TIDMLOAD

RNS Number : 0801P

Crestchic PLC

06 February 2023

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY RESTRICTED JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

FOR IMMEDIATE RELEASE

6 February 2023

RECOMMED CASH ACQUISITION

for

Crestchic plc ("Crestchic" or the "Company")

by

Aggreko Limited

("Aggreko")

to be implemented by means of a Scheme of Arrangement under Part 26 of the Companies Act 2006

Results of Court Meeting and General Meeting and satisfaction of French foreign direct investment condition

On 8 December 2022, the boards of Aggreko and Crestchic announced that they had reached agreement on the terms and conditions of a recommended cash offer pursuant to which Aggreko will acquire the entire issued and to be issued ordinary share capital of Crestchic (the "Acquisition").

The Acquisition is to be implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme"). Full details of the Acquisition were sent to the shareholders of Crestchic in the circular dated 22 December 2022 (the "Scheme Document"). Capitalised terms used and not defined in this announcement have the meanings given to them in the Scheme Document.

Crestchic is pleased to announce that, at the Court Meeting and General Meeting held earlier today in connection with the Acquisition:

-- the Scheme was approved by the requisite majority of Scheme Shareholders at the Court Meeting; and

-- the Special Resolution in connection with the implementation of the Scheme was passed by the requisite majority of Crestchic Shareholders at the General Meeting.

Details of the resolutions proposed and passed are set out in the notices of the Court Meeting and the General Meeting contained in Parts 9 and 10 (respectively) of the Scheme Document.

Voting results of the Court Meeting

The table below sets out the results of the poll conducted at the Court Meeting. Each Scheme Shareholder, whether present in person or by proxy, was entitled to one vote per Scheme Share held at the Voting Record Time.

 
             Scheme Shares voted     Scheme Shareholders        Number 
                                            voted              of Scheme 
                                                             Shares voted 
                                                               as a % of 
                                                               the total 
                                                             Scheme Shares 
               Number        %*      Number        %* 
           -------------  -------  ----------  ---------- 
 FOR**       18,974,213    96.62       59         85.51         67.29 
           -------------  -------  ----------  ----------  --------------- 
 AGAINST      664,455       3.38       10         14.49          2.36 
           -------------  -------  ----------  ----------  --------------- 
 TOTAL       19,638,668    100.00      60        100.00         69.65 
           -------------  -------  ----------  ----------  --------------- 
 

The aggregate of Scheme Shareholders voting for and against the resolution exceeds the total number and percentage of Scheme Shareholders who voted because 9 registered members gave instructions for votes to be cast in favour of the resolution in respect of part of their holding of Scheme Shares and against the resolution in respect of another part of their holding of Scheme Shares.

Voting results of the General Meeting

The table below sets out the results of the poll conducted at the General Meeting. Each Crestchic Shareholder, whether present in person or by proxy, was entitled to one vote per Crestchic Share held at the Voting Record Time.

 
                Number of Shares   % of Shares voted* 
                 voted 
 FOR**          18,989,057         96.58 
               -----------------  ------------------- 
 AGAINST        668,613            3.40 
               -----------------  ------------------- 
 WITHHELD***    4,266              0.02 
               -----------------  ------------------- 
 TOTAL          19,661,936         100.00 
               -----------------  ------------------- 
 

* Rounded to two decimal places.

** Incorporates proxy appointments which gave discretion to the Chair of the meeting.

*** A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes 'For' or 'Against' the Special Resolution.

The total number of Shares in issue at the Voting Record Time was 29,656,203. The Company holds 1,460,150 Shares in treasury. Therefore, the total number of voting rights in Crestchic at the Voting Record Time were 28,196,053.

Update on the French foreign direct investment condition

The boards of Aggreko and Crestchic are pleased to advise that the French Minister of Economy has confirmed that the Acquisition falls outside of the scope of relevant foreign direct investment screening legislation and therefore Condition 3.2 of Section A of Part 3 of the Scheme Document has been satisfied.

Next steps and timetable

The outcome of the Court Meeting and General Meeting means that Conditions 2.1 and 2.2 (as set out in Part 3 of the Scheme Document) have been satisfied. As noted above, Condition 3.2 of Section A of Part 3 of the Scheme Document has also been satisfied. The Scheme remains subject to the satisfaction or (where applicable) waiver of the remaining Conditions and further terms set out in the Scheme Document, including the Court sanctioning the Scheme at the Court Hearing and delivery of a copy of the Court Order to the Registrar of Companies.

The expected timetable of principal events is set out below. The dates are indicative only and are subject to change.

 
 Court Hearing                                      20 February 2023 
 Last day of dealings in, and                       21 February 2023 
  for the registration of transfers 
  of, and disablement in CREST 
  of, Crestchic Shares 
                                      ------------------------------ 
 Scheme Record Time                    6:00 p.m. on 21 February 2023 
                                      ------------------------------ 
 Suspension of listing of, and         7:30 a.m. on 22 February 2023 
  dealings in, Crestchic Shares 
  on AIM 
                                      ------------------------------ 
 Effective Date                                     22 February 2023 
                                      ------------------------------ 
 Cancellation of admission to          7:00 a.m. on 23 February 2023 
  trading of Crestchic Shares 
  on AIM 
                                      ------------------------------ 
 Latest date for dispatch of             Within 14 days of Effective 
  cheques, and crediting of CREST                               Date 
  accounts and processing electronic 
  transfers due under the Scheme 
                                      ------------------------------ 
 Long Stop Date                            11:59 p.m. on 31 May 2023 
                                      ------------------------------ 
 

All references to times in this Announcement are to London, United Kingdom times unless stated otherwise.

A further announcement will be made when the Scheme becomes Effective .

For further information please call:

 
 Crestchic plc 
 Peter Harris, Executive Chairman            Tel: +44 (0)1283 
  Iwan Phillips, Finance Director                      531645 
 Smith Square Partners LLP (Financial adviser to Crestchic) 
 John Craven                              Tel: +44 (0)20 3696 
  Angus Grierson                                         7260 
  Paul Baines 
 
 Shore Capital (Nominated Adviser and broker to Crestchic) 
 Robert Finlay                            Tel: +44 (0)20 7408 
  David Coaten                                           4050 
 Henry Willcocks 
 
 Buchanan Communications Ltd (public relations adviser 
  to Crestchic) 
 Charles Ryland                            Tel: +44 (0)207466 
                                                         5000 
 Stephanie Whitmore 
 
 

IMPORTANT NOTICES

Smith Square Partners, which is authorised and regulated by the FCA in the United Kingdom, is acting exclusively for Crestchic and no one else in connection with the Offer and will not be responsible to anyone other than Crestchic for providing the protections afforded to clients of Smith Square Partners, or for providing advice in connection with the Offer or any matter referred to herein. Neither Smith Square Partners nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Smith Square Partners in connection with this announcement, any statement contained herein or otherwise.

Shore Capital which is authorised and regulated by the FCA in the United Kingdom, is acting exclusively for Crestchic and no one else in connection with the Offer and will not be responsible to anyone other than Crestchic for providing the protections afforded to clients of Shore Capital, or for providing advice in connection with the Offer or any matter referred to herein. Neither Shore Capital nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Shore Capital in connection with this announcement, any statement contained herein or otherwise.

This announcement is for information purposes only and is not intended to, and does not constitute, or form part of any offer, invitation, inducement or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of or exercise rights in respect of any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Offer or otherwise. The Offer will be made solely through the Scheme Document and the accompanying Forms of Proxy (or by any other document by which the Offer is made), which will together contain the full terms and conditions of the Offer, including details of how to vote in respect of the Offer. Any decision in respect of, or other response to, the Offer should be made only on the basis of the information contained in the Scheme Document or any document by which the Offer is made.

This Announcement has been prepared in connection with proposals in relation to a scheme of arrangement pursuant to and for the purpose of complying with English law and City Code on Takeovers and Mergers (the "Code") and 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. Nothing in this Announcement should be relied on for any other purpose.

Overseas jurisdictions

The release, publication or distribution of this Announcement in or into certain jurisdictions other than the United Kingdom may be restricted by the laws of those jurisdictions and therefore any persons into whose possession this Announcement comes should inform themselves of and observe such restrictions. Further details in relation to the Overseas Shareholders are contained in the Scheme Document. Any 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.

Unless otherwise determined by Aggreko or required by the Code, and permitted by applicable law and regulation, the Offer shall not be made available, directly or indirectly, in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction and no person may vote in favour of the Scheme by any such means from within a Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. Accordingly, copies of this Announcement and all documents relating to the Offer are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction, and persons receiving this Announcement and all documents relating to the Offer (including custodians, nominees and trustees) must not mail or otherwise distribute or send them in, into or from such jurisdictions where to do so would violate the laws in that jurisdiction.

The availability of the Offer to Target Shareholders who are not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions in which they are resident. Persons who are not resident in the United Kingdom should inform themselves of, and observe, any applicable requirements.

The Offer shall be subject to the applicable requirements of the Takeover Code, the Panel, the London Stock Exchange, the Financial Conduct Authority the AIM Rules and the Registrar of Companies.

Forward--Looking Statements

This Announcement contains statements about Aggreko and Crestchic that are or may be forward--looking statements. Forward looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward looking statements. All statements, other than statements of historical facts, may be forward--looking statements. Often, but not always, forward--looking statements can be identified by the use of forward--looking words such as "targets", "plans", "prepares", "believes", "expects", "aims", "intends", "will", "should", "could", "would", "may", "anticipates", "estimates", "synergy", "cost--saving", "projects", "goal" or "strategy" or, "does not expect", "is expected", "is subject to", "budget", "projects", "scheduled", "forecasts", "intends", "cost-saving", "intends", "anticipates" or "does not anticipate", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward--looking statements may include statements relating to the following: (i) future capital expenditures, expenses, revenues, earnings, synergies, economic performance, indebtedness, financial condition, dividend policy, losses and future prospects; (ii) business and management strategies and the expansion and growth of Aggreko's or Crestchic's operations and potential synergies resulting from the Offer; and (iii) the effects of government regulation on Aggreko's or Crestchic's business.

These forward--looking statements are not guarantees of future performance. Such forward--looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward--looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward--looking statements, which speak only as of the date of this Announcement. All subsequent oral or written forward--looking statements attributable to Aggreko or Crestchic or any of their respective members, directors, officers or employees or any persons acting on their behalf are expressly qualified in their entirety by the cautionary statement above. Except as required by applicable law or regulatory obligation, Aggreko and Crestchic disclaim any intention or obligation to update or revise any forward--looking or other statements contained in this Announcement, whether as a result of new information, future events or otherwise.

No Profit Forecasts or Estimates

No statement in this Announcement is intended as a profit forecast or profit estimate or quantified benefits statement for any period and no statement in this Announcement should be interpreted to mean that earnings or earnings per share for Crestchic for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share for Crestchic.

Disclosure requirements of the Takeover Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange 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 securities exchange 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 securities exchange 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 p.m. (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 p.m. (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange 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 securities exchange offeror(s), 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 p.m. (London 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 or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange 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. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

Publication on a website

In accordance with Rule 26.1 of the Code, a copy of this announcement and the documents required to be published pursuant to Rule 26 of the Code will be made available, free of charge, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on the Company's website (www.crestchicplc.com) no later than 12 noon (London time) on 7 February 2023. The content of the website referred to in this announcement and any websites accessible from hyperlinks on these websites are not incorporated into and do not form part of this announcement.

Right to receive documents in hard copy form

Any person entitled to receive a copy of documents, announcements and information relating to the Offer is entitled to receive such documents in hard copy form free of charge. A person may also request that all future documents, announcements and information in relation to the Offer are sent to them in hard copy form.

A hard copy of this Announcement may be requested by contacting Crestchic's Registrar's on 0371 664 0321. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. The helpline is open between 9:00 a.m. and 5:30 p.m., Monday to Friday excluding public holidays in England and Wales. Please note that the Company's Registrars cannot provide any financial, legal or tax advice and calls may be recorded and monitored for security and training purposes.

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCUNOBROUUURAR

(END) Dow Jones Newswires

February 06, 2023 12:34 ET (17:34 GMT)

Crestchic (LSE:LOAD)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024 Click aqui para mais gráficos Crestchic.
Crestchic (LSE:LOAD)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024 Click aqui para mais gráficos Crestchic.