Offer Lapsed

RNS Number : 5456S

M. P. Evans Group PLC

22 December 2016

 

FOR IMMEDIATE RELEASE

22 December 2016

M.P.Evans Group PLC ("M.P.Evans" or the "Company")

Lapse of offer for the Company

The board of M.P.Evans notes the announcement made by Kuala Lumpur Kepong Berhad yesterday that its offer, through its wholly-owned subsidiary KL-Kepong International Ltd, for the entire issued and to be issued share capital of the Company (the "Offer") has lapsed, having received acceptances in respect of 7,355,680 shares, representing approximately 13.2 per cent of the issued share capital of the Company.

The board welcomes the rejection by shareholders of the Offer, which it believes very substantially undervalued M.P.Evans' shares.

Peter Hadsley-Chaplin, Chairman of M.P.Evans, commented:

"MP Evans owns, and manages, an excellent portfolio of plantations and has a clear strategy for growing the business significantly further, both by acquisition and by the development of its existing plantable areas. The successful growth to date has led to the board's recently stated intention to increase dividends substantially. The board thanks our shareholders for their support and for their belief in the continuing successful execution of our growth strategy."

Enquiries:

M.P.Evans Group PLC

Telephone: [phone]

Peter Hadsley-Chaplin, Chairman

Tristan Price, Chief Executive

Rothschild (Financial Adviser)

Telephone: [phone]

Stuart Vincent

Sam Critchlow

Peel Hunt (NOMAD and Broker)

Telephone: [phone]

Dan Webster

Adrian Trimmings

Hudson Sandler

Telephone: [phone]

Charlie Jack

Bertie Berger

This announcement contains statements that are or may be forward-looking with respect to the financial condition, results of operations and businesses and achievements of the Group. These statements can be identified by the use of forward-looking terminology such as "believe", "anticipate", "expect", "prospect", "estimated", "should", "may" or the negative thereof, or other variations thereof, or comparable terminology indicating expectations or beliefs concerning future events. These forward-looking statements include risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors which could or may cause actual results, achievements or developments to differ materially from those expressed or implied by such forward-looking statements. The Company assumes no obligation to update or correct the information contained in this announcement, whether as a result of new information or future events or otherwise, except to the extent required by law or regulation.

 

END

 

 

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