Business
Concert Party Update
Concert Party Update.
About this update from Ceps Plc
[{"type":"text","content":"\n\n18 March 2024\nCEPS PLC\n (\"CEPS\" or the \"Company\")\n \nConcert Party Update\n \nUnder the City Code on Takeovers and Mergers (the \"Code\") published by the Panel on Takeovers and Mergers (the \"Panel\"), a concert party arises where persons who, pursuant to an agreement or understanding (whether formal or informal), co-operate to obtain or consolidate control (as defined in the Code) of a company or to frustrate the successful outcome of an offer for a company.\nCertain persons will be presumed, as set out in the Definitions in the Code, to be persons acting in concert with other persons in the same category unless the contrary is established.\nIn a circular to Shareholders dated 11 January 2007 (\"Circular\"), CEPS sought approval of a waiver by the Panel and of Independent Shareholders (as defined under the Code) of Rule 9. This Circular contained details of a concert party of which David Horner and his immediate family were members (\"2007CP\"). The 2007CP was originally formed as a result of a refinancing in CEPS which took place in April 2004 in which each of the 2007CP members participated. In December 2009, and as agreed with the Panel, the 2007CP was expanded. Since 2009, the Company has kept a record of the shareholdings of the members of the 2009CP. Given family relationships and holdings in various entities, David Horner has also distinguished himself and his related holdings as a sub concert party from the wider 2009CP.\nThe Company has now agreed with the Panel that due to changing circumstances and relationships, the following members of the 2009CP should be removed from the concert party moving forward:\n \n- Mark Thistlethwayte, his children and his related trusts\n- Hugo Deschampsneufs and his pension fund\n- Linda Deschampsneufs\n- David Dunbar and his pension fund\n- Colinette Holdings Limited\n- Belas Knapp Trust\n- Stanton Trust\n- Chelverton Growth Trust plc\n- Peter Cook\n- Karen Cook\n- ...