Offer Talks Terminated and Directorate Change

RNS Number : 1593I

CPPGroup Plc

28 June 2013

 



CPPGroup Plc
Offer discussions terminated and Directorate Change
28 June 2013

Further to the announcement of 31^st May regarding a possible offer for CPPGroup Plc ("CPP" or the "Group"), the Board has been engaged in discussions with CPP's existing lenders, Mr Hamish Macgregor Ogston CBE and others concerning the financing requirements of the Group. In parallel with discussions with Mr Ogston, the Group has also been seeking alternative financing solutions including with certain Business Partners. Mr Ogston has now informed the Board of his decision to cease all work in relation to his possible offer for CPP and his potential involvement in a refinancing of the Group, and that he will not be making an offer for CPP and is bound by the restrictions under Rule 2.8 of the City Code. Mr Ogston has also given notice of his resignation as a director of CPP with immediate effect.

The Group remains engaged in constructive discussions with its existing lenders and certain Business Partners with a view to putting in place a long-term funding plan for CPP. The Group has in place existing banking facilities which expire on 30^th September 2013 and the Board will make further announcements when appropriate. 

Enquiries:

CPPGroup Plc

Paul Stobart, Chief Executive Officer

Shaun Parker, Chief Financial Officer

Tel: [phone]

Helen Spivey, Head of Corporate and Investor Communications

Tel: [phone]

Greenhill & Co. International LLP

Anthony Parsons

Hugo Grimston

Tel: [phone]

Tulchan Communications

David Allchurch

Martin Robinson

Tel: [phone]

 

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