Business
Offer by BPF1 Limited
Offer by BPF1 Limited.
About this update from Synergia Energy Ltd
[{"type":"text","content":"\n \nRNS Number : 9773K Synnovia PLC 03 September 2019 \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 SUCH JURISDICTION. IN PARTICULAR, THIS ANNOUNCEMENT SHOULD NOT BE RELEASED, PUBLISHED, DISTRIBUTED, FORWARDED OR TRANSMITTED, IN WHOLE OR IN PART, IN, INTO OR FROM ANY RESTRICTED JURISDICTION, INCLUDING THE UNITED STATES.\nTHIS ANNOUNCEMENT CONSTITUTES INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO.596/2014.\n \n3 September 2019\n \nRECOMMENDED CASH OFFER\n \nFOR\n \nSYNNOVIA PLC\n \nby\n \nBPF1 LIMITED, A WHOLLY-OWNED SUBSIDIARY OF FUNDS ADVISED BY CAMELOT CAPITAL PARTNERS LLC\n \nSummary\n \n· The Bidco Director and the Independent Synnovia Directors are pleased to announce the terms of a recommended offer to be made by Bidco for the entire issued and to be issued share capital of Synnovia.\n· As at the date of this announcement, Barker Partnership L.P. (via Camelot, the 100 per cent. owner of Bidco) holds approximately 29.9 per cent. of Synnovia's existing issued shares. \n· Under the terms of the Offer, which will be subject to the Conditions and further terms to be set out in the Offer Document, Synnovia Shareholders (other than Management Shareholders but including Faisal Rahmatallah in relation to the FR SIPP Shares only) will be entitled to receive:\nfor each Synnovia Share: 125 pence in cash\n· The Offer values the entire issued ordinary share capital of Synnovia at approximately £48.8 million on a fully-diluted basis and represents a premium of approximately 42.9 per cent. to the mid-market closing price of 87.5 pence per Synnovia Share on the Last Practicable Date.\n· Bidco's parent entity Barker Partnership L.P. (via Camelot, the 100 per cent. owner of Bidco) has been a committed and supportive investor in Synnovia for a number of years and has worked closely with the business during this period. In order to maximise its future growth potential, Barker Partnership L.P. and its investment manager, Camelot Capital Partners LLC, believe that Synnovia will be bett...