Rule 19.6(c) confirmation
07 Marzo 2024 - 3:00AM
UK Regulatory
Rule 19.6(c) confirmation
THE FOLLOWING ANNOUNCEMENT IS BEING MADE
PURSUANT TO THE REQUIREMENTS OF RULE 19.6(C) OF THE CITY CODE ON
TAKEOVERS AND MERGERS (THE "CODE") WHICH, AMONGST OTHER THINGS,
REQUIRES A PARTY TO AN OFFER TO MAKE AN ANNOUNCEMENT AT THE END OF
A PERIOD OF 12 MONTHS FROM THE DATE ON WHICH AN OFFER PERIOD ENDED
CONFIRMING WHETHER IT HAS TAKEN, OR NOT TAKEN, THE COURSE OF ACTION
SET OUT IN ITS STATED INTENTIONS
FOR IMMEDIATE RELEASE
07 March 2024
PayPoint Plc
Rule 19.6(c) confirmation of compliance
with post-offer intention statements with regard to PayPoint Plc’s
recommended acquisition of Appreciate Group plc
PayPoint Plc (the "Company") announces that,
further to the completion of its recommended acquisition of the
entire issued and to be issued share capital of Appreciate Group
plc, which was implemented by way of a court-sanctioned scheme of
arrangement under Part 26 of the Companies Act 2006 and which
became effective on 28 February 2023, it has duly confirmed in
writing to the Panel on Takeovers and Mergers in accordance with
the requirements of Rule 19.6(c) of the Code that the Company has
complied with its post-offer intention statements made pursuant to
Rules 2.7(c)(viii) and 24.2 of the Code, as originally detailed in
its announcement of 7 November 2022 and the scheme document
published on 2 December 2022, save as set out below.
PayPoint stated in its Q3 trading update,
published on 24 January 2024, that as part of its planning for the
24/25 financial year it would be commencing a thorough review to
ensure the Group has the appropriate organisational structure and
cost base to support the delivery of its growth plans. Having
completed this review, PayPoint commenced consultation on 6 March
2024 regarding proposals to simplify the organisation structure.
PayPoint anticipates that the consultation will conclude by the end
of April.
These proposals, if implemented, would result in
a number of redundancies across the PayPoint Group, including roles
in the former Appreciate Group. Further details will be provided in
PayPoint’s preliminary results for the financial year ending 31
March 2024, due to be announced in mid-June.
FOR FURTHER INFORMATION, PLEASE
CONTACT:
PayPoint Plc
Nick Wiles, Chief Executive
Via FGS Global
Steve O’Neill, Corporate Affairs and Marketing Director
Jefferies International
Philip Yates
020 7029 8000
William Brown
FGS Global (Public Relations
Adviser)
Rollo Head
0207 251 3801
James Thompson
LEI Number: 5493004YKWI8U0GDD138
Paypoint (LSE:PAY)
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