Towry Holdings Limited Form 8 (OPD) - Ashcourt Rowan PLC (6980D)
02 2월 2015 - 4:02PM
UK Regulatory
TIDMARP
RNS Number : 6980D
Towry Holdings Limited
02 February 2015
FORM 8 (OPD)
PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER
Rules 8.1 and 8.2 of the Takeover Code (the "Code")
1. KEY INFORMATION
(a) Identity of the party to the offer making the disclosure: Towry Finance Company Limited ("Towry")
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(b) Owner or controller of interests and short positions disclosed, if Towry Holdings Limited
different from 1(a):
The naming of nominee or vehicle companies is insufficient
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(c) Name of offeror/offeree in relation to whose relevant securities this Ashcourt Rowan plc ("Ashcourt")
form relates:
Use a separate form for each party to the offer
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(d) Is the party to the offer making the disclosure the offeror or the OFFEROR
offeree?
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(e) Date position held: 2 February 2015
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(f) Has the party previously disclosed, or is it today disclosing, under NO
the Code in respect
of any other party to this offer?
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2. POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE
(a) Interests and short positions in the relevant securities of
the offeror or offeree to which the disclosure relates
Class of relevant security:
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Interests Short positions
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Number % Number %
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(1) Relevant securities owned and/or controlled: 0 0.0 0 0.0
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(2) Derivatives (other than options): 0 0.0 0 0.0
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(3) Options and agreements to purchase/sell: 0 0.0 0 0.0
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TOTAL: 0 0.0 0 0.0
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All interests and all short positions should be disclosed.
Details of any open derivative or option positions, or
agreements to purchase or sell relevant securities, should be given
on a Supplemental Form 8 (Open Positions).
Details of any securities borrowing and lending positions or
financial collateral arrangements should be disclosed on a
Supplemental Form 8 (SBL).
(b) Rights to subscribe for new securities
Class of relevant security in relation to which subscription right exists: None
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Details, including nature of the rights concerned and relevant percentages: None
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If there are positions or rights to subscribe to disclose in
more than one class of relevant securities of the offeror or
offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for
each additional class of relevant security.
(c) Irrevocable commitments and letters of intent
Details of any irrevocable commitments or letters of intent procured by the party to the offer
making the disclosure or any person acting in concert with it (see Note 3 on Rule 2.11 of
the Code):
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Ashcourt Irrevocable Commitments - directors
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Name Number of Ashcourt shares Percentage of Ashcourt shares
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Jonathan Polin 231,645 0.653
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Jonathan Polin has irrevocably undertaken to vote or procure the vote in favour of the Scheme
at the Court Meeting and the resolutions to be proposed at the Ashcourt General Meeting and,
if the acquisition is implemented by way of a takeover offer, to accept or procure acceptance
of such offer. This irrevocable undertaking remains binding in the event that a higher competing
offer for Ashcourt is made, but ceases to be binding if:
(A) the Scheme Document is not published within 28 days of the date of Towry's announcement
of its firm intention to make an offer for Ashcourt (or such later date
as the Panel may agree); (B) the Scheme is withdrawn or lapses in accordance with its terms,
except where
the Scheme is withdrawn or lapses as a result of Towry exercising its right to
implement the acquisition by way of a takeover offer in accordance with the City
Code; (C) in the event that the acquisition is implemented by way of a takeover offer, the
offer
lapses or is withdrawn; (D) the price per Ashcourt share as included in the Scheme Document
or
Offer Document (as applicable) is less than 275 pence; or
(E) the Scheme does not become effective prior to 2 August 2015.
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Ashcourt Irrevocable Commitments - shareholders
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Name Number of Ashcourt shares Percentage of Ashcourt shares
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Tetragon Financial Group 10,472,500 29.51
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The Jodi One Trust 4,463,798 12.58
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The Major Trust 3,422,637 9.64
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Kestrel Investment Partners 3,383,909 9.53
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River and Mercantile 2,036,664 5.74
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Artemis 1,750,000 4.93
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Cygnet Capital 1,080,760 3.05
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Micro Trading Capital 1,032,433 2.91
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Total 27,642,701 77.89
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The persons named immediately above have irrevocably undertaken to vote or procure the vote
in favour of the Scheme at the Court Meeting and the resolutions to be proposed at the Ashcourt
General Meeting. These irrevocable undertakings cease to be binding if:
(A) the Scheme Document is not published within 28 days of the date of Towry's
announcement of its firm intention to make an offer for Ashcourt (or such later date
as the Panel may agree); (B) the Scheme is withdrawn or lapses in accordance with its terms;
(C) the price per Ashcourt share as included in the Scheme Document is less than 275 pence;
(D) the Scheme does not become effective prior to 2 August 2015; (E) any other person (other
than Jonathan Polin) holding shares, securities, options,
swaps, warrants or other instruments in Ashcourt Rowan provides any
irrevocable undertaking in respect of the Transaction which is on terms significantly
different to the terms of these irrevocable undertakings; or
(F) any third party announces before the Ashcourt General Meeting and the Court
Meeting a firm intention to make a general offer (whether by way of an offer or
a scheme of arrangement) for all Ashcourt shares not already owned by such
third party which provides for an amount or value of consideration that represents, at the
sole determination of each Ashcourt shareholder who has given the irrevocable undertaking,
an improvement to the value of Towry's offer.
Ashcourt letters of intent
In the event that the acquisition is implemented by way of a takeover offer, Towry has received
letters of intent to accept or procure acceptance of such offer from the Ashcourt shareholders
named above (other than Jonathan Polin) in respect of 27,642,701 Ashcourt shares (representing
approximately 77.89 per cent. of the existing issued ordinary share capital of Ashcourt) that
they are the beneficial owners of as at the dates of the letters of intent.
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3. POSITIONS OF PERSONS ACTING IN CONCERT WITH THE PARTY TO THE OFFER MAKING THE DISCLOSURE
Details of any interests, short positions and rights to subscribe of any person acting in
concert with the party to the offer making the disclosure:
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It has not been practicable for Towry to make enquiries of all its concert parties in advance
of releasing this opening position disclosure. Therefore, this disclosure may not include
all the relevant details in respect of Towry's concert parties. Towry confirms that further
disclosure in accordance with Rule 8.1(a) and Note 2(a)(i) on Rule 8 of The Takeover Code
will be made as soon as possible, if required.
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If there are positions or rights to subscribe to disclose in
more than one class of relevant securities of the offeror or
offeree named in 1(c), copy table 3 for each additional class of
relevant security.
Details of any open derivative or option positions, or
agreements to purchase or sell relevant securities, should be given
on a Supplemental Form 8 (Open Positions).
Details of any securities borrowing and lending positions or
financial collateral arrangements should be disclosed on a
Supplemental Form 8 (SBL).
4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal
or informal, relating to relevant securities which may be an inducement to deal or refrain
from dealing entered into by the party to the offer making the disclosure or any person acting
in concert with it:
If there are no such agreements, arrangements or understandings, state "none"
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None
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(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the party
to the offer making the disclosure, or any person acting in concert with it, and any other
person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which
any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
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None
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(c) Attachments
Are any Supplemental Forms attached?
Supplemental Form 8 (Open Positions) NO
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Supplemental Form 8 (SBL) NO
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Date of disclosure: 2 February 2015
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Contact name: Jacqui Gregory
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Telephone number: +44 (0) 207 936 7236
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Public disclosures under Rule 8 of the Code must be made to a
Regulatory Information Service and must also be emailed to the
Takeover Panel at monitoring@disclosure.org.uk. The Panel's Market
Surveillance Unit is available for consultation in relation to the
Code's dealing disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at
www.thetakeoverpanel.org.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FEEUAUURVNAURUR
Ashcourt (LSE:ARP)
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Ashcourt (LSE:ARP)
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