Statement re Possible Offer - Replacement
The following amendment has been made to the 'Statement re Possible Offer' announcement released on 03 November 2022 at 16:28:18 under RNS Number 2732F:
Deleting "2 December 2022" and replacing it with "1 December 2022".
All other details remain unchanged.
The full amended text is shown below.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, 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 IS AN ANNOUNCEMENT OF A POSSIBLE OFFER FALLING UNDER RULE 2.4 OF THE
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU, WHICH IS PART OF
3 November 2022
Statement regarding possible offer for Reach plc by National World plc
The Board of National World plc ("National World" or the "Company") notes the recent press speculation regarding a potential transaction involving Reach plc ("Reach"). National World confirms that it is at the early stages of exploring a possible offer for the entire issued and to be issued share capital of Reach ("Possible Offer"). National World has not yet approached the Board of Directors of Reach with regard to the Possible Offer.
Important Takeover Code notes
As a consequence of this announcement, an "Offer Period" has commenced in respect of Reach in accordance with the rules of the Takeover Code. In accordance with Rule 2.6(a) of the Takeover Code, National World must, by not later than 5.00 p.m. (
This is an announcement falling under Rule 2.4 of the Code and National World would like to emphasise that this announcement does not amount to a firm offer under Rule 2.7 of the Code and there can be no certainty that any offer will be made, nor as to the terms on which any offer might be made.
A further announcement will be made as and when appropriate.
For the purposes of
Enquiries
National World plc c/o Montfort Communications David Montgomery |
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Stanhope Capital LLP - Joint Financial Advisers Nigel Spray Pierre Mallevays Rakesh Sharma Emmanuel Daïen |
+44 (0) 20 7725 1800 |
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Alvarium MB ( Zeph Sequeira |
+44 (0) 20 7195 1400 |
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Cairn Financial Advisers LLP - Joint Financial Advisers James Lewis Liam Murray Ludovico Lazzaretti |
+44 (0) 20 7213 0880 |
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Montfort Communications - Financial PR & IR Nick Miles Olly Scott |
+44 (0) 7812 345205 |
Orrick, Herrington & Sutcliffe (
Important information
This announcement is not intended to, and does not, constitute, represent or form part of any offer, invitation or 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 whether pursuant to this announcement or otherwise.
The distribution of this announcement in jurisdictions outside the
Stanhope Capital LLP ("Stanhope"), which is authorised by the Prudential Regulation Authority ("PRA") and regulated by the Financial Conduct Authority ("FCA") and the PRA in the
Alvarium MB (
Cairn Financial Advisers LLP ("Cairn"), which is authorised and regulated by the FCA in the
About National World
National World plc is one of the largest national, regional and local multimedia organisations in the
Rule 2.9 information
In accordance with Rule 2.9 of the Takeover Code, National World confirms that, as at close of business on 2 November 2022 (being the business day prior to the date of this announcement), its issued share capital consisted of 259,432,801 ordinary shares of nominal value
Website publication
In accordance with Rule 26.1 of the Takeover Code, a copy of this announcement will be made available, subject to certain restrictions relating to persons resident in restricted jurisdictions, on National World's website (www.nationalworldplc.com) by no later than noon (
Disclosure requirements of the Takeover Code
Under Rule 8.3(a) of the Takeover 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 p.m. (
Under Rule 8.3(b) of the Takeover 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 p.m. (
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.
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