FLTA Filta Group Holdings Plc

TIDMFRAN TIDMFLTA

RNS Number : 4999F

Franchise Brands PLC

21 March 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 SUCH JURISDICTION

   Franchise Brands   plc 

Recommended All Share Offer

for

   Filta Group Holdings plc   ("Filta") 

by

   Franchise Brands   plc ("Franchise Brands") 

Offer update - acceptance levels, issue of equity and Total Voting Rights

On 16 February 2022, Franchise Brands announced a recommended all share offer for Filta (the "Offer"), which became wholly unconditional on 10 March 2022. The full terms of, and conditions to, the Offer and the procedures for acceptance were set out in the offer document dated 18 February 2022 (the "Offer Document"). Terms used but not defined in this announcement have the same meaning as set out in the Offer Document.

Acceptance levels

Franchise Brands announces that, as at 3.07 p.m. on 18 March 2022, valid acceptances of the Offer had been received in respect of 24,945,697 Filta Shares, representing 85.42 per cent. of the issued share capital of Filta, to which the Offer relates.

The Offer will remain open for acceptances until further notice and 14 days' notice will be given ahead of the Offer closing.

Filta Shareholders who have not yet accepted the Offer are urged to do so as soon as possible in accordance with the procedure set out below.

Issue of equity

Pursuant to the Offer, a further 1,174,938 New Franchise Brands Shares will be issued in respect of valid acceptances received since 8 March 2022. Application has been made to the London Stock Exchange for these New Ordinary Shares to be admitted to trading on AIM ("Admission") and Admission is expected to take place on or around 22 March 2022. The New Franchise Brand Shares will rank pari passu in all respects with the Company's existing ordinary shares.

Total Voting Rights

Upon Admission, the total number of ordinary shares of 0.5p each in the Company ("Ordinary Shares") in issue will be 125,082,236. There are no ordinary shares held in treasury and therefore the total number of voting rights in the Company from Admission will be 125,082,236. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Pursuant to Rule 17 of the AIM Rules for companies, the Company announces that Nigel Wray's (Non-Executive Director) interest in Ordinary Shares remains unchanged at 22,366,303 but upon Admission will represent 17.88 per cent. Of the Company's then issued share capital.

Cancellation of trading of Filta Shares on AIM

Filta announced on 9 March 2022 that, at the request of Franchise Brands, its Board has applied for the cancellation of admission to trading on AIM of Filta Shares. It is anticipated that the cancellation of admission to trading on AIM will take effect on or shortly after 7.00 a.m. on 24 March 2022. Cancellation of admission to trading on AIM will significantly reduce the liquidity and marketability of all Filta Shares not assented to the Offer at that time.

Procedure for acceptance of the Offer

Filta Shareholders who have not yet accepted the Offer are urged to do so as soon as possible as follows:

-- If you hold Filta Shares in certificated form (that is, not in CREST)

If you hold your Filta Shares, or any of them, in certificated form (that is, NOT in CREST), to accept the Offer in respect of those Filta Shares, you should complete and sign the personalised Form of Acceptance along with your valid share certificate(s) and/or any other relevant documents of title as soon as possible and return by post to the Receiving Agent, Computershare at Computershare Investor Services PLC, Corporate Actions Projects, Bristol BS99 6AH, United Kingdom.

-- If you hold your Filta Shares in uncertificated form (that is, in CREST)

If you hold your Filta Shares, or any of them, in uncertificated form (that is, in CREST), to accept the Offer in respect of those Filta Shares, you should follow the procedure for Electronic Acceptance through CREST so that the TTE instruction settles as soon as possible.

Full details on how to accept the Offer are set out in the Offer Document, a copy of which is available on Franchise Brands' website at https://www.franchisebrands.co.uk/investor-information/ . Further copies of the Offer Document and the Form of Acceptance are available from Computershare by written request to Computershare at Computershare Investor Services PLC, Corporate Actions Projects, Bristol BS99 6AH, United Kingdom or request to Computershare by telephone on (0370) 707 1807 (from within the UK) or on +44 370 707 1807 (from outside the UK).

Enquiries:

 
 Franchise Brands plc 
  Stephen Hemsley, Executive Chairman 
  Chris Dent, Chief Financial Officer 
  Julia Choudhury, Corporate Development Director            +44 (0) 1625 813231 
 Filta Group Holdings plc 
  Jason Sayers, Chief Executive Officer 
  Brian Hogan, Chief Financial Officer                           +1 407 996 5550 
 Allenby Capital Limited 
  Financial Adviser, Nominated Adviser and Joint 
  Broker to Franchise Brands 
  Jeremy Porter / Liz Kirchner (Corporate Finance) 
  Amrit Nahal (Sales and Corporate Broking)                 +44 (0) 20 3328 5656 
 Dowgate Capital Limited 
  Financial Adviser and Joint Broker to Franchise 
  Brands 
  James Serjeant / Russell Cook / Nicholas Chambers         +44 (0) 20 3903 7715 
 Cenkos Securities plc 
  Financial Adviser, Rule 3 Adviser, Nominated 
  Adviser and Broker to Filta 
  Stephen Keys / Camilla Hume / Callum Davidson             +44 (0) 20 7397 8900 
 MHP Communications                                         +44 (0) 20 3128 8100 
  PR advisers to Franchise Brands                            +44 (0) 7884 494112 
  Katie Hunt / Catherine Chapman                             +44 (0) 7711 191518 
                                                        franchisebrands@mhpc.com 
 Yellow Jersey PR 
  PR advisers to Filta 
  Charles Goodwin                                           +44 (0) 7747 788 221 
  Henry Wilkinson                                            +44 (0) 7951 402336 
 

IMPORTANT NOTICES

Allenby Capital, which is authorised and regulated by the FCA in the UK, is acting as financial adviser, nominated adviser and joint broker exclusively for Franchise Brands and no one else in connection with the Offer and this announcement and will not be responsible to anyone other than Franchise Brands for providing the protections afforded to clients of Allenby Capital or for providing advice in relation to the Offer, the content of this announcement or any matter referred to herein.

Dowgate, which is authorised and regulated by the FCA in the UK, is acting as financial adviser and joint broker exclusively for Franchise Brands and no one else in connection with the Offer and this announcement and will not be responsible to anyone other than Franchise Brands for providing the protections afforded to clients of Dowgate or for providing advice in relation to the Offer, the content of this announcement or any matter referred to herein.

Cenkos, which is authorised and regulated by the FCA in the UK, is acting as financial adviser and Rule 3 adviser exclusively for Filta and no one else in connection with the Offer and the matters set out in this announcement and will not be responsible to any person other than Filta for providing the protections afforded to clients of Cenkos, nor for providing advice in relation to the Offer , the content of this announcement or any matter referred to herein.

Further Information

This announcement is for information purposes only and is not intended to and does not constitute or form part of an offer, invitation or the solicitation of an offer or invitation to purchase, or 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 Offer or otherwise nor shall there be any sale, issuance or transfer of securities of Franchise Brands or Filta pursuant to the Offer in any jurisdiction in contravention of applicable laws. The Offer will be implemented solely pursuant to the terms of the Offer Document (or, in the event that the Offer is to be implemented by means of a scheme, the Scheme Document), which contains the full terms and conditions of the Offer, including details of how to accept the Offer. Any decision in respect of, or other response to, the Offer should be made solely on the basis of the information contained in the Offer Document.

Allenby Capital and Cenkos urge Filta Shareholders to read the Offer Document carefully because it contains important information in relation to the Offer, the New Franchise Brands Shares and the Enlarged Group, and to take appropriate advice. Any action in relation to the Offer or related matters should be made only on the basis of the information contained in the Offer Document.

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

Overseas jurisdictions

The attention of Filta Shareholders who are citizens or residents of jurisdictions outside the UK (including guidance for US shareholders) is drawn to paragraph Part C of Appendix 1 of the Offer Document.

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March 21, 2022 12:01 ET (16:01 GMT)