Business
Response to further announcement made by TEAM Plc
Response to further announcement made by TEAM Plc.
About this update from Tavistock Investments Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0295U\n Tavistock Investments PLC\n 31 March 2021\n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, 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.\n \n THIS ANNOUNCEMENT IS A RESPONSE TO AN ANNOUNCEMENT MADE BY TEAM PLC UNDER RULE 2.10 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\"). THE ANNOUNCEMENT MADE BY TEAM PLC WAS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE AND THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER MIGHT BE MADE.\n \n 31 March 2021\n \n Tavistock Investments Plc\n (\"Tavistock\" or the \"Company\")\n \n Response to further announcement made by TEAM Plc\n \n The Board of Tavistock notes the announcement made yesterday by TEAM Plc (\"TEAM\") regarding certain \"non-binding\" letters of intent that have been obtained by TEAM from six, out of the 352 registered, shareholders of the Company regarding a potential all share offer to be made by TEAM for the issued and to be issued share capital of Tavistock (the \"Potential Offer\"). The \"non-binding\" letters of intent from the six shareholders represent, in aggregate, 7.44% of the Company's issued share capital.\n \n The Board of Tavistock remains of the view that the approach made by TEAM is without merit for the reasons previously stated, namely:\n \n 1) the Potential Offer significantly undervalues Tavistock's business;\n \n 2) the Board of Tavistock does not believe there to be any commercial logic to justify a combination of the two businesses; and\n \n 3) the Board of Tavistock does not consider that a paper-only offer, particularly one made using illiquid shares, is in the interests of the Company's shareholders.\n \n SHAREHOLDERS ARE THEREFORE ADVISED TO TAKE NO ACTION.\n \n There can be no certainty that TEAM's proposal will result in an offer for the Company, nor as to the terms on which any offer might be made. \n \n In accordance with Rule 2.6(a) of the Code, TEAM is required, by not later than 5.00 p.m. on 20 April 2021, to either announce a firm intention to make an offer for the Company in accordance with Ru...