Update re: UBM director irrevocable undertaking

RNS Number : 8529G
Informa PLC
06 March 2018
 

 

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 THAT JURISDICTION

 

FOR IMMEDIATE RELEASE

6 March 2018

Update regarding UBM director irrevocable undertaking

On 30 January 2018, the boards of Informa PLC ("Informa") and UBM plc ("UBM") announced a recommended offer for UBM by Informa (the "Offer Announcement"). This included certain irrevocable undertakings from UBM's directors, linked to their shareholdings in UBM and options over UBM Shares.

Capitalised terms used in this announcement shall, except where defined in this announcement or where the context requires otherwise, have the meanings given to them in the Offer Announcement.

On 5 March 2018, Informa and UBM's Chief Executive Officer Tim Cobbold entered into an amended undertaking relating to his beneficial interests in UBM's 2015 Share Incentive Plan and interests in options over UBM Shares (the "Amended Undertaking").

The amendment and restatement is to permit the sale of UBM Shares to cover income tax and employee national insurance contributions related to the vesting of awards or the exercise of any options under UBM's share schemes.

There have been no other amendments to the original undertaking that are material in the context of the Offer Announcement or the Offer.

On 5 March 2018, UBM announced Tim Cobbold's intention to exercise certain options vesting on 6 March 2018 in respect of 223,080 UBM Shares under the UBM 2014 Performance Share Plan and 25,810 UBM Shares under the UBM 2014 Deferred Bonus Plan (the "Vested Options"), to sell certain of such UBM Shares and to transfer the balance of such UBM Shares.

In accordance with the terms of the Amended Undertaking, Tim Cobbold, on the date of this announcement, (i) exercised the Vested Options; (ii) sold 117,272 UBM Shares at a price of £9.3015 per share to cover income tax and employee national insurance contributions arising on the exercise of the Vested Options; and (iii) transferred the balance of 131,618 UBM Shares (the "Transferred Shares") as a gift to Carolyn Cobbold.

In accordance with the terms of the Amended Undertaking, Carolyn Cobbold has signed and delivered to Informa an irrevocable undertaking in respect of the Transferred Shares, on terms no less favourable to Informa than those set out in the Amended Undertaking.

Enquiries    

Informa PLC


Richard Menzies-Gow, Director of Investor Relations, Corporate Communications & Brand

+44 (0) 20 3377 3445

UBM plc

 

Kate Postans, Head of Investor Relations & Corporate Communications

+44 (0) 20 7921 5023

 

Publication on a website

 

This announcement and the Amended Undertaking and the Additional Undertaking will be available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on Informa's website at www.informa.com and on UBM's website at www.ubm.com promptly and in any event by no later than 12 noon on 7 March 2018. 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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