Conclusion of Formal Sale Process

RNS Number : 0911W

Vp PLC

15 August 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 THAT JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

16 August 2022

Vp plc ("Vp" or the "Company")

Conclusion of Formal Sale Process

Further to the announcement of 28 April 2022 commencing a Formal Sale Process under the City Code on Takeovers and Mergers (the "Takeover Code") by the Company (the "FSP"), the Board of Vp announces it has unanimously decided to conclude the FSP.

The Board carefully reviewed a number of proposals with its advisers and has unanimously concluded that none of the proposals would meet the Board's objectives of delivering an outcome that would satisfactorily meet the interests of all stakeholders.

Vp's controlling shareholder Ackers P Investment Company Limited (the "Controlling Shareholder"), a company connected to Vp's Chairman Jeremy Pilkington, has indicated to the Board they remain committed to Vp and have no intention of selling their shares on the market for the foreseeable future.

The person responsible for arranging the release of this announcement on behalf of Vp is Allison Bainbridge, Group Finance Director and Company Secretary

Following this announcement, the Company is no longer considered to be in an "offer period" as defined in the Takeover Code and the requirement to make disclosures under Rule 8 of the Takeover Code has now ceased.

Jeremy Pilkington, Chairman of Vp, commented: 

"In the original FSP announcement I commented that Vp's controlling shareholder, a company connected to me, had decided that it wished to diversify its investments.

Following a review conducted with our advisers, we, as a Board unanimously concluded that it would be in the best interests of all the Company's stakeholders to launch the FSP. The process was focused on identifying the right owner for the business and whilst we were pleased with the level of interest shown, the FSP did not lead to the identification of a suitable new owner.

I am pleased that Vp's controlling shareholder Ackers P Investment Company Limited, a company connected to me, has confirmed its ongoing commitment to Vp following the conclusion of this process."

Neil Stothard, Chief Executive of Vp, commented:

"When we announced the FSP on 28 April 2022, we made it clear that having regard to the interest of all the Company's stakeholders the Board concluded that it would be appropriate to investigate the sale of the Company.

Whilst we received a good level of interest throughout the process, the Board concluded that none of the proposals submitted met our original objectives.

We are pleased that the controlling shareholder (Ackers P Investment Company Limited), a company connected to our Chairman Jeremy Pilkington, has indicated to the Board that they remain fully committed to Vp.

Throughout the FSP it has been a case of business as usual within our trading divisions with distractions successfully kept to an absolute minimum. At our recent AGM on 21 July 2022, Jeremy commented that "trading within the business has been positive into the new financial year."

We have strategic growth plans in place for all of our businesses and we intend to execute those plans and continue to deliver on our long-term track record of creating shareholder value."

Enquiries

Vp plc   [phone]

Neil Stothard, Chief Executive 

Allison Bainbridge, Group Finance Director

Rothschild & Co   [phone]

John Deans

Stephen Griffiths 

Daniel Chetcuti

Inside Information

The information contained within this announcement is deemed by Vp to constitute inside information as stipulated under the Market Abuse Regulation (EU) no. 596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018). On the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

Notice related to financial adviser

N.M. Rothschild & Sons Limited ("Rothschild & Co"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for Vp and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Vp for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.

Additional Information

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer 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 this announcement or otherwise. Any offer, if made, will be made solely by certain offer documentation which will contain the full terms and conditions of any offer, including details of how it may be accepted. The distribution of this announcement in jurisdictions other than the United Kingdom and the availability of any offer to shareholders of Vp who are not resident in the United Kingdom may be affected by the laws of relevant jurisdictions. Therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom or shareholders of Vp who are not resident in the United Kingdom will need to inform themselves about, and observe any applicable requirements.

 

END

 

 

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