Sports Direct International Plc Statement re Debenhams plc (4805V)
April 08 2019 - 10:09AM
UK Regulatory
TIDMSPD TIDMDEB
RNS Number : 4805V
Sports Direct International Plc
08 April 2019
Date: 8 April 2019
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 OF
SUCH JURISDICTION.
SPORTS DIRECT INTERNATIONAL PLC
("Sports Direct" or the "Company")
Statement regarding proposal made to Debenhams plc
Sports Direct announces that it has today received a letter from
Debenhams plc ("Debenhams") rejecting the proposal made by Sports
Direct to underwrite a GBP150 million equity issuance by
Debenhams.
Sports Direct had sought to constructively engage with the
Debenhams board, including over the weekend, in order to put
together a proposal for a solvent solution for Debenhams in the
form of a GBP150 million pre-emptive equity issuance to existing
Debenhams shareholders ("Equity Issuance"). Sports Direct believes
that the Equity Issuance, which would have formed part of a
comprehensive refinancing of Debenhams, should have been
deliverable with the co-operation of Debenhams and its existing
lenders.
As such, Sports Direct is disappointed with Debenhams' response.
Sports Direct believes that, in the continued absence of any such
engagement from the board of Debenhams and Debenhams' lenders,
there is a likely significant and negative impact on Debenhams'
current shareholders and other stakeholders, including suppliers
and employees. Sports Direct therefore calls upon the board of
Debenhams and its lenders to actively engage in negotiations.
Notwithstanding Debenhams' rejection of Sports Direct's proposal
in relation to the Equity Issuance, Sports Direct continues to
actively evaluate all possible options to support Debenhams.
Accordingly, Sports Direct continues to give active consideration
to its pre-conditional possible offer for Debenhams at 5p in cash
per ordinary share announced on 25 March 2019. Sports Direct has
until 5.00pm on 22 April 2019 to announce either a firm intention
to make an offer for Debenhams or that it does not intend to make
an offer.
Enquiries:
Numis (Financial adviser to Sports Direct)
Luke Bordewich
Stuart Ord +44 (0) 207 260
George Fry 1000
Sports Direct
+44 (0) 344 245
Cameron Olsen, Company Secretary 9200
Further information
Numis Securities Limited ("Numis"), which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority,
is acting as financial adviser exclusively for Sports Direct and no
one else in connection with the matters set out in this
announcement and will not regard any other person as its client in
relation to the matters in this announcement and will not be
responsible to anyone other than Sports Direct for providing the
protections afforded to clients of Numis, nor for providing advice
in relation to any 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 any
offer to buy, sell, subscribe for any securities or the
solicitation of any vote in any jurisdiction.
The distribution of this announcement in jurisdictions outside
the United Kingdom may be restricted by law and therefore persons
into whose possession this announcement comes should inform
themselves about, and observe, such restrictions. Any failure to
comply with the restrictions may constitute a violation of the
securities law of any such jurisdiction.
In accordance with Rule 26.1 of the Code, a copy of this
announcement will be available at
http://www.sportsdirectplc.com/investor-relations.aspx by no later
than 12 noon (London time) on 9 April 2019. The content of the
website referred to in this announcement is not incorporated into
and does not form part of this announcement.
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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