Shareholder Circular and Notice of General Meeting

Currys PLC

03 November 2023

 

FOR IMMEDIATE RELEASE

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION 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.

Currys plc ("Company", "Group" or "Currys")
Publication of Circular and notice of Currys General Meeting regarding the proposed disposal of Kotsovolos

Earlier today, Currys plc announced that it had entered into an agreement for the sale of Dixons South East Europe A.E.V.E., the holding company of Currys' entire Greece and Cyprus retail business, trading as Kotsovolos ("Kotsovolos"), to Public Power Corporation S.A. ("PPC" or the "Purchaser") (the "Disposal").

The Company is pleased to announce that a circular regarding the Disposal (the "Circular") has been published, having received approval from the UK Financial Conduct Authority. The Circular will be made available to the Company's shareholders ("Shareholders") shortly.

The Disposal constitutes a Class 1 transaction under the Listing Rules. Completion of the Disposal is therefore conditional upon the passing of an ordinary resolution approving the Disposal by Shareholders (the "Disposal Resolution").

In addition to the Disposal Resolution, completion of the Disposal is also subject to the satisfaction or waiver of certain other conditions, including: (i) obtaining a merger clearance approval from the European Commission or the Hellenic Competition Commission; (ii) obtaining a Foreign Subsidies Regulation clearance before the European Commission or an ex officio investigation by the European Commission; (iii) obtaining third party consents to the Disposal from counterparties to certain contracts to which Kotsovolos is a party; and (iv) the execution of a commercial services agreement between Currys Group Limited and Dixons South East Europe A.E.V.E. Subject to the satisfaction and/or waiver of these conditions, Completion of the Disposal is expected to occur in the first quarter of 2024.

The Circular contains further details of the Disposal and a notice convening a general meeting of the Company to be held at 9:30 a.m. on 21 November 2023.

The Circular and the Notice of General Meeting have been submitted to the Financial Conduct Authority's National Storage Mechanism )the "NSM") and will be available for inspection on the NSM website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

These documents will also be available on the Currys website at https://www.currysplc.com/ from the date of this Announcement up to the date of the General Meeting and for the duration of the General Meeting.

Citigroup Global Markets Limited ("Citi") is acting as sponsor and sole financial advisor to Currys on the Disposal.

Next scheduled announcement

The Group is scheduled to publish its interim results on 14 December 2023

For further enquiries

Dan Homan	Investor Relations	[phone]
Toby Bates	Corporate Communications	[phone]
Tim Danaher, Sophie Brewis	Brunswick Group	[phone]
Andrew Seaton, Robert Farrington	Citigroup Global Markets Limited (Sponsor, Financial Adviser & Corporate Broker)	[phone]

Information on Currys plc is available at www.currysplc.com
Follow us on X, formerly known as Twitter: @currysplc

About Currys plc

Currys plc is a leading omnichannel retailer of technology products and services, operating online and through 823 stores in 8 countries. We Help Everyone Enjoy Amazing Technology, however they choose to shop with us.

In the UK & Ireland we trade as Currys; in the Nordics under the Elkjøp brand and as Kotsovolos in Greece. In each of these markets we are the market leader, employing 30,000 capable and committed colleagues. Our full range of services and support makes it easy for our customers to discover, choose, afford and enjoy the right technology for them, throughout their lives. The Group's operations include state-of-the-art repair facilities in Newark, UK, a sourcing office in Hong Kong and an extensive distribution network, enabling fast and efficient delivery to stores and homes.

Our vision, we help everyone enjoy amazing technology, has a powerful social purpose at its heart. We believe in the power of technology to improve lives, help people stay connected, productive, healthy, and entertained. We're here to help everyone enjoy those benefits and with our scale and expertise, we are uniquely placed to do so.

We're a leader in giving technology a longer life through repair, recycling and reuse. We're reducing our impact on the environment in our operations and our wider value chain and we will achieve net zero emissions by 2040. We offer customers products that help them save energy, reduce waste and save water, and we partner with charitable organisations to bring the benefits of amazing technology to those who might otherwise be excluded.

Important information

This announcement is not intended to, and does not constitute, or form part of, any offer to sell or an invitation to purchase or subscribe for any securities or a solicitation of any vote or approval in any jurisdiction. Currys Ordinary Shareholders are advised to carefully read the circular in relation to the Disposal once it has been despatched. Any response to the Disposal should be made only on the basis of the information in the circular to follow.

Certain statements made in this announcement are forward-looking. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from any expected future events or results referred to in these forward-looking statements. Unless otherwise required by applicable laws, regulations or accounting standards, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Information contained on the Currys plc website or the X, formerly known as Twitter, feed does not form part of this announcement and should not be relied on as such.

Citi, which is authorised by the Prudential Regulation Authority ("PRA") and regulated in the UK by the Financial Conduct Authority and the PRA, is acting as financial adviser and sponsor exclusively for Currys and for no one else in connection with the disposal, or any other matters described in this announcement and will not be responsible to anyone other than Currys for providing the protections afforded to clients of Citi nor for providing advice in connection with the disposal, or any other matters referred to in this announcement. Neither Citi nor any of its affiliates, directors or employees owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, consequential, whether in contract, in tort, in delict, under statute or otherwise) to any person who is not a client of Citi in connection with the disposal, this announcement, any statement contained herein, or otherwise.

 

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