TIDMCTP

RNS Number : 9704N

Castleton Technology PLC

26 May 2020

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 SUCH JURISDICTION

FOR IMMEDIATE RELEASE

RECOMMED CASH ACQUISITION

of

CASTLETON TECHNOLOGY PLC

by

MRI SOFTWARE LIMITED

a wholly-owned subsidiary of

MRI SOFTWARE LLC

to be effected by means of a Scheme of Arrangement

under Part 26 of the Companies Act 2006

RESULTS OF COURT MEETING AND GENERAL MEETING

The Castleton Technology Directors are pleased to announce that, at a Court Meeting and General Meeting (each as defined below) which were held earlier today, the shareholders of Castleton Technology approved by the requisite majorities all of the resolutions proposed at each of the meetings in respect of the acquisition by Bidco of the entire issued and to be issued share capital of Castleton Technology (the "Acquisition"). The Acquisition will be implemented by way of a Court-sanctioned scheme of arrangement pursuant to Part 26 of the Companies Act 2006 (the "Scheme"), full details of which were sent to the shareholders of Castleton Technology in the circular dated 4 May 2020 (the "Scheme Document").

Details of the resolutions passed are set out in the notices of the Court Meeting and General Meeting contained in the Scheme Document.

The number of Castleton Technology Shares in issue at 6.00 p.m. on 21 May 2020, being the Scheme Voting Record Time, was 81,709,810.

Court Meeting

The first meeting, convened in accordance with an order of the Court dated 24 April 2020, sought approval from Scheme Shareholders (as defined in the Scheme Document) for the Scheme (the "Court Meeting").

A majority in number of Scheme Shareholders who voted (either in person or by proxy), representing 99.97 per cent by value of those Scheme Shares (as defined in the Scheme Document) voted, voted in favour of the resolution to approve the Scheme.

Accordingly, the resolution proposed at the Court Meeting was duly passed.

Details of the votes cast were as follows:

 
            No. of Scheme     % of Scheme        No. of   % of Scheme   % of Shares 
             Shareholders    Shareholders        Scheme        Shares       present 
                  present         present        Shares       present    and voting 
               and voting      and voting       present    and voting     in person 
                in person       in person    and voting     in person         or by 
              or by proxy     or by proxy     in person         or by         proxy 
                                                  or by         proxy        as a % 
                                                  proxy                      of all 
                                                                             Scheme 
                                                                             Shares 
                                                                           in issue 
 For                   99          86.84%    58,481,981        99.97%        71.57% 
           --------------  --------------  ------------  ------------  ------------ 
 Against               15         13.16 %        20,353         0.03%         0.02% 
           --------------  --------------  ------------  ------------  ------------ 
 Total                114         100.00%    58,502,334       100.00%        71.59% 
           --------------  --------------  ------------  ------------  ------------ 
 

General Meeting

The General Meeting (as defined in the Scheme Document) sought approval for a special resolution for the purpose of giving effect to the Scheme and associated amendments to the articles of association of the Company (the "Resolutions"). The Resolutions were duly passed by the requisite majorities.

Details of the votes cast were as follows:

Special Resolution

 
                No. of Shares         % of Shares         % of Shares 
                  present and         present and         present and 
             voting in person    voting in person    voting in person 
                  or by proxy         or by proxy         or by proxy 
                                                        as a % of the 
                                                         issued share 
                                                           capital of 
                                                          the Company 
 For               59,638,414              99.97%              72.99% 
           ------------------  ------------------  ------------------ 
 Against               20,465               0.03%               0.03% 
           ------------------  ------------------  ------------------ 
 Total             59,658,879              100.0%              73.02% 
           ------------------  ------------------  ------------------ 
 

Next Steps and Key Dates

Completion of the Acquisition remains subject to the satisfaction or (if capable of waiver) waiver of the remaining Conditions, including the sanction of the Scheme by the Court.

The date of the Court hearing to sanction the Scheme is expected to be 3 June 2020.

It is intended that dealings in Castleton Shares will be suspended at 7.30 a.m. on 4 June 2020.

Subject to the Court approving the Scheme and the Scheme Court Order being duly delivered to the Registrar of Companies, it is anticipated that the Scheme will come into effect on 4 June 2020.

If the Court sanctions the Scheme it is intended that the admission to trading of Castleton Technology Shares on AIM will be cancelled with effect from 7.00 a.m. on 5 June 2020.

Settlement of the consideration to which any holder of Scheme Shares is entitled will be effected by not later than 18 June 2020.

The dates stated above are indicative only and will depend, among other things, on the dates upon which the Court sanctions the Scheme and the date on which the Conditions are satisfied or (if capable of waiver) waived.

If any of the times and/or dates above change, the revised times and/or dates will be notified to Castleton Technology Shareholders by announcement through a Regulatory Information Service.

A full indicative timetable is contained on page 10 of the Scheme Document.

Other

Terms and expressions in this announcement shall, unless the context otherwise requires, have the same meanings as given to them in the Scheme Document.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

Enquiries:

 
 MRI Software and Bidco                  via Raymond James 
  John Ensign, President 
  Hal Gunder, Vice President Corporate 
  Development 
 Raymond James (Financial Adviser        Tel: +44 (0) 20 3 798 5700 
  to MRI Software and Bidco) 
  Dominic Emery 
  Junya Iwamoto 
 Platform Communications (PR Adviser     Tel: +44 (0) 20 7 486 4900 
  to MRI Software) 
  David Lawrence 
  Hugh Filman 
 Castleton Technology plc                Tel: +44 (0) 845 241 0220 
  Dean Dickinson, Chief Executive 
  Officer 
  Haywood Chapman, Chief Financial 
  Officer 
 finnCap (Financial Adviser, Nominated   Tel: +44 (0) 20 7 220 0500 
  Adviser and Corporate Broker to 
  Castleton) 
 Jonny Franklin-Adams, Henrik Persson, Simon Hicks (Corporate 
  Finance) 
 Andrew Burdis (ECM) 
 Alma PR (PR Adviser to Castleton)       Tel: +44 (0) 20 3 405 0208 
  Rebecca Sanders-Hewett 
  Helena Bogle 
 

Further information

Raymond James, which is authorised and regulated by the FCA in the United Kingdom, is acting exclusively for Bidco as financial adviser and no one else in connection with the Acquisition and other matters set out in this announcement and will not be responsible to anyone other than Bidco for providing the protections afforded to clients of Raymond James, or for providing advice in connection with the Acquisition, the content of this announcement or any matter referred to herein. Neither Raymond James nor any of its subsidiaries, affiliates or branches owes or accepts any duty, liability or responsibility whatsoever (whether direct, indirect, consequential, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Raymond James in connection with this announcement, any statement contained herein or otherwise.

finnCap, which is authorised and regulated by the FCA in the United Kingdom, is acting exclusively for Castleton Technology as financial adviser and no one else in connection with the Acquisition and other matters set out in this announcement and will not be responsible to anyone other than Castleton Technology for providing the protections afforded to clients of finnCap, or for providing advice in connection with the Acquisition, the content of this announcement or any matter referred to herein. Neither finnCap nor any of its subsidiaries, affiliates or branches owes or accepts any duty, liability or responsibility whatsoever (whether direct, indirect, consequential, whether in contract, in tort, under statute or otherwise) to any person who is not a client of finnCap in connection with this announcement, any statement contained herein or otherwise.

In accordance with the Code, normal United Kingdom market practice and Rule 14e-5(b) of the US Exchange Act, finnCap and its respective affiliates will continue to act as exempt principal trader in Castleton Technology securities on the London Stock Exchange. These purchases and activities by exempt principal traders which are required to be made public in the United Kingdom pursuant to the Code will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website at www.londonstockexchange.com. This information will also be publicly disclosed in the United States to the extent that such information is made public in the United Kingdom.

This announcement is for information purposes only and is not intended to, and does not, constitute or form part of any offer or invitation 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 the Acquisition or otherwise. The Acquisition will be made solely pursuant to the terms of the Scheme Document (or, if the Acquisition is implemented by way of an Offer, the offer document), which will contain the full terms and conditions of the Acquisition, including details of how to vote in respect of the Acquisition. Any decision in respect of, or other response to, the Acquisition should be made only on the basis of the information in the Scheme Document (or, if the Acquisition is implemented by way of an Offer, the offer document).

This announcement does not constitute a prospectus or prospectus exempted document.

Overseas Shareholders

This announcement has been prepared in accordance with English law, the Code, the Market Abuse Regulation, the AIM Rules and the Disclosure Guidance and Transparency Rules and information disclosed may not be the same as that which would have been prepared in accordance with the laws of jurisdictions outside England.

The availability of the Acquisition to Castleton Technology Shareholders who are not resident in and citizens of the UK may be affected by the laws of the relevant jurisdictions in which they are located or of which they are citizens. Persons who are not resident in the UK should inform themselves of, and observe, any applicable legal or regulatory requirements of their jurisdictions. In particular, the ability of persons who are not resident in the United Kingdom to vote their Castleton Technology Shares with respect to the Scheme at the Court Meeting, or to appoint another person as proxy to vote at the Court Meeting on their behalf, may be affected by the laws of the relevant jurisdictions in which they are located. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Acquisition disclaim any responsibility or liability for the violation of such restrictions by any person. Further details in relation to Overseas Shareholders will be contained in the Scheme Document.

Unless otherwise determined by Bidco or required by the Code, and permitted by applicable law and regulation, the Acquisition will not be made available, directly or indirectly, in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction and no person may vote in favour of the Scheme by any such use, means, instrumentality or from within a Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. Copies of this announcement and any formal documentation relating to the Acquisition are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from any Restricted Jurisdiction and persons receiving such documents (including custodians, nominees and trustees) must not mail or otherwise forward, distribute or send it in or into or from any Restricted Jurisdiction. Doing so may render invalid any related purported vote in respect of the Acquisition. If the Acquisition is implemented by way of an Offer (unless otherwise permitted by applicable law and regulation), the Offer may not be made directly or indirectly, in or into, or by the use of mails or any means or instrumentality (including, but not limited to, facsimile, e-mail or other electronic transmission, telex or telephone) of interstate or foreign commerce of, or of any facility of a national, state or other securities exchange of any Restricted Jurisdiction and the Offer may not be capable of acceptance by any such use, means, instrumentality or facilities.

Notice to US investors in Castleton Technology

The Acquisition relates to the shares of an English company and is being made by means of a scheme of arrangement provided for under English company law. A transaction effected by means of a scheme of arrangement is not subject to the tender offer or proxy solicitation rules under the US Exchange Act . Accordingly, the Acquisition is subject to the disclosure requirements and practices applicable in the UK to schemes of arrangement which differ from the disclosure requirements of the US tender offer and proxy solicitation rules. The financial information included in this announcement has been prepared in accordance with generally accepted accounting principles of the United Kingdom and thus may not be comparable to financial information of US companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the United States.

If, in the future, Bidco exercises its right to implement the Acquisition by way of an Offer, which is to be made into the United States, such Offer will be made in compliance with the applicable US laws and regulations.

It may be difficult for US holders of Castleton Technology Shares to enforce their rights and any claim arising out of the US federal laws, since Bidco and Castleton Technology are located in a non-US jurisdiction, and some or all of their officers and directors may be residents of a non-US jurisdiction. US holders of Castleton Technology Shares may not be able to sue a non-US company or its officers or directors in a non-US court for violations of the US securities laws. Further, it may be difficult to compel a non-US company and its affiliates to subject themselves to a US court's judgement.

US Castleton Technology Shareholders also should be aware that the transaction contemplated herein may have tax consequences in the US and, that such consequences, if any, are not described herein. US Castleton Technology Shareholders are urged to consult with legal, tax and financial advisers in connection with making a decision regarding this transaction.

Forward-Looking Statements

This announcement (including information incorporated by reference in this announcement), oral statements made regarding the Acquisition, and other information published by Bidco and Castleton Technology contain statements which are, or may be deemed to be, "forward-looking statements". Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Bidco and Castleton Technology about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.

The forward-looking statements contained in this announcement include statements relating to the expected effects of the Acquisition on Bidco and Castleton Technology (including their future prospects, developments and strategies), the expected timing and scope of the Acquisition and other statements other than historical facts. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as "plans", "expects" or "does not expect", "is expected", "is subject to", "budget", "projects", "strategy", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Although Bidco and Castleton Technology believe that the expectations reflected in such forward-looking statements are reasonable, Bidco and Castleton Technology can give no assurance that such expectations will prove to be correct. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements.

These factors include, but are not limited to: the ability to complete the Acquisition; the ability to obtain requisite regulatory and shareholder approvals and the satisfaction of other Conditions on the proposed terms and schedule; as future market conditions, changes in general economic and business conditions, the behaviour of other market participants, the anticipated benefits from the proposed transaction not being realised as a result of changes in general economic and market conditions in the countries in which Bidco and Castleton Technology operate, weak, volatile or illiquid capital and/or credit markets, changes in tax rates, interest rate and currency value fluctuations, the degree of competition in the geographic and business areas in which Bidco and Castleton Technology operate and changes in laws or in supervisory expectations or requirements. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Such forward-looking statements should therefore be construed in the light of such factors. Neither Bidco nor Castleton Technology, nor any of their respective associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur. You are cautioned not to place any reliance on these forward-looking statements. Other than in accordance with their legal or regulatory obligations, neither Bidco nor Castleton Technology is under any obligation, and Bidco and Castleton Technology expressly disclaim any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Dealing and Opening Position Disclosure Requirements

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 pe rson to whom Rule 8.3(a) applies must be made by no later than 3.30 pm on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm 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 previ ously been disclosed under Rule 8. A Dealing Disc losure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm 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 conc ert 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

This announcement and the scheme document will be available , subject to certain restrictions relating to persons resident in Restricted Jurisdictions , on Castleton Technology 's website at www. castletonplc .com promptly and in any event by no later than 12 noon on 5 May 2020. Neither the content of the website referred to in this announcement nor the content of any website accessible from hyperlinks on any such website is incorporated into or forms part of this announcement.

No profit forecasts, estimates or quantified benefits statements

No statement in this announcement is intended as a profit forecast, profit estimate or quantified benefits statement for any period and no statement in this announcement should be interpreted to mean that earnings or earnings per share for Castleton Technology for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share for Castleton Technology.

Requesting hard copy documents

In accordance with Rule 30.3 of the Code, Castleton Technology Shareholders, persons with information rights and participants in Castleton Technology Share Option Plans may request a hard copy of this announcement by contacting submitting a request in writing to Neville Registrars at Neville House, Steelpark Road, Halesowen B62 8HD or by calling Neville Registrars on 0121 585 1131 from within the UK or +44(0)121 585 1131 if calling from outside the UK. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines will be open between 9.00 am to 5.00 pm, Monday to Friday excluding public holidays in England and Wales. Unless you make such a request, a hard copy of this announcement and any such information incorporated by reference in it will not be sent to you. You may also request that all future documents, announcements and information to be sent to you in relation to the Acquisition be in hard copy form .

Electronic Communications

Please be aware that addresses, electronic addresses and certain other information provided by Castleton Technology Shareholders, persons with information rights and other relevant persons for the receipt of communications from Castleton Technology may be provided to Bidco during the offer period as required under Section 4 of Appendix 4 of the Code to comply with Rule 2.11(c).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

ROMFLFFSERIRFII

(END) Dow Jones Newswires

May 26, 2020 10:30 ET (14:30 GMT)

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