TIDMDRIP
RNS Number : 4489K
Drum Income Plus REIT PLC
01 September 2021
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 OR REGULATIONS OF THAT
JURISDICTION
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM
INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON
TAKEOVERS AND MERGERS (THE "CODE") AND THERE CAN BE NO CERTAINTY
THAT ANY FIRM OFFER WILL BE MADE
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
1 September 2021
For immediate release
Drum Income Plus REIT plc ("DRIP" or the "Company")
PUSU extension
On 4 August 2021, the Board of DRIP announced that it was in
discussions with Custodian REIT plc ("Custodian") regarding a
possible securities exchange offer for the entire issued and to be
issued share capital of the Company. On the basis of the Custodian
proposal, the Board of DRIP granted Custodian due diligence
access.
In accordance with Rule 2.6(a) of the Code, Custodian was
required, by no later than 5.00pm on 1 September 2021, to either
announce a firm intention to make an offer for the Company in
accordance with Rule 2.7 of the Code or announce that it does not
intend to make an offer for the Company, in which case the
announcement would be treated as a statement to which Rule 2.8 of
the Code applied.
D iscussions between the parties remain ongoing and in
accordance with Rule 2.6(c) of the Code, the Company has requested,
and the Panel on Takeovers and Mergers (the "Takeover Panel") has
consented to, an extension to the deadline by which Custodian is
required either to announce a firm intention to make an offer for
DRIP in accordance with Rule 2.7 of the Code or to announce 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. Such announcement must now be made by not later than
5.00pm on 20 September 2021. This revised deadline may be extended
further with the consent of the Takeover Panel and at the request
of the Board of DRIP in accordance with Rule 2.6(c) of the
Code.
There can be no certainty that a firm offer will be made nor as
to the terms of any such offer. This announcement has been made
with the approval of Custodian and a further announcement will be
made in due course.
Enquiries:
DRIP
Hugh Little, Chairman
DRIP.REIT@jtcgroup.com
Dickson Minto W.S. (Sponsor and Rule 3 Adviser
to DRIP) +44 (0) 20 7649
Douglas Armstrong 6823
Custodian
Richard Shepherd-Cross / Ed Moore/ Ian Mattioli +44 (0) 116 240
MBE 8740
Numis Securities Ltd (Financial Adviser and
Broker to Custodian) +44 (0) 20 7260
Hugh Jonathan / Stuart Ord 1000
Camarco (Communications adviser to Custodian) +44 (0) 20 3757
Ed Gascoigne-Pees 4984
Disclaimer
Dickson Minto W.S., which is authorised and regulated by the
Financial Conduct Authority in the United Kingdom, is acting
exclusively for DRIP and for no one else in connection with the
Possible Offer and will not be responsible to anyone other than
DRIP for providing the protections afforded to its clients or for
providing advice in connection with the Possible Offer referred to
in this announcement.
Numis Securities Ltd, which is authorised and regulated by the
Financial Conduct Authority in the United Kingdom, is acting
exclusively for Custodian and for no one else in connection with
the Possible Offer and will not be responsible to anyone other than
Custodian for providing the protections afforded to its clients or
for providing advice in connection with the Possible Offer referred
to in this announcement.
The release, publication or distribution of this announcement in
jurisdictions outside the United Kingdom may be restricted by laws
of the relevant jurisdictions and therefore persons into whose
possession this announcement comes should inform themselves about,
and observe, any such restrictions. Any failure to comply with such
restrictions may constitute a violation of the securities law of
any such jurisdiction.
This announcement is for information purposes only, and is not
intended to and does not constitute, or form part of, an offer,
invitation or the solicitation of an offer to purchase, otherwise
acquire, subscribe for, sell or otherwise dispose of any
securities, or the solicitation of any vote or approval in any
jurisdiction.
Disclosure requirements of the Code
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 securities exchange 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
securities exchange 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
securities exchange 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 securities exchange offeror is first
identified. Relevant persons who deal in the relevant securities of
the offeree company or of a securities exchange 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 securities exchange offeror must make a
Dealing Disclosure if the person deals in any relevant securities
of the offeree company or of any securities exchange 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 securities exchange offeror(s), 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
securities exchange 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.
Publication of this announcement
A copy of this announcement will be made available subject to
certain restrictions relating to persons resident in restricted
jurisdictions on the Company's website no later than 12 noon on 2
September 2021 (www.dripreit.co.uk).
The content of the website referred to in this announcement is
not incorporated into and does not form part of this
announcement.
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END
MSCFLFEEAIILIIL
(END) Dow Jones Newswires
September 01, 2021 11:56 ET (15:56 GMT)
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