TIDMBIFF
RNS Number : 8494N
Biffa plc
25 January 2023
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
FOR IMMEDIATE RELEASE
25 January 2023
RECOMMENDED CASH ACQUISITION
of
Biffa plc
by
Bears Bidco Limited
(a newly incorporated company controlled by funds managed by
affiliates of ECP V, LLC)
Scheme sanctioned by Court
Biffa plc ("Biffa") and Bears Bidco Limited ("Bidco") are
pleased to announce that the Court has today sanctioned the scheme
of arrangement under Part 26 of the Companies Act 2006 (the
"Scheme") by which the recommended cash acquisition of the entire
issued and to be issued share capital of Biffa by Bidco (the
"Acquisition") is being implemented.
The Scheme will become effective upon the Scheme Court Order
being delivered to the Registrar of Companies, which is expected to
take place after 6.00 p.m. on 26 January 2023 (the "Effective
Date").
Next steps
Biffa confirms that the Scheme Record Time is 6.00 p.m. on the
Effective Date, which shall be the last day of dealings in,
registration of transfers of, and disablement of CREST for, the
Biffa Shares (other than the registration of the transfer of the
Biffa Shares to Bidco pursuant to the Scheme) on the London Stock
Exchange (the "LSE").
A request has been made for the suspension of the listing of
Biffa Shares on the premium segment of the Official List of the
Financial Conduct Authority (the "FCA") and the admission to
trading of Biffa Shares on the LSE's Main Market with effect from
7.30 a.m. on 27 January 2023.
It is expected that, subject to the Scheme becoming effective on
26 January 2023, the listing of Biffa Shares on the Official List
of the FCA and trading in Biffa Shares on the LSE's Main Market for
listed securities will be cancelled by 8.00 a.m. on 27 January
2023.
Other
All references to times in this announcement are to London
time.
Defined terms used but not defined in this announcement have the
meanings set out in the Scheme Document dated 21 October 2022.
Enquiries:
Biffa plc
Michael Topham, Chief Executive Officer
Richard Pike, Chief Financial Officer
ir@biffa.co.uk
Rothschild & Co +44 20 7280 5000
Stuart Vincent
Robert Barnes
HSBC Bank plc +44 20 7991 8888
Anthony Parsons
Joe Weaving
James Hopton
Numis +44 20 7260 1000
Mark Lander
Stuart Ord
Kevin Cruickshank
Media Enquiries
Houston +44 204 529 0549
Kate Hoare
Kay Larsen
biffa@houston.co.uk
Important notices
N.M. Rothschild & Sons Limited ("Rothschild & Co") ,
which is authorised and regulated by the Financial Conduct
Authority in the United Kingdom , is acting exclusively for Biffa
and no one else in connection with the subject matter of this
announcement and will not be responsible to anyone other than Biffa
for providing the protections afforded to its clients or for
providing advice in connection with the subject matter of this
announcement .
HSBC Bank plc is authorised by the Prudential Regulation
Authority and regulated in the UK by the Financial Conduct
Authority and the Prudential Regulation Authority and is acting
exclusively for Biffa and no one else in connection with the
Acquisition and other matters referred to in this announcement and
will not regard any other person (whether or not a recipient of
this announcement) as a client in relation to the Acquisition or
any other matters referred to in this announcement and is not, and
will not be, responsible to anyone other than Biffa for providing
the protections afforded to its clients or for providing advice in
relation to the Acquisition , the contents of this announcement or
any transaction or arrangement referred to in this announcement.
.
Numis Securities Limited ("Numis"), which is authorised and
regulated in the United Kingdom by the FCA, is acting exclusively
for Biffa and no--one else in connection with the subject matter
and will not be responsible to anyone other than Biffa for
providing the protections afforded to clients of Numis nor for
providing advice in relation to the subject matter or any other
matters referred to in this announcement.
Disclosure requirements of the Takeover Code (the "Code")
Under Rule 8.3(a) of the Code, any person who is interested in
1% or more of any class of relevant securities of an offeree
company or of any securities exchange offeror (being any offeror
other than an offeror in respect of which it has been announced
that its offer is, or is likely to be, solely in cash) must make an
Opening Position Disclosure following the commencement of the offer
period and, if later, following the announcement in which any
securities exchange offeror is first identified. An Opening
Position Disclosure must contain details of the person's interests
and short positions in, and rights to subscribe for, any relevant
securities of each of (i) the offeree company and (ii) any
securities exchange offeror(s). An Opening Position Disclosure by a
person to whom Rule 8.3(a) applies must be made by no later than
3.30 pm on the 10th business day following the commencement of the
offer period and, if appropriate, by no later than 3.30 pm on the
10th business day following the announcement in which any
securities exchange offeror is first identified. Relevant persons
who deal in the relevant securities of the offeree company or of a
securities exchange offeror prior to the deadline for making an
Opening Position Disclosure must instead make a Dealing
Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes,
interested in 1% or more of any class of relevant securities of the
offeree company or of any securities exchange offeror must make a
Dealing Disclosure if the person deals in any relevant securities
of the offeree company or of any securities exchange offeror. A
Dealing Disclosure must contain details of the dealing concerned
and of the person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the offeree
company and (ii) any securities exchange offeror(s), save to the
extent that these details have previously been disclosed under Rule
8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies
must be made by no later than 3.30 pm on the business day following
the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire or control an
interest in relevant securities of an offeree company or a
securities exchange offeror, they will be deemed to be a single
person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree
company and by any offeror and Dealing Disclosures must also be
made by the offeree company, by any offeror and by any persons
acting in concert with any of them (see Rules 8.1, 8.2 and
8.4).
Details of the offeree and offeror companies in respect of whose
relevant securities Opening Position Disclosures and Dealing
Disclosures must be made can be found in the Disclosure Table on
the Takeover Panel's website at http://www.thetakeoverpanel.org.uk
, including details of the number of relevant securities in issue,
when the offer period commenced and when any offeror was first
identified. You should contact the Takeover Panel's Market
Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as
to whether you are required to make an Opening Position Disclosure
or a Dealing Disclosure.
Rule 26.1 disclosure
In accordance with Rule 26.1 of the Code, a copy of this
announcement will be available (subject to certain restrictions
relating to persons resident in restricted jurisdictions) at
https://www.biffa.co.uk/investors/offer by no later than 12 noon on
the business day following the date of this announcement. The
content of the website referred to in this announcement is not
incorporated into and does not form part of this announcement.
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END
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(END) Dow Jones Newswires
January 25, 2023 06:32 ET (11:32 GMT)
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