14th May 2013 08:39
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 SUCH JURISDICTION.
For immediate release
Statement re: Announcement by Severn Trent Plc
Further to the announcement by Severn Trent Plc (“Severn Trent”), Borealis Infrastructure Management Inc. (“Borealis”), Kuwait Investment Office (“KIO”) and Universities Superannuation Scheme Limited (“USS”), (together the “Consortium”), confirm that they recently made an approach to the Board of Severn Trent with a view to making a proposal regarding a possible cash offer for the entire share capital of Severn Trent.
There can be no certainty that any offer will ultimately be made for Severn Trent.
In accordance with Rule 2.6(a) of the City Code on Takeovers and Mergers (the “Code”), the Consortium is required, by no later than 5.00 pm on 11 June 2013 to either announce a firm intention to make an offer for Severn Trent in accordance with Rule 2.7 of the Code or make a statement 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 can be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.
ENQUIRIES:
Pelham Bell Pottinger +44 (0) 20 7861 3232
Gavin Davis
Stephen Benzikie
Deutsche Bank +44 (0) 20 7545 8000
Alan Brown
James Agnew (Corporate Broking)
RBC Capital Markets +44 (0) 20 7653 4000
Dai Clement
Deutsche Bank AG is authorised under German Banking Law (competent authority: BaFin – Federal Financial Supervisory Authority) and authorised and subject to limited regulation by the Financial Conduct Authority, Deutsche Bank is acting as financial adviser to the Consortium and no one else in connection with the contents of this announcement and will not be responsible to anyone other than the Consortium for providing the protections afforded to its clients or for providing advice in connection with the contents of this announcement or any matter referred to herein.
Deutsche Bank AG is authorised under the Financial Conduct Authority and is acting as financial adviser to the Consortium and no one else in connection with the contents of this announcement and will not be responsible to anyone other than the Consortium for providing the protections afforded to clients, or for providing advice in relation to any matters referred to herein.
RBC Europe Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is acting as financial adviser to the Consortium and no one else in connection with the contents of this announcement and will not be responsible to anyone other than the Consortium for providing the protections afforded to clients, or for providing advice in relation to any matters referred to herein.
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.
The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.
Dealing Disclosure Requirements
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 paper 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 paper 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 paper 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 (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 paper offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a paper 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 paper offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any paper 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 paper offeror, 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 (London time) 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 paper 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 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 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.
