SIG PLC Termination of Proposed Disposal (5508N)
May 21 2020 - 2:00AM
UK Regulatory
TIDMSHI
RNS Number : 5508N
SIG PLC
21 May 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
LEI: 213800VDC1BKJEZ8PV53
21 May 2020
SIG plc
Termination of Proposed Disposal of Building Solutions to
Kingspan Group
SIG plc ("SIG" or the "Company"), a leading supplier of
specialist building materials to trade customers across Europe,
announced on 7 October 2019 the disposal of Building Solutions
(National) Limited ("Building Solutions") to Kingspan Group, a
global leader in building envelope solutions based in Ireland (the
"Disposal") for a consideration of GBP37.5m on a cash free, debt
free basis. The Disposal was conditional upon the approval of the
UK Competition & Markets Authority ("CMA"). The CMA referred
the Disposal for a Phase 2 investigation on 21 April 2020,
following the outcome of its Phase 1 decision on 7 April 2020.
The sale and purchase agreement regarding the Disposal (the
"Agreement") expires on 7 July 2020. It is anticipated that the
CMA's Phase 2 investigation would conclude in October 2020 and
accordingly the date in the Agreement would need to be extended in
order for the Phase 2 investigation to be carried out.
As a result of the prevailing market conditions, it has not been
possible for the Company and Kingspan to agree commercial terms for
the extension of the Agreement. Accordingly, the parties have
agreed to terminate the Agreement with immediate effect and the
Disposal therefore will not proceed.
The Company is currently reviewing a number of options regarding
the Building Solutions business and will provide further updates
when appropriate.
Contacts
+44 (0) 20 3727
FTI Consulting 1340
Richard Mountain
Susanne Yule
This announcement contains inside information. The person
responsible for making this notification is Kulbinder Dosanjh,
Company Secretary.
Cautionary statement
This announcement is not intended to, and does not constitute,
or form part of, any offer to sell or an invitation to purchase or
subscribe for any securities or a solicitation of any vote or
approval in any jurisdiction. The information contained in this
announcement is not for release, publication or distribution to
persons in any jurisdiction where to do so might constitute a
violation of local securities laws or regulations.
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.
END
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