Business
Rule 2.7 Announcement - Recommended Cash Offer
Rule 2.7 Announcement - Recommended Cash Offer.
About this update from Tt Electronics Plc
[{"type":"text","content":"\n \nRNS Number : 9684E TT Electronics PLC 15 February 2018 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION\nFOR IMMEDIATE RELEASE\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014\n15 FEBRUARY 2018\nRECOMMENDED CASH OFFER\nfor\nSTADIUM GROUP PLC\nby\nTT ELECTRONICS PLC\nSummary\n· The Boards of Stadium Group plc (Stadium) and TT Electronics plc (TT) are pleased to announce that they have reached agreement on the terms of a recommended cash offer for Stadium by TT pursuant to which TT will acquire the entire issued and to be issued share capital of Stadium (the Transaction). It is intended that the Transaction will be effected by means of a Court-sanctioned scheme of arrangement between Stadium and the Stadium Shareholders under Part 26 of the Companies Act 2006.\n· Under the terms of the Transaction, Stadium Shareholders will be entitled to receive:\n120 pence in cash for each Stadium Share\nwhich values the entire issued share capital of Stadium at approximately £45.8 million.\n· In addition, the Stadium Board has declared a special dividend of 2.1 pence per Stadium Share (the Dividend). The Dividend, which is conditional on completion of the Transaction and in lieu of any final dividend for the financial year ended 31 December 2017, will be paid within 14 days of the Effective Date and will be paid by Stadium to Stadium Shareholders on the register of members of Stadium at the Scheme Record Time (irrespective of whether or not they attended or voted at the Court Meeting or the Stadium General Meeting (and, if they attended and voted, whether or not they voted in favour of the Transaction)). No other dividend is currently contemplated by Stadium to be declared, approved, made or paid from the date of this announcement and before the Effective Date. \n· The Tra...