Business
Disclosure under Rule 2.10(c) of the Code
Disclosure under Rule 2.10(c) of the Code.
About this update from Young & Co.'s Brewery, P.l.c. Class A
[{"type":"text","content":"\n\nYoung and Co.'s Brewery, P.L.C.\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY\nOR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD\nCONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH\nJURISDICTION.\n \nFOR IMMEDIATE RELEASE \n \n6 December 2023\n \n \nDisclosure under Rule 2.10(c) of the City Code on Takeovers and Mergers (the \"Code\") in respect of the\n \nRECOMMENDED ACQUISITION\nof\nTHE CITY PUB GROUP PLC\n(\"City Pubs\")\n \nby\nYOUNG & CO.'S BREWERY, P.L.C.\n(\"Young's\")\n \nto be implemented by means of a scheme of arrangement\nunder Part 26 of the Companies Act 2006\n \nUpdate on the irrevocable undertaking given by Otus Capital Management Limited\n \nOn 16 November 2023 the boards of City Pubs and Young's made an announcement pursuant to Rule 2.7 of the Code (the \"2.7 Announcement\") that they had reached agreement on the terms and conditions of a recommended offer pursuant to which Young's will acquire the entire issued and to be issued ordinary share capital of City Pubs (the \"Transaction\"), intended to be implemented by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.\n \nUnless otherwise defined in this announcement, capitalised words and phrases used in this announcement shall have the same meanings given to them in the 2.7 Announcement.\n \nAs set out in Appendix 3 of the 2.7 Announcement, Young's had received certain irrevocable undertakings to amongst other things, exercise or procure the exercise of (as applicable) all voting rights to vote in favour of the Scheme at the Court Meeting and the Resolutions to be proposed at the General Meeting (or to accept, or procure the acceptance of the Offer (if the Transaction is implemented as an Offer)).\n \nThe irrevocable undertaking given by Otus Capital Management Limited (\"Otus\") related to an aggregate number of 11,580,837 City Pubs Shares, representing approximately 11.1 per cent. of the issued ordinary share capital of City Pubs as at the Last Practicable Date (the \"Otus Irrevocable Undertaking\").\n \nOn 6 December 2023, Otus announced that they had sold 1,599,783 City Pubs Shares subject to the Otus Irrevocable Undertaking. As a result of the sale, the Otu...