Business
Statement re Possible Offer Update
Statement re Possible Offer Update.
About this update from Cpp Group Plc
[{"type":"text","content":"\n \nRNS Number : 5230C CPPGroup Plc 17 April 2013 \n \n\n17 April 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 be made, nor as to the terms on which any offer will be made\n \n \nPossible offer for CPPGroup Plc\n \nCPPGroup Plc (\"CPP\" or the \"Group\") has today announced the proposed disposal of CPP's North American business to AMT Warranty Corp. (the \"Disposal\") and will in due course publish a circular setting out further details of the Disposal and seek the requisite shareholder approvals in connection with the same. CPP has also today announced the extension and amendment of the Group's multicurrency revolving facility (\"the Amended Facility\") which will mature on 30th September 2013.\n \nAs a result of the difficult financial situation of the Group, CPP has explored a number of options and has engaged in discussions with the Group's existing lenders, Barclays Bank PLC, The Royal Bank of Scotland plc and Santander UK (the \"Lenders\"), Mr Hamish Macgregor Ogston CBE and others concerning the financing requirements of the Group. These discussions led to a request being made to the Lenders and Mr Hamish Macgregor Ogston CBE to consider whether they would be willing to provide a refinancing solution for the Group. In response to such request, Mr Hamish Macgregor Ogston CBE indicated that he would, subject to certain pre-conditions and limitations, be willing to participate with the Lenders, in a refinancing of the Group (the \"Potential Financing Arrangements\"). The pre-conditions to Mr Hamish Macgregor Ogston CBE's willingness to participate in any Potential Financing Arrangements include:\n· completion of the Disposal in accordance with its terms, resulting in net proceeds to the Group of not less than £20 million;\n· receipt by Mr Hamish Macgregor Ogston CBE of irrevocable undertakings to accept any such offer as may be made by Mr Hamish Macgregor Ogston CBE for the e...