Statement regarding Crest Nicholson Holdings plc
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE")
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
13 August 2024
Bellway p.l.c. ("Bellway")
Statement regarding Crest Nicholson Holdings plc ("Crest Nicholson")
Further to the previous announcements made by Bellway and Crest Nicholson regarding a possible offer for Crest Nicholson, Bellway confirms that it does not intend to make a firm offer for Crest Nicholson.
As noted in its trading update released on 9 August 2024, Bellway remains confident that its robust balance sheet and operational strength, combined with the depth and quality of its land bank, will enable Bellway to deliver volume growth in the years ahead and support ongoing value creation for shareholders.
This is a statement to which Rule 2.8 of the Code applies. Accordingly, Bellway and any person(s) acting in concert with it will, except with the consent of the Panel on Takeovers and Mergers (the "Takeover Panel"), be bound by the restrictions set out in Rule 2.8 of the Code. Under Note 2 of Rule 2.8 of the Code, Bellway, and any person(s) acting in concert with it, reserves the right to set the restrictions in Rule 2.8 of the Code aside in the following circumstances:
a) with the agreement of the Board of Directors of Crest Nicholson;
b) following the announcement of a firm intention to make an offer for Crest Nicholson by or on behalf of a third party;
c) following the announcement by Crest Nicholson of a Rule 9 waiver proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); or
d) where the Takeover Panel has determined that there has been a material change of circumstances.
The person responsible for arranging the release of this announcement on behalf of Bellway is Simon Scougall, Chief Commercial Officer and Company Secretary.
Enquiries:
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Bellway p.l.c. |
via Sodali & Co |
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Simon Scougall, Chief Commercial Officer and Company Secretary |
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Sodali & Co Financial communications adviser |
+44 (0) 20 3984 0125 |
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Justin Griffiths Victoria Heslop Madeleine Gordon-Foxwell |
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Publication on a website
In accordance with Rule 26.1 of the Code, a copy of this announcement will be available at www.bellwayplc.co.uk/investor-centre. 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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