TIDMRST
RNS Number : 3994H
Restore PLC
03 August 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
3 August 2021
Restore plc
Restore plc goes from strength to strength
and
Significant shareholder support against Marlowe's proposal
Unanimous rejection of Marlowe's proposal
The Board of Restore plc (AIM: RST), the UK's leading provider
of integrated information and data management services, secure
technology recycling, and commercial relocation solutions, refers
to its announcement of 22 July 2021 (the "Rejection Announcement"),
and its unanimous rejection of Marlowe plc's unsolicited, highly
conditional, non-binding proposal announced on 22 July 2021 (the
"Marlowe Proposal").
The Board of Restore wishes to reiterate its unanimous rejection
of the Marlowe Proposal and its firmly held views, as set out in
more detail in the Rejection Announcement, that:
-- the Marlowe Proposal significantly undervalues Restore,
considering its current and future prospects;
-- the structure of the Marlowe Proposal, with its very low cash
element, is not in the best interests of Restore shareholders;
and
-- the combination of Marlowe and Restore is not strategically compelling.
The Board of Restore considers the Marlowe Proposal to be highly
opportunistic and shareholders are strongly advised to take no
action in relation to the Marlowe Proposal.
The Board of Restore looks forward to expanding on the above
factors in due course.
Strong momentum and accelerating growth across all of Restore's
businesses
In addition, Restore's H1 results, published on 27 July 2021,
clearly show that Restore continues to go from strength to strength
as a stand-alone business with run rate revenues of GBP250m which
is 16% above pre COVID-19 levels and, as demonstrated by the
reinstatement of the progressive dividend policy, that the Board is
delivering on its strategic vision for the business and creating
strong returns for shareholders.
Significant shareholder support against the Marlowe Proposal
The Board of Restore can confirm that it has received written
confirmation from seven shareholders representing approximately
33.27 per cent. of Restore's issued share capital, stating that
they do not intend to accept an offer on the terms set out in
Marlowe's possible offer announcement dated 22 July 2021.
Further details of this significant shareholder support against
the Marlowe Proposal are set out in the Appendix to this
announcement.
Charles Bligh, Chief Executive of Restore, commented:
"We are delighted by this strong show of support from our
shareholders.
As Restore's H1 results clearly illustrate, the Company is
performing very well as a stand-alone company as it continues to
grow, win market share, deliver strategic acquisitions and
implement its already successful strategy, all of which will create
significant shareholder value."
Enquiries
Canaccord Genuity Limited (Financial Adviser www.cfg.com
to Restore) +44 20 7523 8000
Chris Robinson / Ed Halfon
Peel Hunt LLP (Nominated Adviser and Broker) www.peelhunt.com
Mike Bell / Ed Allsopp +44 20 7418 8900
Buchanan Communications (Media Relations) www.buchanan.uk.com
Charles Ryland / Vicky Hayns / Tilly Abraham +44 20 7466 5000
+44 20 7466 5107
Website
In accordance with Rule 26.1 of the Takeover Code, a copy of
this announcement will be available (subject to certain
restrictions relating to persons resident in restricted
jurisdictions) at www.restoreplc.com by no later than 12 noon
(London time) on the business day following the date of this
announcement. The content of the website referred to in this
announcement is not incorporated into and does not form part of
this announcement.
Disclaimer
Canaccord Genuity Limited, which is authorised and regulated in
the United Kingdom by the Financial Conduct Authority, is acting
exclusively for Restore and no one else in connection with the
matters set out in this announcement and will not be responsible to
anyone other than Restore for providing the protections afforded to
clients of Canaccord Genuity Limited nor for providing advice in
relation to the matters set out in this announcement.
Peel Hunt LLP ('Peel Hunt'), which is authorised and regulated
in the United Kingdom by the FCA, is acting as corporate broker for
Restore and for no one else in connection with the matters referred
to in this announcement and will not be responsible to anyone other
than Restore for providing the protections afforded to clients of
Peel Hunt or for providing advice in connection with any matter
referred to herein.
Appendix
Details of written confirmations of shareholder support against
the Marlowe Proposal
The following Restore shareholders have confirmed in writing
that they do not intend to accept an offer on the terms set out in
Marlowe's possible offer announcement dated 22 July 2021:
Name Number of shares Percentage of issued
share capital
Octopus Investments 14,592,278 10.68%
----------------- ---------------------
Polar Capital 6,876,968 5.03%
----------------- ---------------------
Slater Investments 6,581,976 4.82%
----------------- ---------------------
Franklin Templeton Investments 6,325,355 4.63%
----------------- ---------------------
Royce & Associates 5,055,611 3.70%
----------------- ---------------------
Charles Stanley 4,027,342 2.95%
----------------- ---------------------
Stadium Capital Management
LLC 2,014,285 1.47%
----------------- ---------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCDZGGRRFZGMZG
(END) Dow Jones Newswires
August 03, 2021 04:45 ET (08:45 GMT)
Restore (LSE:RST)
Historical Stock Chart
From Jun 2024 to Jul 2024
Restore (LSE:RST)
Historical Stock Chart
From Jul 2023 to Jul 2024