gordon
is acting as Rule 3 Adviser, nominated adviser and corporate broker
exclusively for Penna and no one else in connection with the Offer
and other matters set out in this Announcement and will not regard
any other person as its client in relation to the matters set out
in this Announcement and will not be responsible to anyone other
than Penna for providing the protections afforded to clients of
Panmure Gordon, nor for providing advice in relation to any matter
referred to herein.
Smith Square Partners LLP is authorised and regulated by the
Financial Conduct Authority in the United Kingdom. Smith Square
Partners is acting exclusively for Adecco and Olsten and no one
else in connection with the Offer and other matters set out in this
Announcement and will not be responsible to anyone other than
Adecco and Olsten for providing the protections afforded to clients
of Smith Square Partners, nor for providing advice in connection
with the Offer or any matter referred to herein.
This Announcement is for information purposes only and is not
intended to and does not constitute, or form any part of, an offer
to sell or subscribe for or any invitation to purchase or subscribe
for any securities or the solicitation of any vote or approval in
any jurisdiction pursuant to the Offer or otherwise.
This Announcement has been prepared for the purpose of complying
with English law, the Code and the AIM Rules and the information
disclosed may not be the same as that which would have been
disclosed if this Announcement had been prepared in accordance with
the laws of jurisdictions outside the United Kingdom.
Overseas shareholders
The laws of the relevant jurisdictions may affect the
availability of the Offer to persons who are not resident in the
United Kingdom. Persons who are not resident in the United Kingdom,
or who are subject to laws of any jurisdiction other than the
United Kingdom, should inform themselves about, and observe, any
applicable requirements. Any person (including, without limitation,
nominees, trustees and custodians) who would, or otherwise intends
to, forward this Announcement, the Scheme Document or any
accompanying document to any jurisdiction outside the United
Kingdom should refrain from doing so and seek appropriate
professional advice before taking any action.
Any failure to comply with the applicable legal or regulatory
requirements may constitute a violation of the laws and/or
regulations of any such jurisdiction. To the fullest extent
permitted by applicable law, the companies and persons involved in
the Offer disclaim any responsibility and liability for the
violation of such restrictions by any person.
Forward-looking statements
This Announcement and the Scheme Document (including information
incorporated by reference in this Announcement and the Scheme
Document) may contain certain "forward-looking statements" with
respect to Adecco, Olsten or Penna. These forward-looking
statements can be identified by the fact that they do not relate
only to historical or current facts. Forward-looking statements
often use words such as "anticipate", "target", "expect",
"estimate", "intend", "plan", "goal", "believe", "will", "may",
"should", "would", "could" or other words or terms of similar
meaning or the negative thereof. Forward-looking statements include
statements relating to the following: (i) future capital
expenditures, expenses, revenues, earnings, synergies, economic
performance, indebtedness, financial condition, dividend policy,
losses and future prospects; (ii) business and management
strategies and the expansion and growth of Adecco Group AG and its
subsidiaries and subsidiary undertakings ("Adecco Group") or the
Penna Group and potential synergies resulting from the Offer; and
(iii) the effects of government regulation on the business of the
Adecco Group or the Penna Group.
These forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause actual
results, performance or developments to differ materially from
those expressed in or implied by such forward-looking statements.
These forward-looking statements are based on numerous assumptions
regarding present and future strategies and environments. You are
cautioned not to place undue reliance on such forward-looking
statements, which speak only as of the date hereof. All subsequent
oral or written forward-looking statements attributable to Adecco,
Olsten or Penna or any person acting on their behalf are expressly
qualified in their entirety by the cautionary statement above.
Should one or more of these risks or uncertainties materialise, or
should underlying assumptions prove incorrect, actual results may
vary materially from those described in this Announcement and the
Scheme Document. Adecco, Olsten and Penna assume no obligation to
update publicly or revise forward-looking or other statements
contained in this Announcement, whether as a result of new
information, future events or otherwise, except to the extent
legally required.
Publication on website and availability of hard copies
In accordance with Rule 26.1 of the Code, a copy of this
Announcement will be made available (subject to certain
restrictions relating to persons resident in Restricted
Jurisdictions), free of charge, on Adecco's website at
www.adecco.com/en-US/investors/Pages/penna-transaction-documents.aspx
and Penna's website at www.penna.com by no later than 12:00 noon on
the Business Day following this Announcement.
Neither the contents of these websites nor the content of any
other website accessible from hyperlinks on such websites is
incorporated into, or forms part of, this Announcement or the
Scheme Document.
In accordance with Rule 30.2 of the Code, a person so entitled
may request a hard copy of this Announcement, free of charge, by
contacting Smith Square Partners on +44 (0) 20 3696 7260 or J.P.
Morgan Cazenove on +44 (0) 20 7777 2000. For persons who receive a
copy of this Announcement in electronic form or via a website
notification, a hard copy of this Announcement will not be sent
unless so requested. In accordance with Rule 30.2 of the Code, a
person so entitled may also request that all future documents,
announcements and information to be sent to them in relation to the
Offer should be in hard copy form.
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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