CPR Carpetright Plc

TIDMCPR

RNS Number : 8196N

Carpetright PLC

26 September 2019

LEI: 213800GO32BSNNHXID90

Carpetright plc

("Carpetright" or the "Company")

Related Party Transaction, Publication of Circular and Notice of General Meeting

26 September 2019

Introduction

As announced on 16 September 2019, following the acquisition of the Company's revolving credit facility (the "RCF") by Meditor European Master Fund Limited ("Meditor"), and given Meditor is a related party of the Company for the purposes of the FCA's Listing Rules, it has been determined that the utilisation of the RCF, including any repayment or drawdown by the Company, will now constitute a related party transaction.

Accordingly, pursuant to the Listing Rules, approval by the Company's independent shareholders (i.e. disregarding Meditor and its associates) will be required to permit the Company to continue to exercise its rights and perform its obligations under the RCF.

General Meeting

The Company has today published and will post to shareholders an explanatory circular (the "Circular") convening a general meeting of the Company on 14 October 2019 (the "General Meeting"). Shareholders will be asked at the General Meeting to approve the continued exercise of the Company's rights and performance of its obligations under the RCF (the "Resolution").

The Circular will shortly be available to view on the Company's website https://www.carpetright.plc.uk/investors/. A copy of the Circular and the accompanying form of proxy will shortly be submitted to the National Storage Mechanism and will be available for inspection at www.morningstar.co.uk/uk/nsm.

The General Meeting will be held at 11.30 a.m. on 14 October 2019 at the offices of Travers Smith LLP, 10 Snow Hill, London EC1A 2AL.

Further details are set out in the Circular.

Details of irrevocable undertakings

The Company has received irrevocable undertakings to vote in favour of the Resolution in respect of shareholders who, as at 25 September 2019 (the "Latest Practicable Date"), held 110,224,093 ordinary shares of 1p each in the capital of the Company ("Ordinary Shares"), representing 51.82 per cent. of the Company's issued share capital eligible to vote on the Resolution (disregarding Ordinary Shares held by Meditor, who will abstain from voting).

Expected timetable

 
 Latest time and date for receipt     11.30 a.m. on 12 October 
  of forms of proxy for the General                       2019 
  Meeting 
 General Meeting                      11.30 a.m. on 14 October 
                                                          2019 
 

For further enquiries please contact:

 
 Carpetright plc                      Tel: 01708 802000 
  Wilf Walsh, Chief Executive 
  Officer 
  Jeremy Simpson, Chief Financial 
  Officer 
 Peel Hunt (Sponsor)                 Tel: 020 7418 8900 
  Dan Webster 
  George Sellar 
  Guy Pengelley 
 Citigate Dewe Rogerson (Financial   Tel: 020 7638 9571 
  PR) 
  Kevin Smith 
  Nick Hayns 
 

Important notices

Peel Hunt LLP ("Peel Hunt"), which is authorised and regulated in the United Kingdom by the FCA, is providing sponsor services to the Company in relation to the related party transactions with Meditor. Peel Hunt is acting exclusively for the Company and no one else in connection with such related party transactions and will not be responsible to anyone other than the Company for providing the protections afforded to the clients of Peel Hunt or for providing advice to any other persons in relation to the related party transactions, the content of this announcement or any other matters described in this announcement.

No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by Peel Hunt or by any of their respective affiliates or agents as to, or in relation to, the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

Notes to Editors

Carpetright plc is Europe's leading specialist floor coverings and beds retailer. Since the first store was opened in 1988 the business has developed both organically and through acquisition within the UK and other European countries. The Group is organised into two geographical regions, the UK and the Rest of Europe (comprising the Netherlands, Belgium and the Republic of Ireland).

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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September 26, 2019 07:20 ET (11:20 GMT)

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