Williams Grand Prix Holdings PLC
Williams Grand Prix Holdings PLC : Commencement of Strategic Review and Formal Sale Process
Williams Grand Prix Holdings PLC / Key word(s): Statement/Miscellaneous NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. THIS IS AN ANNOUNCEMENT OF A POSSIBLE OFFER UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE “TAKEOVER CODE” OR “CODE”) AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE TAKEOVER CODE. THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE NOR AS TO THE TERMS ON WHICH ANY OFFER MIGHT BE MADE. The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 (“MAR”). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. 29 May 2020 Williams Grand Prix Holdings PLC (“Williams”, “WGPH”, the “Company” or the “Group”) Commencement of Strategic Review and Formal Sale Process The Board of Williams is currently undertaking a review of all the various strategic options available for the Company. Options being considered include, but are not limited to, raising new capital for the business, a divestment of a minority stake in WGPH, or a divestment of a majority stake in WGPH including a potential sale of the whole Company. Whilst no decisions have been made regarding the optimal outcome yet, to facilitate discussions with interested parties, the Board of the Company resolved today the commencement of a “formal sale process” (as referred to in Note 2 on Rule 2.6 of the Takeover Code). The WGPH board has appointed Allen & Co. and Lazard as joint financial advisers to assist with the strategic review and formal sale process. Parties with a potential interest in Williams should contact Allen & Co. or Lazard at the contact details set out below. Any interested party participating in the formal sale process will be required to enter into a non-disclosure agreement with WGPH on terms satisfactory to the WGPH board. The Company then intends to provide such interested parties with certain information on the business, following which interested parties will be invited to submit their proposals. The Panel on Takeovers and Mergers has agreed that any discussions with third parties may be conducted within the context of a formal sale process. Accordingly it has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Takeover Code such that any party participating in the formal sale process will not be required to be publicly identified under Rules 2.4(a) or (b) and will not be subject to the 28 day deadline referred to in Rule 2.6(a) of the Takeover Code for so long as it is participating in the formal sale process. The Company is not in receipt of any approaches at the time of this announcement and confirms that it is in preliminary discussions with a small number of parties regarding a potential investment in the Company. There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made. The WGPH board reserves the right to alter or terminate the process at any time and if it does so it will make an announcement as appropriate. The WGPH board also reserves the right to reject any approach or terminate discussions with any interested party at any time. Following this announcement, the Company is now considered to be in an “offer period” as defined in the Takeover Code, and the dealing disclosure requirements summarised below will apply. Further announcements regarding timings and procedures for the formal sale process will be made as appropriate. For further information please contact the following:
Important Notices Notes relating to the Joint Financial Advisers Allen & Company LLC, which is registered with and licensed as a broker-dealer by the United Stated Securities and Exchange Commission and incorporated in the state of New York, is acting as financial adviser to Williams Grand Prix Holdings PLC and no one else in connection with the matters described in this announcement and will not be responsible to anyone other than Williams Grand Prix Holdings PLC for providing the protections afforded to clients of Allen & Company LLC nor for providing advice in relation to the matters described or referred to in this announcement. Neither Allen & Company LLC nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Allen & Company LLC in connection with this announcement, any statement contained herein or the matters described or referred to in this announcement or otherwise. Lazard & Co., Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as financial adviser to Williams Grand Prix Holdings PLC and no one else in connection with the matters described in this announcement and will not be responsible to anyone other than Williams Grand Prix Holdings PLC for providing the protections afforded to clients of Lazard & Co., Limited nor for providing advice in relation to the matters described or referred to in this announcement. Neither Lazard & Co., Limited nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Lazard & Co., Limited in connection with this announcement, any statement contained herein or the matters described or referred to in this announcement or otherwise. This announcement (including information incorporated by reference in this announcement), oral statements made regarding the formal sale process, and other information published by the Company may contain statements about the Company that are or may be deemed to be forward looking statements. Such statements are prospective in nature. All statements other than historical statements of facts may be forward looking statements. Without limitation, statements containing the words “targets”, “plans”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “estimates”, “projects” or “considers” or other similar words may be forward looking statements. Forward looking statements inherently contain risks and uncertainties as they relate to events or circumstances in the future. Important factors such as business or economic cycles, the terms and conditions of the Company’s financing arrangements, tax rates, or increased competition may cause the Company’s actual financial results, performance or achievements to differ materially from any forward looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward looking statements, which speak only as of the date hereof. The Company disclaims any obligation to update any forward looking or other statements contained herein, except as required by applicable law. Disclosure requirements of 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) of the Code applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) 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. Rule 2.9 disclosure In accordance with Rule 2.9 of the Takeover Code, the Company confirms that it has 10,000,000 ordinary shares of 5p each in issue (“Ordinary Shares”). The International Securities Identification Number (ISIN) reference for these securities is DE000A1H6VM4. The Company does not hold any Ordinary Shares in treasury. Publication on Website 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, on the Company’s website at https://group.williamsf1.com/corporate/investors/strategicreview as soon as possible and in any event no later than 12.00 noon (London time) on 1 June 2020 (being the business day following the date of this announcement). The person responsible for arranging for the release of this announcement on behalf of the Company is Mark Biddle, General Counsel and Company Secretary. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement. The securities of the offeree company have not and will not be registered under the Securities Act of 1933, as amended, or any U.S. state or jurisdiction securities laws, and cannot be offered or sold in the U.S. or to a U.S. person without registration or an applicable exemption from registration. Legal Entity Identifier: 213800AFJXFAVYBTE915 END
29-May-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
Language: | English |
Company: | Williams Grand Prix Holdings PLC |
Grove, Wantage | |
OX12 0DQ Oxfordshire | |
United Kingdom | |
Phone: | +44 (0) 1235 777700 |
Fax: | +44 (0) 1235 764705 |
E-mail: | enquiries@williamsf1.com |
Internet: | http://www.williamsf1.com |
ISIN: | DE000A1H6VM4 |
WKN: | A1H6VM |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1058509 |
End of Announcement | DGAP News Service |