IPEL Impellam Group Plc

TIDMIPEL

RNS Number : 6913X

Impellam Group plc

22 December 2023

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

FOR IMMEDIATE RELEASE

22 December 2023

RECOMMED ACQUISITION

of

Impellam Group plc ("Impellam")

by

Heather Global PLC ("Bidco")

to be effected by means of a scheme of arrangement

under Part 26 of the Companies Act 2006

Introduction

On 13 December 2023, the boards of directors of Impellam, HeadFirst Global B.V. ("HeadFirst") and Bidco announced that they had reached agreement on the terms and conditions of a recommended acquisition pursuant to which Bidco will acquire the entire issued, and to be issued, ordinary share capital of Impellam (the "Acquisition"). It is intended that the Acquisition will be effected by means of a scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme").

Capitalised terms used but not defined in this announcement have the meanings given to them in the Scheme Document (as defined below), unless the context requires otherwise.

Publication and posting of the Scheme Document

Impellam is pleased to announce that it has today published a shareholder circular relating to the Scheme (the "Scheme Document") containing, among other things, a letter from the Chairman of Impellam, an explanatory statement pursuant to section 897 of the Companies Act 2006, the full terms and conditions of the Scheme, a summary of the terms of the Loan Notes, notices of the Court Meeting and the General Meeting, an expected timetable of principal events and details of the action to be taken by Impellam Shareholders. The Scheme Document is available, subject to certain restrictions relating to persons in any Restricted Jurisdiction, on the websites of Impellam and HeadFirst at https://investors.impellam.com/offer-for-impellam-group-plc/ and https://headfirst.group/takeover/ .

Hard copies of the Scheme Document (or, depending on Impellam Shareholders' communication preferences, a letter or email giving details of the website where the Scheme Document may be accessed) and Forms of Proxy for the Court Meeting and the General Meeting are being sent to Impellam Shareholders and, for information only, to persons with information rights today.

Action required

As described in the Scheme Document, in order to become Effective, the Scheme will require, among other things, that a majority in number of the Scheme Shareholders present and voting (and entitled to vote) either in person or by proxy, representing not less than 75 per cent. in value of the Scheme Shares held by such Scheme Shareholders, vote in favour of the Scheme at the Court Meeting, and that the requisite majority of Impellam Shareholders approves the Resolution relating to the Scheme at the General Meeting. The Scheme is also subject to the satisfaction or (where applicable) waiver of the Conditions and further terms set out in the Scheme Document.

Notices convening the Court Meeting and the General Meeting, both to be held at the offices of Allen & Overy LLP, One Bishops Square, London E1 6AD on 17 January 2024, are set out in the Scheme Document. The Court Meeting is scheduled to commence at 10.00 a.m. and the General Meeting is scheduled to commence at 10.15 a.m. (or as soon thereafter as the Court Meeting is concluded or adjourned).

The Impellam Directors, who have been so advised by Houlihan Lokey as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable. In providing its advice to the Impellam Directors, Houlihan Lokey has taken into account the commercial assessments of the Impellam Directors. Houlihan Lokey is providing independent financial advice to the Impellam Directors for the purposes of Rule 3 of the Code.

Accordingly, the Impellam Directors recommend unanimously that Impellam Shareholders vote in favour of the Scheme at the Court Meeting and vote in favour of the Resolution at the General Meeting (or, in the event that the Acquisition is implemented by way of an Offer, accept the Offer) as the Impellam Directors who hold Impellam Shares have irrevocably undertaken to do (or procure to be done) in respect of their own beneficial holdings, amounting to 2,452,325 Impellam Shares in aggregate, representing approximately 5.5 per cent. of the Impellam Shares in issue as at 20 December 2023 (being the latest practicable date prior to publication of the Scheme Document).

It is important that, for the Court Meeting in particular, as many votes as possible are cast, so that the Court may be satisfied that there is a fair representation of opinion of the Scheme Shareholders. Scheme Shareholders are therefore strongly urged to: (i) sign and return their Forms of Proxy by post; or (ii) transmit a proxy appointment and voting instruction online via Link Group's online facility or through the CREST electronic proxy appointment service, as soon as possible.

Holders of Scheme Shares should read the Scheme Document in its entirety before making a decision with respect to the Scheme.

Shareholder helpline

A shareholder helpline is available for Impellam Shareholders. If Impellam Shareholders have any questions about the Scheme Document, the Court Meeting or the General Meeting, how to complete the Forms of Proxy or how to appoint a proxy online or electronically through the CREST electronic proxy appointment service, please call the Shareholder Helpline at Link Group on 0371 664 0321 (or +44 371 664 0321 from overseas). 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. The helpline is open between 9.00 a.m. and 5.30 p.m., Monday to Friday, excluding public holidays in England and Wales. Please note that Link Group cannot provide any advice on the merits of the Scheme or give financial, legal or tax advice and calls may be recorded and monitored for security and training purposes.

Timetable

The expected timetable of principal events is set out below. Subject to the approval of the Scheme at the Court Meeting, the passing of the Resolution at the General Meeting and the satisfaction or (where applicable) waiver of the other Conditions set out in the Scheme Document, including the sanction of the Court, the Scheme is expected to become Effective in the first half of 2024.

If the Scheme is sanctioned as outlined above, it is expected that the last day of dealings in, and registration of transfers of, Impellam Shares on AIM will be the Business Day immediately prior to the Effective Date, following which Impellam will make an application to the London Stock Exchange for suspension of dealings in Impellam Shares on AIM with effect from 7.30 a.m. on the Effective Date.

It is intended that the cancellation of admission of the Impellam Shares to trading on AIM will take effect at 7.00 a.m. on the Business Day following the Effective Date. In addition, on the Effective Date, entitlements to Scheme Shares held within CREST will be cancelled, and share certificates in respect of Scheme Shares held in certificated form will cease to be valid documents of title and should be destroyed or, at the request of Impellam, delivered up to Impellam, or to any person appointed by Impellam to receive the same.

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

 
 Event                                                                                            Time and/or date (1) 
 Publication of this Document                                                                         22 December 2023 
 Latest time for lodging Forms of Proxy for the: 
     Court Meeting (BLUE form)                                                       10.00 a.m. on 15 January 2024 (2) 
     General Meeting (YELLOW form)                                                   10.15 a.m. on 15 January 2024 (3) 
 Voting Record Time                                                                   6.30 p.m. on 15 January 2024 (4) 
 Court Meeting                                                                           10.00 a.m. on 17 January 2024 
 General Meeting                                                                     10.15 a.m. on 17 January 2024 (5) 
 The following dates and times associated with the Scheme are subject to change and will depend 
  on, among other things, the date on which the Conditions to the Scheme are satisfied or, if 
  capable of waiver, waived, and the date on which the Court sanctions the Scheme. Impellam 
  will give adequate notice of any changes to these dates and times, when known, by issuing 
  an announcement through a Regulatory Information Service, with such announcement being made 
  available on Impellam's website at https://investors.impellam.com/offer-for-impellam-group-plc/. 
  See also note (1). 
 Court Hearing                                               a date (following the Court and General Meetings) as soon 
                                                             as reasonably practicable after 
                                                             Bidco confirms the satisfaction or waiver of the 
                                                             Conditions (other than Conditions 1 and 2.3) 
                                                             ("D") 
 Last day for dealings in, and for the registration of                                                D+1 Business Day 
 transfer of Impellam Shares 
 Scheme Record Time                                                                      6.00 p.m. on D+1 Business Day 
 Disablement of CREST in respect of Impellam Shares                                      6.00 p.m. on D+1 Business Day 
 Suspension of dealings in Impellam Shares                                            at 7.30 a.m. on D+2 Business Day 
 Effective Date of the Scheme                                                                    D+2 Business Days (6) 

 Cancellation of admission to trading of Impellam Shares                             at 7.00 a.m. on D+3 Business Days 
 on AIM 
 Latest date for despatch of cheques and crediting of                             within 14 days of the Effective Date 
 CREST accounts for the Cash Consideration 
 due under the Scheme and despatch of definitive 
 certificates for Loan Notes under the Scheme 
 Long Stop Date                                                                                      1 August 2024 (7) 
----------------------------------------------------------  ---------------------------------------------------------- 
 

Notes :

(1) The dates and times given are indicative only and are based on current expectations and are subject to change.

References to times are to London, United Kingdom time unless otherwise stated. If any of the times and/or dates above change, the revised times and/or dates will be notified to Impellam Shareholders by announcement through a Regulatory Information Service.

(2) It is requested that BLUE Forms of Proxy for the Court Meeting be lodged not later than 48 hours prior to the time appointed for the Court Meeting or, if the Court Meeting is adjourned, 48 hours prior to the time fixed for any adjourned Court Meeting (excluding any part of such 48-hour period falling on a day that is not a working day). If the BLUE Form of Proxy for the Court Meeting is not lodged by 10.00 a.m. on 15 January 2024, it may be presented in person to the Link Group representative who will be present at the Court Meeting, at any time prior to the commencement of the Court Meeting (or any adjournment thereof).

(3) In order to be valid, the YELLOW Forms of Proxy for the General Meeting must be lodged not later than 10.15 a.m. on 15 January 2024 or, if the General Meeting is adjourned, 48 hours prior to the time fixed for the adjourned General Meeting (excluding any part of such 48-hour period falling on a day that is not a working day).

(4) If either the Court Meeting or the General Meeting is adjourned, the Voting Record Time for the relevant adjourned Meeting will be 6.30 p.m. on the day which is two Business Days prior to the date of the adjourned Meeting.

(5) To commence at 10.15 a.m. or as soon thereafter as the Court Meeting concludes or is adjourned.

(6) Impellam expects that, subject to the satisfaction (or, where applicable, waiver) of the Conditions in Part III (Conditions to the Implementation of the Scheme and to the Acquisition) of the Scheme Document, the Scheme will become Effective during the first half of 2024.

(7) This is the latest date by which the Scheme may become Effective. However, the Long Stop Date may be extended to such later date as may be agreed by Impellam and Bidco (with the Panel's consent and as the Court may approve (if such consent and/or approval is required)) or if the Panel requires an extension to the Long Stop Date pending final determination of an issue under section 3(g) of Appendix 7 to the Code.

All references in this announcement to times are to London time unless otherwise stated. The dates and times given are indicative only and are based on Impellam's current expectations and may be subject to change (including as a result of changes to the regulatory timetable). If any of the expected times and/or dates above change, the revised times and/or dates will be notified to Impellam Shareholders by announcement through a Regulatory Information Service.

Enquiries:

Impellam +44 (0) 1582 692 658

Julia Robertson

Tim Briant

Houlihan Lokey +44 (0) 20 7839 3355

(Financial Adviser to Impellam)

Thomas Bailey

Tim Richardson

Canaccord Genuity +44 (0) 20 7523 8150

(NOMAD and Corporate Broker to Impellam)

Bobbie Hilliam

Emma Gabriel

HeadFirst and Bidco +31 88 018 2200

Han Kolff

Blackwood +44 (0) 20 3096 6910

(Joint Financial Adviser to HeadFirst and Bidco)

Thomas Kardos

Dima Minzararu

Jefferies +44 (0) 20 7029 8000

(Joint Financial Adviser to HeadFirst and Bidco)

Paul Bundred

Nick Vernooij

Cameron Jones

Barclays +44 (0) 20 7623 2323

(Joint Financial Adviser to HeadFirst and Bidco)

Adrian Beidas

Richard Probert

Callum West

Allen & Overy LLP is acting as legal adviser to Impellam. Sidley Austin LLP is acting as legal adviser to HeadFirst and Bidco.

Important notices

This announcement is for information purposes only and does not constitute an offer to sell or an invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities or the solicitation of an offer to buy any securities or any vote or approval in any jurisdiction, pursuant to the Acquisition or otherwise.

The Acquisition shall be made solely by means of the Scheme Document which, together with the Forms of Proxy, shall 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 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 has been prepared for the purpose of complying with English law and the Code and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside England and Wales.

This announcement does not constitute a prospectus, a prospectus equivalent document or an exempted document.

Notices related to financial advisers

Houlihan Lokey UK Limited ("Houlihan Lokey"), which is authorised and regulated in the UK by the FCA, is acting exclusively as financial adviser to Impellam and no one else in connection with the matters set out in this announcement and will not be responsible to anyone other than Impellam for providing the protections afforded to clients of Houlihan Lokey or for providing advice in relation to the contents of this announcement or any other matters referred to in this announcement. Neither Houlihan Lokey nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Houlihan Lokey in connection with this announcement, any statement contained herein or otherwise.

Canaccord Genuity Limited ("Canaccord Genuity"), which is authorised and regulated in the UK by the FCA, is acting as nominated adviser and corporate broker exclusively for Impellam and for no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters referred to in this announcement and will not be responsible to anyone other than Impellam for providing the protections afforded to clients of Canaccord Genuity, nor for providing advice in relation to the contents of this announcement or any other matter referred to in this announcement.

Blackwood Capital Group (UK) Limited ("Blackwood"), which is authorised and regulated in the UK by the FCA, is acting exclusively as financial adviser to HeadFirst and Bidco and for no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters referred to in this announcement and will not be responsible to anyone other than HeadFirst and Bidco for providing the protections afforded to clients of Blackwood, nor for providing advice in relation to contents of this announcement or any other matters referred to in this announcement. Neither Blackwood nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Blackwood in connection with this announcement, any statement contained herein or otherwise.

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

Barclays Bank plc, acting through its Investment Bank ("Barclays"), which is authorised by the PRA and regulated in the United Kingdom by the FCA and the PRA, is acting exclusively for HeadFirst and Bidco and no one else in connection with the matters set out in this announcement and will not be responsible to anyone other than HeadFirst and Bidco for providing the protections afforded to clients of Barclays nor for providing advice in relation to any matter referred to in this announcement.

In accordance with the Code, normal United Kingdom market practice and Rule 14e-5(b) of the Exchange Act, Barclays and its affiliates will continue to act as exempt principal trader in Impellam securities on AIM. 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.

Overseas Shareholders

This announcement has been prepared for the purposes of complying with English law and the applicable requirements of the Code, the Panel and the AIM Rules and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws or regulations of jurisdictions outside England and Wales.

The release, publication or distribution of this Announcement to persons, and the availability of the Acquisition to Impellam Shareholders, in each case who are not resident in the United Kingdom or who are subject to the laws of any jurisdiction other than the United Kingdom may be affected by the laws or regulations of the relevant jurisdictions in which they are resident. It is the responsibility of any person outside the United Kingdom into whose possession this announcement comes to satisfy themselves as to the full observance of the laws or regulations of the relevant jurisdiction in connection with the Acquisition, including the obtaining of any governmental, exchange control or other consents which may be required and compliance with other necessary formalities which are required to be observed and the payment of any issue, transfer or other taxes or levies due in such jurisdiction. In particular, the ability of persons who are not resident in the United Kingdom to vote their Impellam 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 or regulations of the relevant jurisdictions in which they are located or to which they are subject. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws or regulations of any such jurisdiction. To the fullest extent permitted by applicable law, Impellam, HeadFirst and Bidco disclaim any responsibility or liability for the violation of such restrictions by any person.

Unless otherwise determined by Bidco or required by the Code, and permitted by applicable law and regulation, the Acquisition will not be made available (in whole or in part), directly or indirectly, in, into or from a Restricted Jurisdiction where to do so would violate the laws or regulations 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 or regulations of that jurisdiction.

Copies of this announcement and all documents relating to the Acquisition are not being, and must not be, directly or indirectly, in whole or in part, mailed or otherwise forwarded, distributed or sent in, 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 them in or into or from any Restricted Jurisdiction. Doing so may render invalid any related purported vote in respect of the Acquisition. Any person (including, without limitation, any custodian, nominee and trustee) who would, or otherwise intends to, or who may have a contractual or legal obligation to, forward this announcement and any other related document to any jurisdiction other than the United Kingdom should inform themselves of, and observe, any applicable legal or regulatory requirements of their jurisdiction.

If the Acquisition is implemented (with the consent of the Panel and subject to and in accordance with the terms of the Cooperation Agreement) by way of an Offer, the Offer may not be made (unless otherwise permitted by applicable law and regulation), 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.

The Acquisition shall be subject to, among other things, the applicable requirements of the Code, the Panel and the AIM Rules and, if the Acquisition is implemented (with the consent of the Panel and subject to and in accordance with the terms of the Cooperation Agreement) by way of an Offer, all applicable US laws and regulations, including any applicable exemptions under the US Exchange Act.

Notice to US Impellam Shareholders

The Acquisition relates to the shares of a UK company and is being made by way of a scheme of arrangement provided for under Part 26 of the Companies Act. The Acquisition, implemented by way of a scheme of arrangement, relates to the shares of a UK company that is a "foreign private issuer" as defined under Rule 3b-4 under the US Exchange Act and will be governed by English Law. Accordingly, the Scheme is exempt from the registration requirements under the US Securities Act and is not subject to the tender offer rules or the proxy solicitation rules under the US Exchange Act. Moreover, the Acquisition is subject to the disclosure requirements and practices applicable to a scheme of arrangement involving a target company in England with securities admitted to trading on AIM, which differ from the requirements of US proxy solicitation or tender offer rules.

The information contained in this announcement has neither been approved nor disapproved by the US Securities and Exchange Commission (the "SEC") or any US state securities commissions. Neither the SEC, nor any state securities commission, has passed upon the fairness or merits of the proposal described in, nor upon the accuracy or adequacy of the information contained in, this announcement. Any representation to the contrary is a criminal offence in the United States.

Impellam Shareholders (whether or not US persons) who are affiliates (as defined in the US Securities Act) of Impellam before, and/or become affiliates of HeadFirst, Bidco or Impellam on or after, the implementation of the Scheme, will be subject to certain US transfer restrictions relating to the Impellam Shares, the Loan Notes and any Conversion Shares.

Impellam and Bidco are both incorporated under the laws of England and Wales. Some or all of the officers and directors of Impellam and Bidco respectively are residents of countries other than the United States. In addition, some of the assets of Impellam and Bidco are located outside the United States. As a result, it may be difficult for US shareholders to enforce certain rights and claims arising in connection with the Acquisition under US federal securities laws since Bidco and Impellam are located outside the US, and their officers and most of their directors reside outside the US. Therefore, investors may have difficulty effecting service of process within the US upon those persons or recovering against Impellam or its officers or directors on judgments of US courts, including judgments based upon the civil liability provisions of the US federal securities laws. It may not be possible to sue a non-US company or its officers or directors in a non-US court for violations of US securities laws. It also may not be possible to compel a non-US company or its affiliates to subject themselves to a US court's judgment.

For the securities issued under the Scheme to qualify for the exemption from registration provided by section 3(a)(10) of the US Securities Act, Impellam will advise the Court that the Court's sanctioning of the Scheme will be relied on as approval of the Scheme following a hearing on the Scheme's fairness to Impellam shareholders, at which hearing all Impellam shareholders are entitled to attend in person, or through counsel, to support or oppose the sanctioning of the Scheme and such hearing has been notified to all Impellam shareholders.

If, in the future, Bidco exercises its right to implement the Acquisition by way of an Offer and determines to extend the Offer into the US, the Acquisition will be made in compliance with applicable US laws and regulations, including the applicable US tender offer regulations and in each case including the applicable exemption therefrom. The settlement procedure with respect to the Acquisition will be consistent with UK practice, which differs from US domestic tender offer procedures in certain material respects, particularly with regard to the date of payment.

The Loan Notes issued in the Acquisition and any Conversion Shares issued on conversion of any Convertible Loan Notes have not, and will not be, registered under the US Securities Act. Accordingly, the Loan Notes and any Conversion Shares issued on conversion of any Convertible Loan Notes may not be subsequently offered, sold or delivered in the United States unless such sale, offer or delivery is effected in compliance with an applicable exemption from the registration requirements of the US Securities Act.

The Loan Notes issued in the Acquisition and any Conversion Shares issued on conversion of any Convertible Loan Notes will not be registered under any US state securities laws and no steps have been or will be taken to enable the Loan Notes or any Conversion Shares issued on conversion of any Convertible Loan Notes to be offered in compliance with the securities laws of any US state. Accordingly, the Loan Notes and any Conversion Shares issued on conversion of any Convertible Loan Notes may not be offered, sold or delivered, directly or indirectly, to persons resident in a US state unless such offer, sale or delivery is effected in compliance with an exemption from the registration requirements of the securities laws of such state.

The Loan Notes issued in connection with the Acquisition (along with any Conversion Shares issued on conversion of any Convertible Loan Notes ) in exchange for Impellam Shares that were not "restricted securities" should not be treated as "restricted securities" within the meaning of Rule 144(a)(3) under the US Securities Act and persons who receive the Loan Notes or any Conversion Shares as a result of the Scheme which are not restricted securities (other than "affiliates" as described below) may resell them without restriction under the US Securities Act. Persons who hold Impellam Shares which are restricted securities will receive Loan Notes (and any Conversion Shares issued on conversion of any Convertible Loan Notes) that will be subject to the same restrictions as applied to their Impellam Shares.

Under Rule 145(d) of the US Securities Act, any Impellam Shareholder in the United States who is deemed to be an affiliate of HeadFirst, Bidco or Impellam before the implementation of the Scheme, and/or is or becomes an affiliate of HeadFirst, Bidco following the implementation of the Scheme (whether or not a US person), will be subject to timing, manner of sale and volume restrictions on the sale of Loan Notes, and any Conversion Shares issued on conversion of any Convertible Loan Notes and may not resell the Loan Notes or any Conversion Shares issued on conversion of any Convertible Loan Notes except pursuant to an exemption from the registration requirements of the US Securities Act, or in a transaction not subject to such requirements (including a transaction that satisfies the applicable requirements of Regulation S under the US Securities Act relating to offers and sales outside the United States). For these purposes, an "affiliate" of any person is generally defined to be a person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, that person. Impellam Shareholders in the United States that believe they are or may be "affiliates" of HeadFirst, Bidco or Impellam should consult their own legal advisers prior to any sale of the Loan Notes issued pursuant to the Scheme or any Conversion Shares issued on conversion of any Convertible Loan Notes. US Impellam Shareholders also should be aware that the transaction contemplated herein may be a taxable transaction for US federal income tax purposes and under applicable US state and local, as well as foreign and other, tax laws and, that such consequences, if any, are not described herein. US Impellam Shareholders are urged to consult with legal, tax and financial advisers in connection with making a decision regarding this transaction.

The Acquisition will be subject to the applicable requirements of the Code, the AIM Rules and the London Stock Exchange.

The receipt of cash by a US Impellam Shareholder as consideration for the transfer of its Impellam Shares pursuant to the Acquisition will be a taxable transaction for United States federal income tax purposes and may also be a taxable transaction under applicable state and local tax laws, as well as non-US and other tax laws. Each US Impellam Shareholder is urged to consult its independent professional tax adviser immediately regarding the tax consequences of the Acquisition applicable to them, including under applicable US and local, as well as overseas and other, tax laws.

In the event that the Acquisition is implemented by way of an Offer (with the consent of the Panel and subject to and in accordance with the terms of the Cooperation Agreement), in accordance with normal UK practice and pursuant to Rule 14e-5(b), Bidco or its nominees, or its brokers (acting as agents), may from time to time make certain purchases of, or arrangements to purchase, shares or other securities of Impellam outside of the US, other than pursuant to such an Offer, during the period in which such an Offer would remain open for acceptances. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases or arrangements to purchase shall be disclosed as required in the UK, shall be reported to a Regulatory Information Service and shall be available on the London Stock Exchange website at www.londonstockexchange.com.

The statements contained in this announcement are made as at the date of this announcement, unless some other time is specified in relation to them, and service of this announcement shall not give rise to any implication that there has been no change in the facts set forth in this announcement since such date.

Nothing in this announcement shall be deemed to be a forecast, projection or estimate of the future financial performance of Impellam, the Impellam Group, HeadFirst Group, Bidco or the Bidco Group, except where otherwise stated.

Disclosure requirements of the Code

Under Rule 8.3(a) of the Code, any person who is interested in 1 per cent. 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 person to whom Rule 8.3(a) applies must be made by no later than 3.30 p.m. (London time) on the tenth Business Day following the commencement of the offer period and, if appropriate, by no later than 3.30 p.m. (London time) on the tenth 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 before 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 per cent. 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 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, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 p.m. (London time) 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 concert 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 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. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on +44 (0) 207 638 0129.

In this summary of certain disclosure requirements of the Code, Business Day has the meaning given to it in the Code.

Publication on a website

A copy of this announcement and the Scheme Document will be made available subject to certain restrictions relating to persons resident in any Restricted Jurisdiction on Impellam's and HeadFirst's websites at https://investors.impellam.com/offer-for-impellam-group-plc/ and https://headfirst.group/takeover/ respectively by no later than 12.00 p.m. (London time) on the Business Day following the date of this announcement. For the avoidance of doubt, the contents of these websites are not incorporated into and do not form part of this announcement.

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(END) Dow Jones Newswires

December 22, 2023 02:00 ET (07:00 GMT)