TIDMVP.
RNS Number : 0911W
Vp PLC
15 August 2022
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
16 August 2022
Vp plc ("Vp" or the "Company")
Conclusion of Formal Sale Process
Further to the announcement of 28 April 2022 commencing a Formal
Sale Process under the City Code on Takeovers and Mergers (the
"Takeover Code") by the Company (the "FSP"), the Board of Vp
announces it has unanimously decided to conclude the FSP.
The Board carefully reviewed a number of proposals with its
advisers and has unanimously concluded that none of the proposals
would meet the Board's objectives of delivering an outcome that
would satisfactorily meet the interests of all stakeholders.
Vp's controlling shareholder Ackers P Investment Company Limited
(the "Controlling Shareholder"), a company connected to Vp's
Chairman Jeremy Pilkington, has indicated to the Board they remain
committed to Vp and have no intention of selling their shares on
the market for the foreseeable future.
The person responsible for arranging the release of this
announcement on behalf of Vp is Allison Bainbridge, Group Finance
Director and Company Secretary
Following this announcement, the Company is no longer considered
to be in an "offer period" as defined in the Takeover Code and the
requirement to make disclosures under Rule 8 of the Takeover Code
has now ceased.
Jeremy Pilkington, Chairman of Vp, commented:
"In the original FSP announcement I commented that Vp's
controlling shareholder, a company connected to me, had decided
that it wished to diversify its investments.
Following a review conducted with our advisers, we, as a Board
unanimously concluded that it would be in the best interests of all
the Company's stakeholders to launch the FSP. The process was
focused on identifying the right owner for the business and whilst
we were pleased with the level of interest shown, the FSP did not
lead to the identification of a suitable new owner.
I am pleased that Vp's controlling shareholder Ackers P
Investment Company Limited, a company connected to me, has
confirmed its ongoing commitment to Vp following the conclusion of
this process."
Neil Stothard, Chief Executive of Vp, commented:
"When we announced the FSP on 28 April 2022, we made it clear
that having regard to the interest of all the Company's
stakeholders the Board concluded that it would be appropriate to
investigate the sale of the Company.
Whilst we received a good level of interest throughout the
process, the Board concluded that none of the proposals submitted
met our original objectives.
We are pleased that the controlling shareholder (Ackers P
Investment Company Limited), a company connected to our Chairman
Jeremy Pilkington, has indicated to the Board that they remain
fully committed to Vp.
Throughout the FSP it has been a case of business as usual
within our trading divisions with distractions successfully kept to
an absolute minimum. At our recent AGM on 21 July 2022, Jeremy
commented that "trading within the business has been positive into
the new financial year."
We have strategic growth plans in place for all of our
businesses and we intend to execute those plans and continue to
deliver on our long-term track record of creating shareholder
value."
Enquiries
Vp plc +44 (0)1423 533 445
Neil Stothard, Chief Executive
Allison Bainbridge, Group Finance Director
Rothschild & Co +44 (0)20 7280 5000
John Deans
Stephen Griffiths
Daniel Chetcuti
Inside Information
The information contained within this announcement is deemed by
Vp to constitute inside information as stipulated under the Market
Abuse Regulation (EU) no. 596/2014 (as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018). On the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
Notice related to financial adviser
N.M. Rothschild & Sons Limited ("Rothschild & Co"),
which is authorised and regulated by the Financial Conduct
Authority in the United Kingdom, is acting exclusively for Vp and
for no one else in connection with the subject matter of this
announcement and will not be responsible to anyone other than Vp
for providing the protections afforded to its clients or for
providing advice in connection with the subject matter of this
announcement.
Additional Information
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, or the solicitation of any
vote or approval in any jurisdiction, pursuant to this announcement
or otherwise. Any offer, if made, will be made solely by certain
offer documentation which will contain the full terms and
conditions of any offer, including details of how it may be
accepted. The distribution of this announcement in jurisdictions
other than the United Kingdom and the availability of any offer to
shareholders of Vp who are not resident in the United Kingdom may
be affected by the laws of relevant jurisdictions. Therefore any
persons who are subject to the laws of any jurisdiction other than
the United Kingdom or shareholders of Vp who are not resident in
the United Kingdom will need to inform themselves about, and
observe any applicable requirements.
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END
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