Register to get unlimited Level 2

Company Announcements

Possible Offer for Spirit Pub Company plc

Related Companies

RNS Number : 4210S
Spirit Pub Company PLC
23 September 2014
 



Spirit Pub Company plc

23 September 2014

 

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

 

FOR IMMEDIATE RELEASE

 

Spirit Pub Company plc

 

Possible Offer for Spirit Pub Company plc ("Spirit")

 

The Board of Spirit (the "Board") notes the announcement by Greene King plc ("Greene King") that it is considering a possible offer for Spirit.

 

On 15 September 2014 the Board received a highly preliminary and conditional approach from Greene King regarding a possible offer for Spirit at a value of 100 pence per Spirit share in Greene King shares (the "Proposal").  The Board reviewed the Proposal in detail and concluded that it undervalued Spirit and its attractive prospects. Accordingly, the Proposal was rejected on 18 September 2014.

 

As announced on 3 September 2014 in the fourth quarter trading update, Spirit continues to deliver strong performance across both the Managed and Leased estates with market leading like-for-like growth and attractive returns on investment.  Spirit has a successful strategy of delivering growth through investment in its brands, people, infrastructure and estate, including the acquisition of new pubs.  The Board remains fully confident in the ongoing execution of Spirit's strategy as an independent company and that its successful delivery and strong balance sheet will create significant value for shareholders.

 

As required by Rule 2.6(a) of the Takeover Code (the "Code"), Greene King is required, by not later than 5.00 p.m. on 21 October 2014, to either announce a firm intention to make an offer in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline may be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.

 

This statement is being made by Spirit without the prior agreement or approval of Greene King. There can be no certainty that any offer will be made nor as to the terms of any offer. Shareholders are strongly advised to take no action.

 

Enquiries

 

Spirit Pub Company

Mike Tye, Chief Executive                       +44 (0) 1283 498 400

Paddy Gallagher, Finance Director

 

Goldman Sachs International

Anthony Gutman                                    +44 (0) 20 7774 1000

Nick Harper

Phil Shelley (Corporate Broking)

 

Brunswick Group LLP

Nick Cosgrove                                       +44 (0) 20 7404 5959

Natalia Dyett

 

A copy of this announcement will be made available on Spirit's website at www.spiritpubcompany.com. The content of this website is not incorporated into and does not form part of this announcement.

 

Rule 2.10

 

In accordance with Rule 2.10 of the Code, Spirit confirms that, as at the close of business on 22 September 2014, it has 660,547,570 ordinary shares of 1 penny each in issue and admitted to trading on the main market of the London Stock Exchange.  The International Securities Identification Number for the ordinary shares is GB00B5NFV695.

 

Goldman Sachs International, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting exclusively for Spirit and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than Spirit for providing the protections afforded to clients of Goldman Sachs International, or for providing advice in connection with the matters referred to in this announcement.

 

No profit forecasts; forward-looking statements

 

No statement in this announcement is intended as a profit forecast and no statement in this announcement should be interpreted to mean that earnings per Spirit share for the current or future financial years would necessarily match or exceed the historical published earnings per Spirit share.  Statements included in this announcement that are not historical facts are forward-looking statements.  Forward-looking statements involve a number of risks and uncertainties and are subject to change at any time.  In the event such risks or uncertainties materialise, Spirit's results could be materially adversely affected. 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
OFDPGUPCBUPCGAW

Top of Page