Williams Grand Prix Holdings PLC (0W4R) 
Williams Grand Prix Holdings PLC : Conclusion of Strategic Review and Formal 
Sale Process - Sale of Williams Grand Prix Engineering Limited 
 
21-Aug-2020 / 10:16 CET/CEST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
*NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY 
OR INDIRECTLY, IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A 
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.* 
 
*The information contained within this announcement is deemed by the Company 
to constitute inside information as stipulated under the Market Abuse 
Regulation (EU) No. 596/2014 ('MAR'). With the publication of this 
announcement via a Regulatory Information Service, this inside information 
is now considered to be in the public domain.* 
 
21 August 2020 
 
*Williams Grand Prix Holdings PLC (the 'Company' and together with its 
subsidiary undertakings, the 'Group')* 
 
*Conclusion of Strategic Review and Formal Sale Process* 
 
Following the announcement of the start of a Strategic Review and Formal 
Sale Process on 29 May 2020, the Company (Ticker: WGF1) is today pleased to 
announce the completion of the sale of Williams Grand Prix Engineering 
Limited ('WGPE'), the operating subsidiary of the Group, to BCE Limited, a 
fund managed by Dorilton Capital Management LLC (the 'Transaction'). WGPE 
consists of the Formula 1 business, the minority stake in Williams Advanced 
Engineering, and all other trading assets and liabilities, including third 
party indebtedness, of the Group. 
 
Under the terms of the Transaction, the Enterprise Value of WGPE is &euro152 
million and the net cash proceeds that have been received by the Company for 
the shares in WGPE, after repayment of third party indebtedness and 
transaction expenses, are &euro112 million. The Company may also receive 
additional deferred consideration as part of the Transaction subject to 
certain conditions being satisfied. The Company currently expects to return 
substantially all of the net cash proceeds to Shareholders. The Company will 
update Shareholders on the amount and method of distribution in due course. 
 
Following a comprehensive review of all the strategic options available to 
the Company, the Board of the Company has unanimously concluded that the 
Transaction delivers the best outcome for shareholders. In addition the 
Transaction has the irrevocable support of Sir Frank Williams who holds 52% 
of the issued share capital, and who has confirmed in writing to the Panel 
on Takeovers and Mergers that he approves the transaction and would vote in 
favour of any resolution which would be required for the purposes of Rule 
21.1 of the City Code on Takeovers and Mergers (the 'Takeover Code'). 
 
The Formal Sale Process announced on 29 May 2020 has now concluded. The 
Company is no longer in an offer period for the purposes of the Takeover 
Code and the requirement to make disclosures under Rule 8 of the Takeover 
Code in relation to the Company has now ceased. 
 
Enquiries: 
 
*Williams Grand Prix Holdings PLC*      *Tel: +44 1235 777 842* 
Tim Hunt 
 
*Allen & Company LLC (Joint Financial   *Tel: +1 (212) 339 2383* 
Adviser)* 
Paul Gould 
Georg Schloendorff 
 
*Lazard & Co., Limited (Joint Financial *Tel: +44 20 7187 2000* 
Adviser)* 
Richard Shaw 
Matt Knott 
 
*- End of ad-hoc announcement -* 
 
*Important Notices* 
 
*Notes relating to the Joint Financial Advisers* 
 
Allen & Company LLC, which is registered with and licensed as a 
broker-dealer by the United States Securities and Exchange Commission and 
incorporated in the state of New York, is acting as financial adviser to 
Williams Grand Prix Holdings PLC and no one else in connection with the 
matters described in this announcement and will not be responsible to anyone 
other than Williams Grand Prix Holdings PLC for providing the protections 
afforded to clients of Allen & Company LLC nor for providing advice in 
relation to the matters described or referred to in this announcement. 
Neither Allen & Company LLC nor any of its affiliates owes or accepts any 
duty, liability or responsibility whatsoever (whether direct or indirect, 
whether in contract, in tort, under statute or otherwise) to any person who 
is not a client of Allen & Company LLC in connection with this announcement, 
any statement contained herein or the matters described or referred to in 
this announcement or otherwise. 
 
Lazard & Co., Limited, which is authorised and regulated in the United 
Kingdom by the Financial Conduct Authority_,_ is acting as financial adviser 
to Williams Grand Prix Holdings PLC and no one else in connection with the 
matters described in this announcement and will not be responsible to anyone 
other than Williams Grand Prix Holdings PLC for providing the protections 
afforded to clients of Lazard & Co., Limited nor for providing advice in 
relation to the matters described or referred to in this announcement. 
Neither Lazard & Co., Limited nor any of its affiliates owes or accepts any 
duty, liability or responsibility whatsoever (whether direct or indirect, 
whether in contract, in tort, under statute or otherwise) to any person who 
is not a client of Lazard & Co., Limited in connection with this 
announcement, any statement contained herein or the matters described or 
referred to in this announcement or otherwise. 
 
*Forward looking statements* 
 
This announcement (including information incorporated by reference in this 
announcement), oral statements made regarding the formal sale process, and 
other information published by the Company may contain statements about the 
Company that are or may be deemed to be forward looking statements. Such 
statements are prospective in nature. All statements other than historical 
statements of facts may be forward looking statements. Without limitation, 
statements containing the words 'targets', 'plans', 'believes', 'expects', 
'aims', 'intends', 'will', 'may', 'anticipates', 'estimates', 'projects' or 
'considers' or other similar words may be forward looking statements. 
 
Forward looking statements inherently contain risks and uncertainties as 
they relate to events or circumstances in the future. Important factors such 
as business or economic cycles, the terms and conditions of the Company's 
financing arrangements, tax rates, or increased competition may cause the 
Company's actual financial results, performance or achievements to differ 
materially from any forward looking statements. Due to such uncertainties 
and risks, readers are cautioned not to place undue reliance on such forward 
looking statements, which speak only as of the date hereof. The Company 
disclaims any obligation to update any forward looking or other statements 
contained herein, except as required by applicable law. 
 
This announcement is for information purposes only and 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 or the solicitation of any vote in 
any jurisdiction 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. 
 
*The securities of the offeree company have not and will not be registered 
under the Securities Act of 1933, as amended, or any U.S. state or 
jurisdiction securities laws, and cannot be offered or sold in the U.S. or 
to a U.S. person without registration or an applicable exemption from 
registration.* 
 
Legal Entity Identifier: 213800AFJXFAVYBTE915 
 
*END* 
 
Contact: 
Mark Biddle 
General Counsel 
Mark.Biddle@WilliamsF1.com 
 
ISIN:           DE000A1H6VM4 
Category Code:  DIS 
TIDM:           0W4R 
LEI Code:       213800AFJXFAVYBTE915 
OAM Categories: 2.2. Inside information 
                3.1. Additional regulated information required to be 
                disclosed under the laws of a Member State 
Sequence No.:   82577 
EQS News ID:    1121567 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

August 21, 2020 04:16 ET (08:16 GMT)

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