Business
Update on Irrevocable Undertaking and LOI's
Update on Irrevocable Undertaking and LOI's.
About this update from Team Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3266U\n Team PLC\n 01 April 2021\n \n \n \n \n For immediate release\n \n \n \n \n \n 1 April 2021\n \n \n \n \n \n NOT 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 \n \n \n \n \n THIS 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 THEREFORE THERE CAN BE NO CERTAINTY THAT ANY OFFER WILL BE MADE.\n \n \n \n \n \n THE INFORMATION COMMUNICATED IN THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AND UPON PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n \n \n \n \n \n \n UPDATE ON SHAREHOLDER SUPPORT RECEIVED\nFOR POSSIBLE OFFER\nFOR \n \n \n TAVISTOCK INVESTMENTS PLC (\"TAVISTOCK\")\n \n \n \n \n \n \n \n \n In accordance with Rule 2.10 of the Code, TEAM plc (\"TEAM\") confirms that it has received an irrevocable undertaking and a further non-binding letter of intent from Tavistock shareholders, which, when taken with the letters of intent previously received (as announced on 30 March 2021), represent, in aggregate, 85,051,672 Tavistock Shares (13.99 per cent. of the issued ordinary share capital of Tavistock). \n \n \n \n \n \n The irrevocable undertaking confirms the irrevocable commitment of the Tavistock shareholder to:\n \n \n \n \n \n (a) if the Possible Offer is implemented by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (as amended) (the \"Companies Act\") (the \"Scheme\"), vote in favour of all resolutions concerning the Scheme at all meetings of shareholders in connection with the scheme; and\n \n \n \n \n \n (b) if the Possible Offer is implemented by way of a takeover offer, as defined in Chapter 3 of Part 28 of the Companies Act (an \"Offer\"), accept the Offer.\n \n \n \n The irrevocable undertaking remains binding in the event that a higher competing offer is made for Tavistock and will only cease to be binding in limited circumstances such as TEAM not announcing a firm intention to make an offer for Tavistock under Rule 2.7 of the Code by 30...