Business
Statement re Possible Offer
Statement re Possible Offer.
About this update from Cpp Group Plc
[{"type":"text","content":"\n \nRNS Number : 0582G CPPGroup Plc 31 May 2013 \n \n\nStatement re Possible Offer\n \nCPPGroup Plc\n \n31 May 2013\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION\n \nTHIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\") AND THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BEMADE, NOR AS TO THE TERMS ON WHICH ANY OFFER WILL BE MADE\n \n \nExtension of deadline under Rule 2.6(c) of the Code\n \nFollowing the announcements made on 27 March 2013 and 24 April 2013, and in accordance with Rule 2.6(a) of the Code, Mr Hamish Macgregor Ogston CBE was required, by not later than 5.00 p.m. on 31 May 2013, to either announce a firm intention to make an offer for CPPGroup Plc (\"CPP\" or the \"Group\") in accordance with Rule 2.7 of the Code or announce he does not intend to make an offer. \n \nCPP understands from previous interactions with Mr Hamish Macgregor Ogston CBE that the refinancing and possible offer are subject to a number of pre-conditions. From recent discussions CPP is aware that progress is being made on the satisfaction of certain of these pre-conditions, however it is believed that two of the pre-conditions will need to be met before an attempt is made to satisfy the others, namely Mr Hamish Macgregor Ogston CBE undertaking and completing due diligence on the Group that is satisfactory to him, and new credit arrangements for the Group with a three year term being agreed between the Group, Mr Hamish Macgregor Ogston CBE and the Group's lenders, which are appropriate for the needs of the Group having regard to its financing requirements, and including security arrangements satisfactory to Mr Hamish Macgregor Ogston CBE in support thereof, including \"ring-fencing\" certain parts of the Group as part of enhanced contingency planning.\n \nCPP accepts that the satisfaction of the pre-conditions may take an extended period of time. There can be no certainty that Mr Hamish Macgregor Ogston CBE will be able to complete due diligence that is satisfactory to him or that new credit arrangements will be available to the Group.\n \nAt t...