Business
Statement re Strategic Review
Statement re Strategic Review.
About this update from Pebble Beach Systems Group Plc
[{"type":"text","content":"\n \nRNS Number : 6595X Pebble Beach Systems Group PLC 23 February 2017 \n\nFOR IMMEDIATE RELEASE\n23rd February 2017\n Pebble Beach Systems Group Plc\nStrategic Review and Receipt of part \nof the VCS Deferred Consideration \n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\nTHIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER MIGHT BE MADE.\nStrategic Review and Receipt of part \nof the VCS Deferred Consideration\n \nStrategic Review\nPebble Beach Systems Group Plc (\"Pebble\" or the \"Group\"), a leading global software business specialising in solutions for playout automation and content serving customers in the broadcast markets, today announces that it has decided to carry out a formal strategic review of the Group's business. \nWhile Pebble Beach Systems Limited (\"PBS\") is an exciting business with excellent growth potential, it remains constrained by the Group's existing capital structure, including an estimated £11 million of ongoing bank borrowings. As such, the Board has determined that it is appropriate to evaluate alternative opportunities to maximise value for the Group's shareholders. Accordingly, EY has been appointed to assist with a strategic review of options, which could include a sale of the Group.\nThe UK Takeover Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code such that any interested party participating in the formal sale process will not be required to be publicly identified as a result of this announcement (subject to note 3 to Rule 2.2 of the Code) and will not be subject to the 28 day deadline referred to in Rule 2.6(a), for so long as it is participating in the formal sale process. Interested parties should note Rule 21.2 of the Code, which will prohibit any form of inducement fee or other offer-related arrangement, and that the Group, although it may do so in the future, has not at this sta...