Renishaw PLC Update on Formal Sale Process & Current Trading (3726E)
July 07 2021 - 2:00AM
UK Regulatory
TIDMRSW
RNS Number : 3726E
Renishaw PLC
07 July 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Renishaw plc ("Renishaw" or the "Company")
Update on Formal Sale Process
&
Current Trading
7 July 2021
Further to the announcement of 2 March 2021 commencing a Formal
Sales Process under the City Code on Takeovers and Mergers (the
"Takeover Code") by the Company (the "FSP"), the Board of Renishaw
announces that it has unanimously decided to conclude the FSP.
The Board carefully reviewed a number of proposals with its
advisers and unanimously concluded that none would meet the Board's
objectives of delivering an outcome that satisfactorily met the
interests of all stakeholders.
Sir David McMurtry and John Deer have indicated to the Board
they remain committed to Renishaw and have no intention of selling
their shares on the market for the foreseeable future.
Current trading
We have seen a strong trading performance in the final quarter
of the financial year ended 30 June 2021 and finished the year with
a record order book. We now expect revenue for the year ended 30
June 2021 to be in the range of GBP562m to GBP567m and adjusted
profit before tax to be in the range of GBP116m to GBP121m.
Sir David McMurtry, Executive Chairman of Renishaw, and John
Deer, Non-Executive Deputy Chairman, commented:
"At the start of this process we made it very clear that, with
the Board, we were focused on ensuring that we find the right new
owner for our business. Whilst the formal sale process did not
result in a new owner for Renishaw, we are satisfied that it
ensured a thorough and rigorous process that enabled us to evaluate
a wide range of potential buyers.
We remain fully committed to Renishaw and have indicated to the
Board that we have no intention of selling our shares on the market
for the foreseeable future. We continue to enjoy good health and as
we consider the future of our shareholdings in due course, we
intend to follow an orderly process that continues to take into
account the interests of all stakeholders.
Renishaw is a very special business with a highly successful
business model and a very exciting future. We would like to thank
all our employees for their dedication to the Company."
Sir David Grant, Senior Independent Non-Executive Director at
Renishaw, commented:
"The Board conducted a formal sale process to investigate
whether we would receive a proposal from a potential new owner that
would be in the interests of all stakeholders. We received a number
of proposals that we considered carefully but the Board has
concluded that none of the proposals met our objectives.
I am pleased that the founders have indicated their continuing
commitment to Renishaw. The business is in a strong strategic and
financial position. Renishaw and its stakeholders have every reason
to look to the future with optimism and confidence. On behalf of
the Board, I would like to thank our employees for their continued
focus and commitment to Renishaw."
The person responsible for release of this announcement on
behalf of the Company is Jacqueline Conway, General Counsel and
Company Secretary.
Following this announcement, the Company is no longer considered
to be in an "offer period" as defined in the Takeover Code and the
requirement to make disclosures under Rule 8 of the Takeover Code
has now ceased.
Contact details:
UBS Investment Bank (Sole Financial Adviser +44 (0) 20 7567
and Corporate Broker) 8000
Rahul Luthra
+44 (0) 20 3727
FTI Consulting (Media) 1000
Edward Bridges
Further information
UBS AG London Branch ("UBS") is authorised and regulated by the
Financial Market Supervisory Authority in Switzerland. It is
authorised by the Prudential Regulation Authority and subject to
regulation by the Financial Conduct Authority and limited
regulation by the Prudential Regulation Authority in the United
Kingdom. UBS provided financial and corporate broking advice to
Renishaw and no one else in connection with the contents of this
announcement. In connection with such matters, UBS will not regard
any other person as its client, nor will it be responsible to any
other person for providing the protections afforded to its clients
or for providing advice in relation to the contents of this
announcement or any other matter referred to herein.
This announcement is not intended to, and does not, constitute
or form part of any offer, invitation or the solicitation of an
offer to purchase, otherwise acquire, subscribe for, sell or
otherwise dispose of, any securities whether pursuant to this
announcement or otherwise.
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jurisdictions outside the United Kingdom may be restricted by law
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