Global Offer of C&C Group PLC
C&C Group Plc
14 May 2004
THESE MATERIALS ARE NOT FOR RELEASE OR DISTRIBUTION IN OR INTO THE UNITED
STATES, CANADA, AUSTRALIA OR JAPAN. THEY ARE NOT AN OFFER OF SECURITIES FOR SALE
IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN.
14 May 2004
GLOBAL OFFER OF C&C GROUP PLC
Announcement of Offer Price of €2.26 per share
C&C Group plc ("C&C"), one of the largest manufacturers, marketers and
distributors of branded beverages in Ireland and Northern Ireland and savoury
snacks in Ireland, today announces the publication of Listing Particulars in
respect of its initial public offering ("Global Offer") and that its ordinary
shares will be priced at an offer price of €2.26 per Ordinary Share. The Global
Offer was over subscribed, a strong market endorsement given volatile markets
this week.
Highlights of the Global Offer
. At €2.26 per Ordinary Share, C&C will have a market capitalisation of
approximately €725 million.
. Global Offer of 176,000,000 Ordinary Shares, representing a value of €398
million, to be issued by C&C to institutional investors, with an
over-allotment option of up to 10 per cent.
• Proceeds of the Global Offer (including the over-allotment option, if
exercised) will be used to redeem shares held by C&C's existing shareholders.
• Directors and certain of the Group's senior management to receive
redemption proceeds of €9 million and retain approximately 4.4 per cent. of the
issued share capital of C&C, and institutional investors to receive redemption
proceeds of €389 million and retain approximately 37.9 per cent. of the issued
share capital of C&C. Directors and certain of the Group's senior management
will be subject to lock-up arrangements of 360 days. Certain of C&C's
institutional investors will be subject to lock-up arrangements of 180 days.
• Conditional dealings in Ordinary Shares are expected to commence
today, with admission to the Official Lists of the Irish Stock Exchange and the
UK Listing Authority, trading and unconditional dealings expected to commence on
Wednesday 19th May 2004.
Citigroup and Goldman Sachs International are acting as Joint Global
Co-Ordinators, Bookrunners and Sponsors of the Global Offer. IBI Corporate
Finance and Davy are acting as Joint Lead Managers and Deutsche Bank is acting
as Co-Lead Manager of the Global Offer.
Commenting on today's announcement, Maurice Pratt, CEO, said:
"We are delighted with the response to the flotation of C&C, particularly given
the volatile market conditions experienced this week. The strong calibre of the
shareholder base reflects the understanding of the business dynamics and
prospects of C&C.
We look forward to starting life as a public company and to delivering value to
our shareholders. C&C's brands have leading positions in Ireland's cider, soft
drinks and snacks markets, benefiting from our comprehensive distribution
network. We view the prospects of C&C with confidence and are now well
positioned to achieve our strategic objectives."
Expected timetable
Conditional dealings in Ordinary Shares commence(1) 9am on 14th May 2004
Admission and unconditional dealings in
Ordinary Shares commence 8am on 19th May 2004
Note: each of the times and dates in this timetable is subject to change without
further notice.
(1) If Admission does not occur, all conditional dealings will be of no effect
and any such dealings will be at the sole risk of the parties concerned
For further information
Citigroup + 44 20 7986 4000
Michael Lavelle
Tim Harvey-Samuel
Iain Robertson
Goldman Sachs International + 44 20 7774 1000
Tim Bunting
Phil Raper
Basil Geoghegan
Drury Communications + 353 1 260 5000
Paddy Hughes
Mark Cahalane
Billy Murphy
Finsbury Group + 44 20 7251 3801
Edward Orlebar
Julius Duncan
Abigail Irving-Bell
Notes to Editors
The Group's head office is located in Dublin with its principal manufacturing
and distribution facilities located in Clonmel, Cork, Dublin and Newcastle West
in Ireland. The Group had an average of 2,003 employees for the year to 29
February 2004.
The Group divides its operating activities into three divisions - Alcohol,
International Spirits and Liqueurs, and Soft Drinks and Snacks. 72 per cent. of
Group's turnover from continuing operations in the financial year 2004 was
generated in Ireland, 18 per cent. from the United Kingdom including Northern
Ireland, and 10 per cent. from the rest of the world. The Alcohol Division, the
International Spirits and Liqueurs Division and the Soft Drinks and Snacks
Division accounted for 57 per cent., 10 per cent., and 33 per cent. of the
Group's turnover from continuing operations in the financial year 2004,
respectively.
The Group's portfolio comprises several of Ireland's most recognised beverage
and savoury snacks brands, including the leading cider brand, four of the top
five soft drinks and bottled water brands and the leading savoury snack brand.
Key brands such as Bulmers, Ballygowan, Club Orange and Tayto hold number one
brand market positions in Ireland.
The Group was formerly known as Cantrell & Cochrane and was established in 1968
when Allied Breweries and Guinness Ireland merged their Irish soft drink and
cider interests. Subsequently, Allied Domecq acquired full ownership of Cantrell
& Cochrane in July 1998 when it purchased Guinness Ireland's interest. Funds
advised by BC Partners, along with co-investors and management acquired the
Group from Allied Domecq in a leveraged buy-out in January 1999.
The contents of this announcement, which have been prepared by and are the sole
responsibility of C&C, have been approved by Citigroup of Canada Square, Canary
Wharf, London E14 5LB and Goldman Sachs International of Peterborough Court, 133
Fleet Street, London EC4A 2BB solely for the purposes of section 21(2)(b) of the
Financial Services and Markets Act 2000.
Citigroup, Goldman Sachs International, Davy, IBI Corporate Finance and Deutsche
Bank and their respective affiliates are acting for C&C in relation to the
Global Offer and no one else, and will not be responsible to anyone other than C
&C for providing the protections offered to their respective clients nor for
providing advice in relation to the Global Offer.
No offer or invitation to acquire shares in C&C is being made by or in
connection with this announcement. Any such offer is made solely by means of the
listing particulars expected to be published later today and any acquisition of
shares should be made solely on the basis of the information contained in that
document and any supplements thereto. The value of shares can go down as well as
up. Past performance is not a guide to future performance. Persons needing
advice should consult a professional adviser.
This announcement does not contain or constitute an offer of securities for sale
in the United States. The Ordinary Shares have not been, and will not be,
registered under the US Securities Act of 1933, as amended (the "Securities
Act") and the Ordinary Shares may not be offered or sold in the United States
absent registration or an exemption from registration. There will be no public
offering of the Ordinary Shares in the United States.
This announcement and the information contained herein are not for publication,
distribution or release in, or into, the United States, Canada, Australia or
Japan.
Stabilisation/FSA.
This information is provided by RNS
The company news service from the London Stock Exchange
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