TIDMWTM
RNS Number : 3867K
CTI Engineering Co., Ltd
07 July 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY 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.
RECOMMED MANDATORY CASH OFFER
by
CTI ENGINEERING CO. LIMITED
for the entire issued and to be issued ordinary share capital
of
WATERMAN GROUP PLC
not already acquired or agreed to be acquired by CTI
Offer Update
On 6 June 2017, CTI Engineering Co. Limited ("CTI") announced
that in light of the valid acceptances and other interests in
Waterman Shares owned by CTI as at 5 June 2017, surpassing 50.1 per
cent of the voting rights normally exercised at a general meeting
of Waterman, the Condition had been satisfied and the Mandatory
Offer had become unconditional in all respects.
Further, on 14 June 2017 CTI announced that, as at 13 June 2017,
it had received valid acceptances in respect of Waterman Shares
which, together with the Waterman Shares owned, or agreed to be
acquired, before or during the Offer by CTI, represent greater than
75.00 per cent. of the voting rights attaching to the Waterman
Shares. CTI will therefore procure that Waterman will make an
application for cancellation, respectively, of the trading in
Waterman Shares on the London Stock Exchange's Main Market for
listed securities and of the listing of Waterman Shares on the
premium listing segment of the Official List.
Waterman has made an application for cancellation and it is
expected that such cancellation will be effective from 8am on 13
July 2017.
Delisting would significantly reduce the liquidity and
marketability of any Waterman Shares not assented to the Offer.
Level of acceptances and interest in Waterman Shares
As at the close of business on 6 July 2017 (being the last
practicable date prior to the publication of this announcement),
CTI had received valid acceptances of the Mandatory Offer in
respect of 19,722,981 Waterman Shares, representing approximately
59.23 per cent. of the current issued share capital of Waterman,
which CTI may count towards the satisfaction of the Condition to
the Mandatory Offer.
In addition, as at 6 July 2017 (being the last practicable date
prior to the publication of this announcement), CTI had acquired
12,066,439 Waterman Shares, representing 36.24 per cent. of the
current issued share capital of Waterman.
Accordingly, as at 6 July 2017 (being the last practicable date
prior to the publication of this announcement), CTI either owned or
had received valid acceptances of the Mandatory Offer in respect of
a total of 31,789,420 Waterman Shares, representing approximately
95.46 per cent. of the current issued share capital of
Waterman.
The percentages of Waterman Shares referred to in this
announcement are based upon a figure of 33,298,824 Waterman Shares
in issue on 6 July 2017.
As CTI has received acceptances of the Offer in respect of,
and/or has otherwise acquired not less than 90.00 per cent. of the
Waterman Shares to which the Offer relates by nominal value and
voting rights attaching to such shares, CTI intends to exercise its
rights pursuant to sections 974 to 991 of the Companies Act 2006 to
acquire compulsorily, on the same terms as the Offer, the remaining
Waterman Shares in respect of which the Offer has not at such time
been accepted.
The Company now announces that the Offer will remain open for
acceptance until further notice
Accepting the Mandatory Offer
Waterman Shareholders who have not yet accepted the Mandatory
Offer and who wish to do so are urged to do so as soon as possible
in accordance with the following procedures:
To accept the Mandatory Offer in respect of Waterman Shares held
in Certificated Form (that is, not in CREST), Waterman Shareholders
should complete, sign and return the Form of Acceptance (together
with share certificate(s) and/or other document(s) of title) so as
to be received by the Receiving Agent as soon as possible.
To accept the Mandatory Offer in respect of Waterman Shares held
in Uncertificated Form (that is, in CREST), Waterman Shareholders
should follow the procedure so that the TTE instruction settles as
soon as possible. If you are a CREST sponsored member, you should
refer to your CREST Sponsor as only your CREST Sponsor will be able
to send the necessary TTE Instruction to Euroclear.
Full details of the procedure for accepting the Mandatory Offer
are set out on pages 23 to 27 of the Offer Document (CTI posted its
Offer Document to Waterman Shareholders on 18 May 2017) and, in
respect of Waterman Shares held in Certificated Form (that is, not
in CREST), in the Form of Acceptance.
General
Unless otherwise defined in this announcement, terms defined in
the Offer Announcement have the same meaning in this
announcement.
This announcement should be read by Waterman Shareholders in
conjunction with the Offer Document.
The full terms of and conditions to the Offer are set out in the
Offer Document and the Form of Acceptance. In deciding whether or
not to accept the Offer, Waterman Shareholders should rely solely
on the information contained in, and follow the procedures set out
in the Offer Document and Form of Acceptance.
Enquiries:
WH Ireland Limited
(Financial adviser to CTI)
James Joyce 020 7220 1666
Gideon Franklin Limited
(Financial adviser to CTI)
Gideon Franklin 020 8699 3202
Waterman Group plc
Nick Taylor, Chief Executive
Officer
Alex Steele, Chief Financial
Officer 020 7928 7888
Nplus1 Singer Advisory LLP
(Financial adviser and corporate
broker to Waterman)
Sandy Fraser / Lauren Kettle 020 7496 3000
Further information
WH Ireland Limited, which is authorised and regulated in the
United Kingdom by the Financial Conduct Authority, is acting
exclusively as financial adviser to CTI and no-one else in
connection with the Offer and other matters described in this
announcement, and will not be responsible to anyone other than CTI
for providing the protections afforded to clients of WH Ireland
Limited or for providing advice in relation to the Offer, the
contents of this announcement or any other matter referred to in
this announcement. WH Ireland Limited has given, and not withdrawn,
its consent to the inclusion in the announcement of the references
to its name in the form and context in which it appears.
Gideon Franklin Limited is acting exclusively as financial
adviser for CTI and no-one else in connection with the Offer and
other matters described in this announcement, and will not be
responsible to anyone other than CTI for providing advice in
relation to the Offer, the contents of this announcement or any
other matter referred to in this announcement. Gideon Franklin
Limited has given, and not withdrawn, its consent to the inclusion
in the announcement of the references to its name in the form and
context in which it appears.
Nplus1 Singer Advisory LLP, which is authorised and regulated in
the United Kingdom by the Financial Conduct Authority, is acting
exclusively as financial adviser to Waterman and no-one else in
connection with the Offer and other matters described in this
announcement, and will not be responsible to anyone other than
Waterman for providing the protections afforded to clients of
Nplus1 Singer Advisory LLP or for providing advice in relation to
the Offer, the contents of this announcement or any other matter
referred to herein. Nplus1 Singer Advisory LLP has given, and not
withdrawn, its consent to the inclusion in the announcement of the
references to its name and the advice it has given to Waterman in
the form and context in which they appear.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT
INTED TO, AND DOES NOT, CONSTITUTE OR FORM ANY PART OF, AN OFFER TO
SELL OR AN INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES
OR THE SOLICITATION OF ANY VOTE OR APPROVAL IN ANY JURISDICTION,
NOR SHALL THERE BE ANY SALE, ISSUANCE OR TRANSFER OF THE SECURITIES
REFERRED TO IN THIS ANNOUNCEMENT IN ANY JURISDICTION IN
CONTRAVENTION OF APPLICABLE LAW. THE OFFER IS MADE SOLELY BY MEANS
OF THE OFFER DOCUMENT, WHICH CONTAINS THE FULL TERMS AND CONDITIONS
OF THE OFFER, AND IN THE CASE OF WATERMAN SHARES HELD IN
CERTIFICATED FORM, THE FORM OF ACCEPTANCE. ANY DECISION OR
ACCEPTANCE IN RELATION TO THE OFFER SHOULD BE MADE ONLY ON THE
BASIS OF THE INFORMATION CONTAINED IN THE OFFER DOCUMENT AND SUCH
FORM OF ACCEPTANCE (IF APPLICABLE). WATERMAN SHAREHOLDERS ARE
ADVISED TO READ THE OFFER DOCUMENT AND FORM OF ACCEPTANCE (IF
APPLICABLE) CAREFULLY.
Forward looking statements
This announcement (including information incorporated by
reference in this announcement), oral statements made regarding the
Offer, and other information published by CTI and Waterman may
contain certain statements that are or may be deemed to be forward
looking with respect to the financial condition, results of
operation(s) and business of CTI and/or Waterman and certain plans
and objectives of the Waterman Directors and the CTI Directors with
respect thereto. These forward looking statements can be identified
by the fact that they are prospective in nature and do not relate
to historical or current facts. Forward looking statements often,
but not always, use words such as "anticipate", "target", "expect",
"estimate", "budget", "scheduled", "forecasts", "intend", "plan",
"goal", "believe", "will", "may", "should", "would", "could" or
other words of a similar meaning. These estimates are based on
assumptions and assessments made by the Waterman Directors and/or
the CTI Directors in light of their experience and their perception
of historical trends, current conditions, expected future
developments and other factors they believe appropriate.
The statements contained in this announcement are made as at the
date of this announcement, unless some other time is specified in
relation to them, and publication of this announcement shall not
give rise to any implication that there has been no change in the
facts set forth in this announcement since such date. By their
nature, forward looking statements involve risk and uncertainty
because they relate to events and depend on circumstances that will
occur in the future and the factors described in the context of
such forward looking statements in this announcement could cause
actual results or developments to differ materially from those
expressed or implied by such forward looking statements. Although
Waterman and CTI believe that the expectations reflected in such
forward looking statements are reasonable, neither CTI nor
Waterman, nor any of their respective associates or directors,
officers or advisers, or any person acting on the behalf of CTI or
Waterman provides any representation, assurance or guarantee that
the occurrence of the events expressed or implied in any forward
looking statements in this announcement will actually occur. Other
than in accordance with their legal or regulatory obligations
(including under the Listing Rules and the Disclosure Guidance and
Transparency Rules of the FCA), none of CTI, Waterman, any member
of the CTI Group, any member of the Waterman Group, nor any CTI
Director or Waterman Director, nor any of their respective
advisers, associates, directors or officers is under any
obligation, and such persons expressly disclaim any intention or
obligation, to update or revise any forward looking statements,
whether as a result of new information, future events or otherwise.
No undue reliance should therefore be placed on these forward
looking statements which speak only as at the date of this
announcement.
Publication of this announcement and availability of hard
copies
A hard copy of this announcement and any information
incorporated by reference in this announcement may be requested
free of charge by contacting the Registrars on +44 (0)371 664 0321
or by writing to them at Capita Asset Services, Corporate Actions,
The Registry, 34 Beckenham Road, Kent BR3 4TU.
Waterman Shareholders may also request that all future
documents, announcements and information to be sent to them in
relation to the Offer should be in hard copy form.
The Offer is subject to the provisions of the Takeover Code.
Waterman Shareholders outside the United Kingdom
The availability of the Offer and the release, publication and
distribution of this announcement in jurisdictions other than the
United Kingdom may be restricted by the laws of those jurisdictions
and therefore persons who are not resident in the United Kingdom
into whose possession this announcement comes should inform
themselves about and observe any such restrictions.
Failure to comply with any such restrictions may constitute a
violation of the securities laws of any such jurisdiction. To the
fullest extent permitted by applicable law, the companies and
persons involved in the Offer disclaim any responsibility or
liability for the violation of such restrictions by any person.
Accordingly, copies of this announcement, the Offer Document, the
Form of Acceptance and any other related document will not be, and
must not be, directly or indirectly, mailed or otherwise
distributed or sent in or into any Restricted Jurisdiction and
persons in such Restricted Jurisdictions receiving such documents
(including custodians, nominees and trustees) must not distribute
or send them in, into or from such jurisdictions as doing so may
violate the laws of such jurisdictions and may make invalid any
purported acceptance of the Offer by persons in any such Restricted
Jurisdiction.
The receipt of cash pursuant to the Offer by Waterman
Shareholders may be a taxable transaction under applicable
national, state or local, as well as foreign and other, tax laws.
Each Waterman Shareholder is urged to consult its independent
professional adviser regarding the tax consequences of accepting
the Offer.
This announcement has been prepared for the purpose of complying
with English law, the rules of the London Stock Exchange and the
Takeover Code and the information disclosed may not be the same as
that which would have been disclosed if this announcement had been
prepared in accordance with the laws of jurisdictions outside
England and Wales.
The Offer will not be made, directly or indirectly, in or into,
or by use of the mails, or by any means or instrumentality
(including, without limitation, by means of telephone, facsimile,
telex, internet or other forms of electronic communication) of
interstate or foreign commerce of, or any facilities of a
securities exchange of the United States, Canada, Australia, Japan,
the Republic of South Africa or any other Restricted Jurisdiction
and the Offer will not be capable of acceptance by any such use,
means, instrumentality or facility or from within any Restricted
Jurisdiction. Accordingly, copies of this announcement and any
other related document will not be, and must not be, directly or
indirectly, mailed or otherwise distributed or sent in or into the
United States, Canada, Australia, Japan, the Republic of South
Africa or any other Restricted Jurisdiction and persons receiving
such documents (including custodians, nominees and trustees) must
not distribute or send them in, into or from such jurisdictions as
doing so may violate the laws of such jurisdictions and may make
invalid any purported acceptance of the Offer by persons in any
such Restricted Jurisdiction.
Waterman employees in Australia
The Offer has not been approved or disapproved by the Australian
Securities and Investments Commission or the Australian Securities
Exchange nor has the Australian Securities and Investments
Commission or the Australian Securities Exchange passed upon the
accuracy or adequacy of the Offer or this announcement. The Offer
is not regulated by Chapter 6 of the Corporations Act 2001
(Commonwealth of Australia).
Status of Announcement
This announcement does not constitute a prospectus or prospectus
equivalent document.
This information is provided by RNS
The company news service from the London Stock Exchange
END
OUPUNSBRBKABRAR
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