Pennon Group PLC Publication of Circular and Notice of GM (3125M)
07 Mayo 2020 - 7:52AM
UK Regulatory
TIDMPNN
RNS Number : 3125M
Pennon Group PLC
07 May 2020
7 May 2020
PENNON GROUP PLC
Publication of Circular and Notice of General Meeting in
relation to the proposed disposal
of Viridor
On 18 March 2020, Pennon Group plc ("Pennon", or the "Company")
announced that it had entered into a conditional agreement to sell
Viridor, its recycling and residual waste business, to Planets UK
Bidco Limited, an entity established by funds advised by Kohlberg
Kravis Roberts & Co. L.P. (the "Disposal").
The Disposal constitutes a Class 1 transaction for Pennon under
the Listing Rules and is therefore conditional on, amongst other
things, the approval of Pennon shareholders. Completion of the
Disposal is expected to occur in early Summer 2020.
Pennon has today published a Class 1 circular in connection with
the Disposal (the "Circular"), having been approved by the
Financial Conduct Authority. The Circular (including the Notice of
General Meeting) and Form of Proxy will be sent or made available
to Pennon shareholders shortly.
The Circular contains further information on the Disposal and a
notice convening a general meeting of the Company which is to be
held at Peninsula House, Rydon Lane, Exeter, Devon, United Kingdom
EX2 7HR at 11 a.m. on 28 May 2020 at which an ordinary resolution
will be proposed for Pennon shareholders to approve the Disposal
(the "General Meeting").
Due to the ongoing restrictions in place in connection with the
COVID-19 pandemic, in particular the prohibition on public
gatherings of more than two people and restrictions on
non-essential travel, it will not be possible for shareholders to
attend the General Meeting in person. An online/telephone facility
will be available for shareholders who wish to listen to the
proceedings of the General Meeting. Further details will be
made
available at www.pennon-group.co.uk/investor-information/viridor-disposal in due course .
The Circular and the Notice of General Meeting have been
submitted to the Financial Conduct Authority's National Storage
Mechanism (the "NSM") and will be available for inspection on the
NSM's website at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism . These
documents will also be available on the Pennon website at
https://www.pennon-group.co.uk/investor-information from the date
of this Announcement up to the date of the General Meeting and for
the duration of the General Meeting .
For further information, please contact:
+44 (0)1392 443
Pennon Group plc 168
Susan Davy Chief Financial Officer
Sarah Moody Director of Corporate Affairs &
Investor Relations
Jennifer Cooke Investor Relations Manager
+44 (0)207 251
Media Enquiries 3801
James Murgatroyd Finsbury
Harry Worthington
Barclays Bank PLC, acting through its Investment Bank - Joint
financial adviser and joint sponsor to Pennon
+44 (0) 20 7623
Iain Smedley / Osman Akkaya / Vera Kaufmann 2323
Morgan Stanley & Co. International plc - Joint financial adviser,
corporate broker and joint sponsor to Pennon
+ 44 (0) 20 7425
Andrew Foster / Francesco Puletti / Matthew Jarman 8000
Barclays Bank PLC, acting through its Investment Bank
("Barclays"), which is authorised by the Prudential Regulation
Authority and regulated in the United Kingdom by the Financial
Conduct Authority and the Prudential Regulation Authority, is
acting exclusively for Pennon and no one else in connection with
the Disposal and will not be responsible to anyone other than
Pennon for providing the protections afforded to clients of
Barclays nor for providing advice in relation to the Disposal or
any other matter referred to in this announcement.
Morgan Stanley & Co. International plc ("Morgan Stanley"),
which is authorised by the Prudential Regulation Authority and
regulated by the Financial Conduct Authority and the Prudential
Regulation Authority in the United Kingdom, is acting exclusively
as sponsor, financial adviser and corporate broker to Pennon and
for no one else in connection with the Disposal and will not be
responsible to anyone other than Pennon for providing the
protections afforded to clients of Morgan Stanley or for providing
advice in relation to the Disposal, the contents of this
announcement or any transaction, arrangement or other matter
referred to in this announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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May 07, 2020 08:52 ET (12:52 GMT)
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