Business
Recommended Cash Offer for Stride Gaming Plc
Recommended Cash Offer for Stride Gaming Plc.
About this update from Rank Group Plc
[{"type":"text","content":"\n \nRNS Number : 7357A Rank Group PLC 31 May 2019 \n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014\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 SUCH JURISDICTION\nFOR IMMEDIATE RELEASE\n \n31 May 2019\nRECOMMENDED CASH OFFER\nfor\nSTRIDE GAMING PLC (\"STRIDE\")\nby\nTHE RANK GROUP PLC (\"RANK\")\nto be effected by means of a court-sanctioned scheme of arrangement\nunder Article 125 of the Companies (Jersey) Law 1991\nSummary\n· The Rank Directors and the Stride Directors are pleased to announce that they have reached agreement on the terms of a recommended cash offer pursuant to which Rank BidCo, a wholly-owned subsidiary of Rank, will acquire the entire issued and to be issued ordinary share capital of Stride (the \"Offer\"). It is intended that the Offer be effected by means of a court-sanctioned scheme of arrangement under Article 125 of the Companies Law.\n· Under the terms of the Offer, Stride Shareholders will be entitled to receive:\n151 pence in cash for each Stride Share\n· The Offer values the entire fully diluted share capital of Stride at approximately £115.3 million and the Offer Price represents a premium of approximately:\n(i) 29 per cent. to the Closing Price per Stride Share of 118 pence on 30 May 2019 (being the last Business Day prior to the date of this announcement);\n(ii) 46 per cent. to the Closing Price per Stride Share of 104 pence on 8 February 2019 (being the last Business Day prior to the commencement of the Offer Period); and\n(iii) 48 per cent. to the six month average price per Stride Share of 102 pence (being the average Closing Price for the six month period ended on 8 February 2019 being the last Business Day prior to the commencement of the Offer Period).\n· If any dividend, other distribution or return of capital is proposed, declared, made, paid or becomes payable in respect of the Stride Shares on or after the date of this announcement and before the Effective Date, Rank BidCo reserves the right to reduce the Offer Price by the amount of all or part of any such dividend, ot...