Results of Court Meeting

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 OF SUCH JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

27 April 2020

RECOMMENDED FINAL CASH OFFER

FOR

DAEJAN HOLDINGS PLC

BY

DOCK NEWCO LIMITED

a newly incorporated company within the Freshwater Group

to be effected by means of a scheme of arrangement under Part 26 of the Companies Act

RESULTS OF THE COURT MEETING

On 21 February 2020, the board of directors of Dock Newco Limited ("Dock" or "BidCo") and the independent non-executive director (the "Daejan Independent Director") of Daejan Holdings plc ("Daejan") jointly announced a recommended final cash offer for the entire issued and to be issued share capital of Daejan not already owned directly or indirectly by the Freshwater Concert Party (the "Offer") to be effected by means of a scheme of arrangement between Daejan and the Relevant Daejan Shareholders under Part 26 of the Companies Act 2006 (the "Scheme").

Capitalised terms used in this announcement, unless otherwise defined, have the meanings given to them in the circular relating to the Scheme sent to Scheme Shareholders on 3 April 2020 (the "Scheme Document").

Daejan hereby announces that at the Court Meeting held earlier today in connection with the Scheme the resolution proposed (details of which are set out in the notice of Court Meeting contained in Part 12 of the Scheme Document) was passed by a majority in number representing over 75 per cent. in value of Scheme Shareholders who voted either in person or by proxy at the Court Meeting and, accordingly, the Scheme was approved.

At the Voting Record Time, the Company had 16,295,357 ordinary shares of 25 pence each in issue, all of which are credited as fully paid and none of which are held in treasury, of which 3,346,964, being the Scheme Shares, were not held by the Freshwater Concert Party.  Therefore the total number of voting rights of the Scheme Shareholders in the Company on the Voting Record Time for the purposes of the Court Meeting was 3,346,964.

The detailed voting results in relation to the Court Meeting are set out below.

Voting results of the Court Meeting

The table below sets out the results of the poll at the Court Meeting. Each Scheme Shareholder, who voted in advance by proxy, was entitled to one vote per Scheme Share held at the Voting Record Time.

Timetable

The outcome of today's Court Meeting means that Condition 1(a) and Condition 2(a) (as set out in Part A of Part 4 of the Scheme Document) have both been satisfied.

The Scheme remains subject to sanction by the Court at the Court Hearing and the delivery of a copy of the Court Order to the Registrar of Companies (as set out in Part A of Part 4 of the Scheme Document). The Court Hearing is currently scheduled for 5 May 2020 at a time yet to be confirmed by the Court.  If this date is for whatever reason changed, we will give adequate notice of the updated date and time of the Court Hearing by issuing an announcement through a Regulatory Information Service.

The expected timetable of principal events for the implementation of the Scheme remains as set out on page 11 of the Scheme Document other than the date for de-listing of Daejan Shares which due to the bank holiday on Friday 8 May 2020 will now take place at 8.00 am on Monday 11 May 2020.

General

Copies of all resolutions passed at the Court Meeting have been submitted to the FCA and will shortly be available for inspection on the National Storage Mechanism at http://www.morningstar.co.uk/uk/NSM.

References to time are to London time. If any of the dates and/or times in this announcement change, the revised dates and/or times will be notified to Daejan Shareholders by announcement through a Regulatory Information Service and by making such announcement available on the following website: www.centremanor.com/documents.

Enquiries:

Rothschild & Co (Financial Adviser to BidCo and the Freshwater Group)

+44 (0)20 7280 5000

Alex Midgen

Sam Green

Lazard (Financial Adviser and Rule 3 Adviser to Daejan and the Daejan Independent Director)

+44 (0)20 7187 2000

Patrick Long

William Lawes

N+1 Singer (Corporate Broker to Daejan)

+44 (0)20 7496 3000

James Maxwell

James Moat

Herbert Smith Freehills LLP is acting as legal adviser to BidCo.

Bryan Cave Leighton Paisner LLP is acting as legal adviser to Daejan.

Further Information

N.M. Rothschild & Sons Limited ("Rothschild & Co"), which is authorised and regulated by the FCA in the United Kingdom, is acting exclusively for BidCo and for no one else in connection with the Offer and will not regard any other person as its client in relation to the Offer and will not be responsible to anyone other than BidCo for providing the protections afforded to clients of Rothschild & Co, nor for providing advice in relation to any matter referred to in this Announcement.

Lazard & Co., Limited ("Lazard"), which is authorised and regulated by the FCA in the United Kingdom, is acting as financial adviser exclusively to Daejan and the Daejan Independent Director and no-one else in connection with the Offer and will not be responsible to anyone other than Daejan and the Daejan Independent Director for providing the protections afforded to clients of Lazard & Co., Limited nor for providing advice in connection with the Offer or the other matters referred to in this Announcement.

Nplus1 Singer Advisory LLP ("N+1 Singer"), which is authorised and regulated by the FCA in the United Kingdom, is acting as corporate broker exclusively for Daejan and no one else in connection with the Offer and the matters set out in this Announcement, and will not be responsible to any person other than Daejan for providing the protections afforded to clients of N+1 Singer, nor for providing advice in relation to the Offer or any matter referred to herein. Neither N+1 Singer nor any of its subsidiaries, branches or 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 N+1 Singer in connection with this Announcement, any statement contained herein or otherwise.

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 pursuant to the Offer or otherwise, nor shall there be any sale, issuance or transfer of securities of Daejan in any jurisdiction in contravention of applicable law.

This Announcement does not constitute a prospectus or a prospectus equivalent document.

The Offer is made solely by means of the Scheme Document, which contains the full terms and conditions of the Offer.

Electronic Communications

Please be aware that addresses, electronic addresses and certain other information provided by the Relevant Daejan Shareholders, persons with information rights and other relevant persons in connection with the receipt of communications from Daejan may be provided to BidCo during the offer period as required under Section 4 of Appendix 4 of the Code. 

Overseas Jurisdictions

The release, publication or distribution of this Announcement in or into, jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the law of any jurisdiction other than the United Kingdom and into whose possession this Announcement comes should inform themselves about, and observe, any applicable legal or regulatory requirements. Relevant Daejan Shareholders who are in any doubt regarding such matters should consult an appropriate independent adviser in the relevant jurisdiction without delay. Any failure to comply with such restrictions may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Offer disclaim any responsibility or liability for the violation of such restrictions by any person.

This Announcement has been prepared for the purposes of complying with English law and the Code and the information disclosed may not be the same as that which would have been disclosed if this Announcement had been prepared in accordance with the laws of jurisdictions outside of the United Kingdom.

Unless otherwise determined by BidCo or required by the Code, and permitted by applicable law and regulation, the Offer will not be made available directly or indirectly in, into or from a Restricted Jurisdiction where to do so would violate the laws of that jurisdiction. Copies of this Announcement and any documentation relating to the Offer will not be and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in, into or from any Restricted Jurisdiction or any jurisdiction where to do so would violate the laws of that jurisdiction and persons receiving such documents (including custodians, nominees and trustees) must not mail or otherwise forward, distribute or send them in or into or from any Restricted Jurisdiction where to do so would violate the laws of that jurisdiction. Doing so may render invalid any related purported vote in respect of the Offer.

The Offer shall be subject to the applicable requirements of the Code, the Panel, the London Stock Exchange and the FCA.

Notes to US Investors in Daejan

Shareholders in the United States should note that the Offer relates to the shares of an English company and is proposed to be made by means of a scheme of arrangement provided for under, and governed by, English law. Neither the proxy solicitation nor the tender offer rules under the US Securities Exchange Act of 1934, as amended (the "US Exchange Act"), will apply to the Scheme. Moreover the Scheme will be subject to the disclosure requirements and practices applicable in the UK to schemes of arrangement, which differ from the disclosure requirements of the US proxy solicitation rules and tender offer rules. Financial information included in any announcement made in connection with Offer and the Scheme Document has been or will be prepared in accordance with accounting standards applicable in the UK and may not be comparable to financial information of US companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the United States.

It may be difficult for US holders to enforce their rights and claims arising out of the US federal securities laws, since Daejan and BidCo are located in countries other than the US and are organised under the laws of England and Wales, and some or all of their officers and directors may be residents of countries other than the United States. US holders may not be able to sue a non-US company or its officers or directors in a non-US court for violations of US securities laws. Further, it may be difficult to compel a non-US company and its directors, officers and affiliates to subject themselves to the jurisdiction and judgment of a US court.

The receipt of cash pursuant to the Offer by a US holder as consideration for the transfer of its Scheme Shares pursuant to the Scheme may be a taxable transaction for US federal income tax purposes and under applicable US state and local, as well as foreign and other, tax laws. Each Relevant Daejan Shareholder is urged to consult his independent professional adviser immediately regarding the tax consequences of the Offer applicable to him.

In accordance with normal UK practice and pursuant to Rule 14e-5(b) of the US Exchange Act, BidCo and its nominees, or its brokers (acting as agents), may from time to time make certain purchases of, or arrangements to purchase, Daejan Shares outside of the US, other than pursuant to the Offer, until the date on which the Offer becomes Effective, lapses or is otherwise withdrawn. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices and would comply with applicable law, including the US Exchange Act. Any information about such purchases will be disclosed as required in the UK, will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website at http://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html.

Disclosure Requirements

Under Rule 8.3(a) of the Code, any person who is interested in 1 per cent. 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 per cent. 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.

Forward- looking statements

This Announcement, including any information included or incorporated by reference in this Announcement, contains certain forward-looking statements, beliefs or opinions, including with respect to the financial conditions, objectives and expected performance of Daejan and BidCo. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "hope", "aims", "continue", "will", "may", "should", "would", "could", or other words of similar meaning. Although BidCo and Daejan believe that the expectations reflected in such forward-looking statements are reasonable, BidCo and Daejan can give no assurance that such expectations will prove to be correct and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this Announcement. Such statements relate to events and depend on circumstances that will occur in the future and are subject to risks, uncertainties and assumptions. There are a number of factors which could cause actual results and developments to differ materially from those expressed or implied by such forward looking statements, including, among others changes in the global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business acquisitions or disposals. All forward-looking statements in this Announcement are expressly qualified in their entirety by the inherent risks and uncertainties surrounding future expectations and the cautionary statements contained or referred to in this section.

No profit forecasts or estimates

No statement in this Announcement is intended as a profit forecast or estimate for any period and no statement in this Announcement should be interpreted to mean that earnings or earnings per share for BidCo or Daejan, as appropriate, for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share for BidCo or Daejan, as appropriate.

Publication of this Announcement

A copy of this Announcement will be available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, via Daejan's website at http://www.daejanholdings.com by no later than 12 noon (London time) on the Business Day following this Announcement. The contents of Daejan's website are not incorporated into and do not form part of this Announcement.

Requesting Hard Copy Documents

If you have received this Announcement in electronic form or via Daejan's website, you may be able to obtain a hard copy of the Announcement by emailing mark.jenner@highdorn.co.uk. You will not receive a hard copy of this Announcement unless you so request. You may also inform Daejan that you wish all future documents, announcements and information in relation to the Offer be sent to you in hard copy. If you have received this Announcement in electronic form, hard copies of this Announcement and any document or information incorporated by reference into this document will not be provided unless such a request is made.

Rounding

Certain figures included in this Announcement have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.