TIDMHARL TIDMTTM

RNS Number : 6183X

Harland & Wolff Group Holdings PLC

21 December 2023

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

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE " CODE ").

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

FOR IMMEDIATE RELEASE

Harland & Wolff Group Holdings plc

("Harland & Wolff" or the "Company")

Response re. announcement by Isles of Scilly Steamship Company Limited

The Board of Harland & Wolff Group Holdings plc (AIM: HARL) provides the following update on the possible offer for the Isles of Scilly Steamship Company Limited ("ISSCL").

As previously announced, the Company has been considering the opportunity to build and/or operate ferries to service the Isles of Scilly to Penzance route, which it believes is significantly underserved by its current operation. The Company continues to believe there is a clear strategic, operational and financial rationale for the proposed acquisition in pursuit of this and is disappointed that the board of ISSCL had unequivocally rejected its proposal. The board of Harland & Wolff has concluded not to pursue this matter and accordingly the Company does not intend to make a firm offer for ISSCL. Meanwhile, the Company continues with its plans to offer a fast ferry service on the Penzance - Isles of Scilly route as well as offer dedicated freight service on this route. The Company will make further announcements on both these services in due course.

This is a statement to which Rule 2.8 of the Code applies.

Under Note 2 on Rule 2.8 of the Code, the Company and any person(s) acting in concert with it, reserve the right to set the restrictions in Rule 2.8 aside in any of the following circumstances:

   a)    with the agreement of the Board of ISSCL; 
   b)    if a third party announces a firm intention to make an offer for ISSCL;

c) if ISSCL announces a Rule 9 waiver proposal (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Code); or

   d)    if the Takeover Panel has determined that there has been a material change of circumstances. 
   For further information, please visit    www.harland-wolff.com    or contact: 
 
 Harland & Wolff Group Holdings plc                 +44 (0)20 3900 
  John Wood, Chief Executive Officer                 2122 
  Arun Raman, Chief Finance Officer                  investor@harland-wolff.com 
                                                     media@harland-wolff.com 
 Cavendish Securities plc (Nominated Adviser 
  & Broker) 
  Stephen Keys / Callum Davidson / Dan Hodkinson 
  (Corporate Finance)                               +44 (0)20 7397 
  Michael Johnson (Sales)                            8900 
                                                   ---------------------------- 
 Liberum Capital Limited (Joint Broker)             +44 (0)20 3100 
  Nicholas How / Edward Mansfield                    2000 
                                                   ---------------------------- 
 Radnor Capital Partners (Investor Relations)       +44 (0) 20 3897 
  Neville Harris / Joshua Cryer                      1838 
                                                   ----------------------------

About Harland & Wolff

Harland & Wolff is a multisite fabrication company, operating in the maritime and offshore industry through five markets: commercial, cruise and ferry, defence, energy and renewables and six services: technical services, fabrication and construction, decommissioning, repair and maintenance, in-service support and conversion.

Its Belfast yard is one of Europe's largest heavy engineering facilities, with deep water access, two of Europe's largest drydocks, ample quayside and vast fabrication halls. As a result of the acquisition of Harland & Wolff (Appledore) in August 2020, the company has been able to capitalise on opportunities at both ends of the ship-repair and shipbuilding markets where there will be significant demand.

In February 2021, the company acquired the assets of two Scottish-based yards along the east and west coasts. Now known as Harland & Wolff (Methil) and Harland & Wolff (Arnish), these facilities will focus on fabrication work within the renewables, energy and defence sectors.

In addition to Harland & Wolff, it owns the Islandmagee gas storage project, which is expected to provide 25% of the UK's natural gas storage capacity and to benefit the Northern Irish economy as a whole when completed.

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December 21, 2023 04:50 ET (09:50 GMT)

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