COMPLETION OF ACQUISITION
August 09 2010 - 9:24AM
UK Regulatory
TIDMGRI TIDMSVN
RNS Number : 7699Q
Grainger PLC
09 August 2010
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 that jurisdiction.
For immediate release - 9 August 2010
RECOMMENDED ACQUISITION
of
Sovereign Reversions plc
by
Grainger Equity Release Limited
(a wholly owned subsidiary of Grainger plc)
COMPLETION OF ACQUISITION
The boards of Grainger plc ("Grainger") and Sovereign Reversions plc ("Sovereign
Reversions") are pleased to announce that the Scheme to implement the
recommended acquisition of Sovereign Reversions has become Effective and that
Grainger Equity Release Limited now owns the entire issued share capital of
Sovereign Reversions.
Admission to trading of Sovereign Reversions' Shares on AIM will be cancelled
with effect from 8.00 a.m. (London time) on 10 August 2010.
Despatch of cheques or settlement through CREST (as appropriate) in respect of
the consideration will take place no later than 24 August 2010.
Capitalised terms used in this announcement shall have the meanings given to
them in the Scheme Document posted to Sovereign Reversions Shareholders, dated
17 June 2010.
Commenting, Andrew Cunningham, Chief Executive of Grainger, said:
"The completion of the acquisition of Sovereign Reversions ensures that the
enlarged Group's position as one of the UK's leading equity release distributors
and providers is significantly strengthened. In addition, both our existing and
new customers and shareholders will benefit from the resulting economies of
scale, an enhanced ability to access sources of finance and a widening of
distribution and marketing capabilities.
"We look forward to working with the Sovereign team to consolidate further our
industry position and take advantage of the excellent growth prospects of the
equity release market."
For further information please contact:
+----------------------------------------------+--------------+
| Grainger plc | Tel: 020 |
| | 7795 4700 |
+----------------------------------------------+--------------+
| Andrew Cunningham, Chief Executive | |
+----------------------------------------------+--------------+
| Peter Couch, Chief Operating Officer | |
+----------------------------------------------+--------------+
| Dave Butler, Director, Corporate Affairs | |
| | |
+----------------------------------------------+--------------+
| | |
+----------------------------------------------+--------------+
| J.P. Morgan Cazenove, Financial Adviser to | Tel: 020 |
| Grainger | 7588 2828 |
+----------------------------------------------+--------------+
| Robert Fowlds | |
+----------------------------------------------+--------------+
| Bronson Albery | |
| Edouard Asselin | |
| | |
+----------------------------------------------+--------------+
| | |
+----------------------------------------------+--------------+
| Financial Dynamics, Financial PR to Grainger | Tel: 020 |
| | 7831 3113 |
+----------------------------------------------+--------------+
| Stephanie Highett | |
+----------------------------------------------+--------------+
| Dido Laurimore | |
+----------------------------------------------+--------------+
| Rachel Drysdale | |
| | |
+----------------------------------------------+--------------+
| | |
+----------------------------------------------+--------------+
| Sovereign Reversions plc | Tel: 01234 |
| | 356300 |
+----------------------------------------------+--------------+
| Graeme Marshall, Chief Executive | |
| | |
+----------------------------------------------+--------------+
| Charles Stanley Securities, Joint Rule 3 | Tel: 020 |
| Adviser and broker to Sovereign Reversions | 7149 6000 |
+----------------------------------------------+--------------+
| Dugald Carlean | |
| | |
+----------------------------------------------+--------------+
| | |
+----------------------------------------------+--------------+
| Fairfax I.S. PLC, Joint Rule 3 Adviser to | Tel: 020 |
| Sovereign Reversions | 7598 5368 |
+----------------------------------------------+--------------+
| David Floyd | |
+----------------------------------------------+--------------+
| Andrew Cox | |
+----------------------------------------------+--------------+
Charles Stanley Securities, a division of Charles Stanley & Co Limited is acting
exclusively for Sovereign Reversions and no one else in connection with the
possible Transaction and will not be responsible to anyone other than Sovereign
Reversions for providing the protections afforded to customers of Charles
Stanley Securities or for providing advice in relation to the possible
Transaction or any other matter referred to herein.
Fairfax I.S. PLC is acting exclusively for Sovereign Reversions and no one else
in connection with the possible Transaction and will not be responsible to
anyone other than Sovereign Reversions for providing the protections afforded to
customers of Fairfax I.S. PLC or for providing advice in relation to the
possible Transaction or any other matter referred to herein.
J.P. Morgan Cazenove is a marketing name for the UK investment banking business
of J.P. Morgan plc and its associated companies. J.P. Morgan Cazenove is acting
exclusively for Grainger and no one else in connection with the possible
Transaction and will not be responsible to anyone other than Grainger for
providing the protections afforded to customers of J.P. Morgan Cazenove or for
providing advice in relation to the possible Transaction or any other matter
referred to herein.
Brewin Dolphin Investment Banking acts as joint broker to Grainger.
Dealing disclosure requirements
Under Rule 8.3(a) of the City Code, any person who is interested in 1 per cent.
or more of any class of relevant securities of an offeree company or of any
paper offeror (being any offeror other than an offeror in respect of which it
has been announced that its offer is, or is likely to be, solely in cash) must
make an Opening Position Disclosure following the commencement of the offer
period and, if later, following the announcement in which any paper offeror is
first identified. An Opening Position Disclosure must contain details of the
person's interests and short positions in, and rights to subscribe for, any
relevant securities of each of (i) the offeree company and (ii) any paper
offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a)
applies must be made by no later than 3.30 pm (UK time) on the 10th business day
following the commencement of the offer period and, if appropriate, by no later
than 3.30 pm (UK time) on the 10th business day following the announcement in
which any paper offeror is first identified. Relevant persons who deal in the
relevant securities of the offeree company or of a paper offeror prior to the
deadline for making an Opening Position Disclosure must instead make a Dealing
Disclosure.
Under Rule 8.3(b) of the City Code, any person who is, or becomes, interested in
1 per cent. or more of any class of relevant securities of the offeree company
or of any paper offeror must make a Dealing Disclosure if the person deals in
any relevant securities of the offeree company or of any paper offeror. A
Dealing Disclosure must contain details of the dealing concerned and of the
person's interests and short positions in, and rights to subscribe for, any
relevant securities of each of (i) the offeree company and (ii) any paper
offeror, save to the extent that these details have previously been disclosed
under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must
be made by no later than 3.30 pm (UK time) on the business day following the
date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding,
whether formal of informal, to acquire or control an interest in relevant
securities of an offeree company or a paper offeror, they will be deemed to be a
single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any
offeror and Dealing Disclosures must also be made by the offeree company, by any
offeror and by any persons acting in concert with any of them (see Rules 8.1,
8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose relevant
securities Opening Position Disclosures and Dealing Disclosures must be made can
be found in the Disclosure Table on the Takeover Panel's website at
www.thetakeoverpanel.org.uk, including details of the number of relevant
securities in issue, when the offer period commenced and when any offeror was
first identified. If you are in any doubt as to whether you are required to
make an Opening Position Disclosure or a Dealing Disclosure, you should contact
the Panel's Market Surveillance Unit on +44 (0)20 7638 0129.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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