Statement re Change in C&C’s Listing Arra...
Statement re Change in C&C’s Listing Arrangements and Notice of Half Year Results
C&C Group PLC
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C&C Group plc
(‘C&C’ or the ‘Group’)
Change in C&C’s Listing Arrangements
and
Notice of Half Year Results
Change in Listing Arrangements
Following the AGM Statement released by the Group on 4 July 2019, the Board has been reviewing and seeking the views of a wide range of shareholders on the listing arrangements for C&C’s shares.
In determining the most appropriate arrangements for the listing of C&C’s shares, the Board has had regard to:
- Following the acquisition of Matthew Clark and Bibendum in 2018, a majority of the Group’s revenues, earnings and activities are now derived in and from the United Kingdom and there has been a consequent reduction in the proportion of C&C’s revenue and profit earned in Ireland;
- The continued evolution of C&C’s shareholder base, with a majority of the Group’s shares now held by shareholders based in the UK and North America; and
- The potential benefits of C&C being included in the FTSE UK Index Series which the Board believes is likely over time to increase awareness of C&C among the investor community.
Following the completion of its review, the Board has determined that it is appropriate for C&C to seek admission to the FTSE UK Index Series. This will entail cancelling the listing of the Group’s shares on Euronext Dublin while maintaining the Premium Listing of C&C’s shares on the Official List of the UK Financial Conduct Authority (“FCA Official Listâ€). The currency in which C&C’s shares are traded on the London Stock Exchange will change from Euro to Sterling with effect from 7 October 2019.
Therefore, with effect from the close of business on 7 October 2019, C&C’s listing on the Official List of Euronext Dublin will be cancelled pursuant to Euronext Dublin Listing Rule 5.3 (“the Cancellationâ€). The Cancellation is not subject to the approval of shareholders. Up until close of business on 7 October 2019, C&C’s shares will continue to trade on Euronext Dublin in Euro. After this date, C&C’s shares will be traded solely on the London Stock Exchange in Sterling.
The FTSE Nationality Committee, which determines eligibility for the FTSE UK Index Series, is scheduled to meet on 6 November 2019 in advance of the FTSE quarterly review on 4 December 2019. It is anticipated that, subject inter alia to the proposed changes to C&C’s listing arrangements set out above having taken place and the independent deliberations of the FTSE committees including amongst other conditions, C&C passing certain liquidity and size thresholds on the London Stock Exchange, C&C would be included in the FTSE All-Share Index and the FTSE 250 from 23 December 2019.
C&C will continue to adhere to the principles of the UK Corporate Governance Code, pre-emption rights and will remain subject to all of the super-equivalent regulatory obligations consequent to its continued Premium Listing on the FCA Official List. C&C will, following cancellation of the listing on Euronext Dublin, become subject to the shared jurisdiction of the UK Panel on Takeovers and Mergers and the Irish Takeover Panel and accordingly will continue to adhere to the principles of the UK City Code on Takeovers and Mergers. Accordingly, there will be no material effect on the shareholder rights and investor protections currently applicable to an investment in C&C.
Likewise, these changes will not have any impact on the domicile or operations of C&C.
Notice of Half Year Results
C&C announces that financial results for the half year ended 31 August 2019, will be issued on Thursday, 24 October 2019 at 07:00 BST (02:00 ET).
ENDS
Contacts
C&C Group plc
Stephen Glancey | Group Chief Executive
Jonathan Solesbury | Group Chief Financial Officer
Patrick McMahon | Group Strategy Director
Tel: +353 86 389 0007
Email:patrick.mcmahon@candcgroup.ie
FTI Consulting
Jonathan Neilan/Paddy Berkery
Tel: +353 1 765 0886
Email:CandCGroup@fticonsulting.com
Novella Communications
Tim Robertson
Tel: +44 203 151 7008
Email:TimR@novella-comms.com
About C&C Group plc
C&C Group plc is a leading, vertically integrated premium drinks company which manufactures, markets and distributes branded beer, cider, wine, spirits, and soft drinks across the UK and Ireland.
- C&C Group’s portfolio of owned/exclusive brands include: Bulmers, the leading Irish cider brand; Tennent’s, the leading Scottish beer brand; Magners the premium international cider brand; as well as a range of fast-growing, super-premium and craft ciders and beers, such as Heverlee, Menabrea and Orchard Pig. C&C exports its Magners and Tennent’s brands to over 60 countries worldwide.
- C&C Group has owned brand and contract manufacturing/packing operations in Co. Tipperary, Ireland; Glasgow, Scotland; and Vermont, US, where it manufactures Woodchuck, a leading craft cider brand in the United States.
- C&C is the No.1 drinks distributor to the UK and Ireland hospitality sectors. Operating under the Matthew Clark, Bibendum, Tennent's and C&C Gleeson brands, the Group supplies over 35,000 pubs, bars, restaurants and hotels, and is a key route-to-market for major international beverage companies.
- C&C Group also has an investment in the Admiral Taverns tenanted pub group, which owns over 800 pubs across England & Wales.
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