Response to statement by National World plc

RNS Number : 2885F
Reach PLC
03 November 2022
 

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

FOR IMMEDIATE RELEASE

3 November 2022

Reach plc ("Reach" or the "Company")

Response to statement by National World plc ("National World")

The Board of Reach notes the announcement by National World that it is considering a possible offer for the entire issued and to be issued share capital of the Company. The Board of Reach confirms that it has not received an approach from National World.

The Board will issue a further statement if and when appropriate. In the meantime, Reach shareholders are strongly advised to take no action.

 

Enquiries:

Reach 

communications@reachplc.com   

Jim Mullen, Chief Executive Officer 


Simon Fuller, Chief Financial Officer


Lija Kresowaty, Head of External Communications


Matt Sharff, Investor Relations Director




Numis Securities Limited ("Numis")

+44 (0)207 260 1000

Financial Adviser & Joint Broker

 

Mark Lander


Stuart Ord


Hugo Rubinstein




Singer Capital Markets

Joint Broker

+44 (0)20 7496 3000

Tom Salvesen

Justin McKeegan

 

 

 

Tulchan Communications

reachplc@tulchangroup.com

Financial PR

+44 (0)207 353 4200

David Allchurch/Giles Kernick 


 

Important Notices

This announcement 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 whether pursuant to this announcement or otherwise, or the solicitation of any vote in favour or approval of any offer in any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction and any such offer (or solicitation) may not be extended in any such jurisdiction.

This announcement has been prepared in accordance with English law and the Code, and information disclosed may not be the same as that which would have been prepared in accordance with laws outside of the United Kingdom. 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.

As a consequence of the National World 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. (London time) on 1 December 2022, either announce a firm intention to make an offer for Reach in accordance with Rule 2.7 of the Takeover Code or announce that it does not intend to make an offer for Reach, in which case the announcement will be treated as a statement to which Rule 2.8 of the Takeover Code applies. This deadline will be extended only with the consent of Reach and the Panel on Takeovers and Mergers (the "Panel") in accordance with Rule 2.6(c) of the Takeover Code.

Disclaimer

Numis, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for Reach and no one else in connection with the possible offer and will not be responsible to anyone other than Reach for providing the protections afforded to clients of Numis nor for providing advice in relation to the possible offer or any other matters referred to in this announcement. Neither Numis 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 Numis in connection with this announcement, any statement contained herein or otherwise.

Relevant securities in issue

In accordance with Rule 2.9 of the Code, Reach confirms that as at close of business on 3 November 2022, it has 322,085,269 ordinary shares of 10 pence each in issue and admitted to trading on the Premium Segment of the Main Market of the London Stock Exchange, including 6,028,361 ordinary shares of 10p each that are held in treasury. The total number of voting rights in the Company is therefore 316,056,908. The International Securities Identification Number ("ISIN") for Reach's ordinary shares is GB0009039941.

Disclosure requirements of the Code

Under Rule 8.3(a) of the 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 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% 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.

Publication on a website

In accordance with Rule 26.1 of the Code, a copy of this announcement will be made available on the Company's website (www.reachplc.com) no later than 12 noon (London time) on 4 November 2022. 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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