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Announcement of Offer Price

13th Oct 2015 07:00

RNS Number : 0566C
Worldpay Group PLC
13 October 2015
 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, JAPAN OR AUSTRALIA OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

 

This announcement is an advertisement for the purposes of the Prospectus Rules of the UK Financial Conduct Authority (the "FCA") and not a prospectus and not an offer to sell, or a solicitation of an offer to subscribe for or to acquire, securities in the United States or in any other jurisdiction, including in or into the United States, Australia, Canada or Japan. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. Investors should not purchase or subscribe for any ordinary shares referred to in this announcement (the "Ordinary Shares") except on the basis of information in the prospectus (the "Prospectus") which is expected to be published by Worldpay Group plc in due course in connection with the proposed offer and the proposed admission of its Ordinary Shares to the premium listing segment of the Official List of the FCA and to trading on the London Stock Exchange plc's (the "London Stock Exchange") main market for listed securities. A copy of the Prospectus will, following publication, be available from the Company's registered office at The Walbrook Building, 25 Walbrook, London EC4N 8AF and online at: http://investors.worldpay.com, subject to applicable securities laws.

 

FOR IMMEDIATE RELEASE

 

13 October 2015

 

Worldpay Group plc

 

Announcement of Offer Price

 

Offer Price set at 240 pence

 

Worldpay Group plc (the "Company" and together with its subsidiaries, "Worldpay" or the "Group"), a leader in global payments, today announces the successful pricing of its initial public offering (the "Offer" or "IPO") at 240 pence per Ordinary Share (the "Offer Price"). Based on the Offer Price, the market capitalisation of the Company at the commencement of conditional dealings will be approximately £4,800 million.

 

Philip Jansen, Chief Executive Officer of Worldpay, said:

 

"Today's announcement is a significant milestone for Worldpay. We are proud to be a leader in global payments with a clear strategy for continued growth as a listed company. We have already invested over £1 billion in our technology, people and capabilities, helping us to become an advanced and sophisticated technology-led organisation with great potential. We welcome our new investors and thank them for the strong interest they have shown in the offer. We look forward to developing as a public company and all the opportunities this will bring."

 

Offer Highlights

· The Offer is expected to raise total gross proceeds of approximately £2,160 million (assuming that the over-allotment option is not exercised) or £2,484 million (assuming that the over-allotment is exercised in full).

 

· The Company will receive approximately £947.8 million of gross proceeds from the Offer.

 

· The Institutional Selling Shareholder, Ship Global 2 & Cy S.C.A., will sell a total of 505,083,333 Ordinary Shares (assuming no exercise of the over-allotment option), receiving total gross proceeds of approximately £1,212.2 million. The Institutional Selling Shareholder is indirectly controlled by funds advised by Advent International and Bain Capital, and its other indirect shareholders comprise the Company's senior management, current and former employees (together with their connected persons) and certain other minority co-investors.

 

· At Admission, the Company will have 2,000,000,000 Ordinary Shares in issue with a free float of 45% (assuming no exercise of the over-allotment option).

 

· Following the Offer, it is expected that the Institutional Selling Shareholder will hold approximately 48.7% of the Company's Ordinary Shares (assuming no exercise of the over-allotment option).

 

· The Offer comprises 900,000,000 Ordinary Shares (assuming no exercise of the over-allotment option). If the over-allotment option was exercised in full, the total Ordinary Shares in the Offer would represent approximately 51.8% of the Company's enlarged issued ordinary share capital.

 

· Conditional dealings in the Company's Ordinary Shares will commence on the London Stock Exchange at 8.00 a.m. today under the ticker "WPG" (ISIN: GB00BYYK2V80).

 

· Admission to the premium segment of the Official List of the FCA and the commencement of unconditional dealings in the Ordinary Shares on the London Stock Exchange are expected to take place at 8.00 a.m. on 16 October 2015.

 

Further Information

 

· Each of the Company, the Institutional Selling Shareholder, the directors and certain employees have agreed to customary lock-up arrangements with respect to their shareholdings for specific periods of time following Admission. The Company, Institutional Selling Shareholder and certain employees have entered into 180 day lock-up arrangements and the directors and certain employees have entered into 365 day lock-up arrangements, each subject to customary exceptions. In addition, certain directors and employees will retain at least 75% of their investment in the Company immediately following the IPO, and will enter into lock-up arrangements for up to three years. All lock-up arrangements are subject to customary exceptions. In addition, the Institutional Selling Shareholder's lock-up includes certain customary exceptions for the grant and enforcement of security interests granted to certain margin loan lenders in respect of a margin loan facility entered into by the Institutional Selling Shareholder and the Institutional Selling Shareholder is also permitted to distribute certain of its Ordinary Shares to certain of its indirect minority shareholders, each as further detailed in the Prospectus.

 

· Following completion of the IPO the Company is expecting to be eligible for inclusion in the FTSE UK Index Series at the quarterly review in December 2015.

· In relation to the Offer and Admission, Merrill Lynch International ("BofA Merrill Lynch"), Goldman Sachs International ("Goldman Sachs") and Morgan Stanley & Co. International plc ("Morgan Stanley") are acting as Joint Global Co-ordinators and together with Barclays Bank PLC ("Barclays"), Credit Suisse Securities (Europe) Limited ("Credit Suisse") and UBS Limited ("UBS Investment Bank") are acting as Joint Bookrunners. Jefferies International Limited ("Jefferies") and Mediobanca - Banca di Credito Finanziario S.p.A. ("Mediobanca") are acting as Co-lead Managers, Canaccord Genuity Limited ("Canaccord Genuity") and Pacific Crest Securities, a division of KeyBanc Capital Markets Inc. ("Pacific Crest Securities") are acting as Co-managers. Lazard & Co., Limited ("Lazard") is acting as Financial Adviser to the Company. Goldman Sachs International is acting as sponsor in relation to the Offer and Admission.

Full details of the Offer will be included in the Prospectus, expected to be published and available on the Company's website later today.

 

ENQUIRIES

 

Joint Global Coordinators:

 

BofA Merrill Lynch

Tel: +44 (0) 20 7628 1000

James Fleming

Saba Nazar

Tim Waddell

Goldman Sachs International

Tel: +44 (0) 20 7774 1000

Richard CormackAnthony GutmanStephen Considine

 

Morgan Stanley

Tel: +44 (0) 20 7425 8000

Henrik Gobel

Max Mesny

Ben Grindley

 

Joint Bookrunners:

 

Barclays

Tel: +44 (0) 20 7623 2323

Christopher P.M. Dimsey

Tom Johnson

 

Credit Suisse

Tel: +44 (0) 20 7888 8000

Stuart Field

Philippe Cerf

 

UBS Investment Bank

Tel: +44 (0) 20 7567 8000

Jean-Baptiste PetardChristopher Smith

 

Financial Adviser to Worldpay:

 

Lazard

Tel: +44 (0) 20 7187 2000

Charlie Foreman

Fotis Hasiotis

Nick Fowler

 

Media enquiries:

 

Finsbury

Tel: +44 (0) 20 7251 3801

James Murgatroyd

James Fearnley

Andrew Hughes

 

FTI Consulting

Tel: +44 (0) 20 3727 1522

Fergus Wheeler

Louisa Feltes

 

Camarco

Tel: +44 (0) 20 3757 4989

Edward Gascoigne-Pees

Hazel Stevenson

 

Disclaimer / Forward looking statements

 

Important notice

 

The contents of this announcement, which has been prepared by and is the sole responsibility of the Company, have been approved by Goldman Sachs International, Morgan Stanley & Co. International plc and Merrill Lynch International for purposes of section 21(2)(b) of the Financial Services and Markets Act 2000, as amended ("FSMA").

 

Neither this announcement nor any copy of it may be taken or transmitted, directly or indirectly, into the United States (including its territories and possessions), Australia, Canada or Japan or to any persons in any of those jurisdictions or any other jurisdictions where to do so would constitute a violation of the relevant securities laws of such jurisdiction. The Offer and the distribution of this announcement and other information in connection with the Offer and Admission in certain jurisdictions may be restricted by law and persons into whose possession this announcement, any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

 

This announcement is an advertisement for the purposes of the Prospectus Rules of the FCA and not a prospectus and investors should not purchase or subscribe for any securities referred to in this announcement except on the basis of information in the Prospectus in its final form published by the Company in connection with Admission. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy, fairness or completeness. Copies of the Prospectus, when published, will be available from the Company's registered office and online at: http://investors.worldpay.com, subject to applicable securities laws. 

 

This announcement does not contain or constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any Ordinary Shares or other securities to any person in the United States (including its territories and possessions, any State of the United States and the District of Columbia), Australia, Canada or Japan or in any jurisdiction to whom or in which such offer or solicitation is unlawful nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, or act as an inducement to enter into any contract or commitment whatsoever.

 

The Ordinary Shares referred to herein may not be offered or sold, directly or indirectly, in the United States unless registered under the US Securities Act of 1933, as amended (the "Securities Act") or offered in a transaction exempt from, or not subject to, the registration requirements of the Securities Act. The offer and sale of Ordinary Shares referred to herein has not been and will not be registered under the Securities Act or under the applicable securities laws of any state or other jurisdiction of the United States, Australia, Canada or Japan. Subject to certain exceptions, the Ordinary Shares referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan. There will be no public offer of the Ordinary Shares in the United States, Australia, Canada or Japan.

 

This announcement is only addressed to and directed at persons in member states of the European Economic Area ("EEA"), other than the United Kingdom, who are qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC), as amended ("Qualified Investors"). In addition, in the United Kingdom, this announcement is addressed and directed only at Qualified Investors who (i) are persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (ii) are persons who are high net worth entities falling within Article 49(2)(a) to (d) of the Order and (iii) to persons to whom it may otherwise be lawful to communicate it to (all such persons being referred to as "relevant persons"). Any investment or investment activity to which this announcement relates is available only to relevant persons in the United Kingdom and Qualified Investors in any member state of the EEA other than the United Kingdom and will be engaged in only with such persons. Other persons should not rely or act upon this announcement or any of its contents.

 

This announcement contains statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. The forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's business, results of operations, financial position, liquidity, prospects, growth and strategies. The forward-looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance.

 

Each of the Company and Goldman Sachs International, Morgan Stanley & Co. International plc, Merrill Lynch International, Barclays Bank PLC, Credit Suisse Securities (Europe) Limited, UBS Limited, Jefferies International Limited, Canaccord Genuity Limited, Pacific Crest Securities, a division of KeyBanc Capital Markets Inc. and Mediobanca - Banca di Credito Finanziano S.p.A. (together, the "Underwriters") and Lazard & Co., Limited (the "Financial Adviser") (together with the Underwriters, the "Banks") and their respective affiliates expressly disclaim any obligation or undertaking to update, review or revise any of the forward-looking statements contained in this announcement whether as a result of new information, future developments or otherwise.

 

The Offer timetable, including the date of Admission, may be influenced by a range of circumstances such as market conditions. There is no guarantee that the Offer and Admission will occur and you should not base your financial decisions on the Company's intentions in relation to the Offer and Admission at this stage. Acquiring investments to which this announcement relates may expose an investor to a significant risk of losing all or part of the amount invested. Before purchasing any Shares, persons viewing this announcement or any of the documents relating to the Offer should ensure that they fully understand and accept the risks that are set out in the Prospectus. Persons considering making such investments should consult an authorised person specialising in advising on such investments. This announcement does not constitute a recommendation concerning the IPO. The value of Ordinary Shares can decrease as well as increase. Potential investors should consult a professional advisor as to the suitability of the IPO for the person concerned. Past performance cannot be relied upon as a guide to future performance.

 

Each of Goldman Sachs International, Morgan Stanley & Co. International plc, Merrill Lynch

International, Barclays Bank PLC, Credit Suisse Securities (Europe) Limited and UBS Limited, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, Jefferies International Limited, Canaccord Genuity Limited and Lazard & Co., Limited, authorised and regulated by the Financial Conduct Authority in the United Kingdom, Pacific Crest Securities, a division of KeyBanc Capital Markets Inc., regulated by the US Securities and Exchange Commission and the Financial Industry Regulatory Authority, and Mediobanca - Banca di Credito Finanziaro S.p.A., authorised and supervised by the Bank of Italy and the Italian stock market regulator, Consob, is acting exclusively for the Company and no one else in connection with the Offer, and will not regard any other person (whether or not a recipient of this document) as a client in relation to the Offer and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients, nor for providing advice in relation to the Offer, the contents of this announcement or any transaction, arrangement or other matter referred to herein.

 

In connection with the Offer, each of the Banks and any of their respective affiliates, acting as investors for their own accounts, may subscribe for or purchase Ordinary Shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such Ordinary Shares and other securities of the Company or related investments in connection with the Offer or otherwise. Accordingly, references in the Prospectus, once published, to the Ordinary Shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by any of the Banks and any of their respective affiliates acting as investors for their own accounts. In addition, certain of the Banks or their affiliates may enter into financing arrangements and swaps in connection with which they or their affiliates may from time to time acquire, hold or dispose of Ordinary Shares. The Banks or any of their respective affiliates do not intend to disclose the extent of any such investments or transactions otherwise than in accordance with any legal or regulatory obligations to do so. 

 

Apart from the responsibilities and liabilities, if any, which may be imposed on any of the Banks by the FSMA or the regulatory regime established thereunder, or under the regulatory regime of any jurisdiction where exclusion of liability under the relevant regulatory regime would be illegal, void or unenforceable, none of the Banks nor any of their respective subsidiary undertakings, affiliates or any of its or their respective directors, officers, employees, advisers, agents or any other person accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy, completeness or fairness of the information or opinions in this announcement (or whether any information has been omitted from this announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

 

In connection with the Offer, Bank of America Merrill Lynch International (the "Stabilisation Manager"), or any of its agents, may (but will be under no obligation to), to the extent permitted by applicable law, over-allot Ordinary Shares or effect other transactions with a view to supporting the market price of the Ordinary Shares at a higher level than that which might otherwise prevail in the open market. The Stabilisation Manager is not required to enter into such transactions and such transactions may be effected on any securities market, over-the-counter market, stock exchange or otherwise and may be undertaken at any time during the period commencing on the date of the commencement of conditional dealings in the Ordinary Shares on the London Stock Exchange and ending no later than 30 calendar days thereafter. However, there will be no obligation on the Stabilisation Manager or any of its agents to effect stabilising transactions and there is no assurance that stabilising transactions will be undertaken. Such stabilising measures, if commenced, may be discontinued at any time without prior notice. In no event will measures be taken to stabilise the market price of the Ordinary Shares above the offer price. Save as required by law or regulation, neither the Stabilisation Manager nor any of its agents intends to disclose the extent of any over-allotments made and/or stabilisation transactions conducted in relation to the Offer.

 

In connection with the Offer, the Stabilisation Manager may, for stabilisation purposes, over-allot Ordinary Shares up to a maximum of 15 per cent. of the total number of Ordinary Shares comprised in the Offer. For the purposes of allowing it to cover short positions resulting from any such over-allotments and/or from sales of Ordinary Shares effected by it during the stabilisation period, the Stabilisation Manager will enter into over-allotment arrangements pursuant to which the Stabilisation Manager may purchase or procure purchasers for additional Ordinary Shares up to a maximum of 15 per cent. of the total number of Ordinary Shares comprised in the Offer (the "Over-allotment Shares") at the offer price. The over-allotment arrangements will be exercisable in whole or in part, upon notice by the Stabilisation Manager, for 30 calendar days after the commencement of conditional dealings in the Shares on the London Stock Exchange. Any Over-allotment Shares sold by the Stabilisation Manager will be sold on the same terms and conditions as the Ordinary Shares being sold in the Offer and will form a single class for all purposes with the other Ordinary Shares. 

 

Certain figures contained in this document, including financial information, have been subject to rounding adjustments. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this document may not conform exactly with the total figure given.

 

 

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