Update in relation to possible merger

RNS Number : 0210P

Worthington Group PLC

11 November 2016

 

Worthington Group plc ("the Company" or "Worthington")

11^th November 2016

FOR IMMEDIATE RELEASE

Update in relation to possible merger

Pursuant to Rule 2.6 (c) of the City Code on Takeovers and Mergers (the "Code"), the Company has requested a 56 day extension to the period of time whereby Nuna Minerals A/S ("Nuna") must, under Rule 2.6 (a) of the Code, either announce a firm intention to make an offer for the Company, or announce that it does not intend to make an offer. The Takeover Panel has consented to this extension. Therefore the deadline is now 5pm on 6^th January 2017. 

Further to the announcements on 17^th and 26^th October 2016, the Company continues to make progress in respect of the proposed Company Voluntary Arrangement in anticipation of the court meeting scheduled for 21^st November 2016 to hear the petition of the pension fund trustees to wind up the company.

The Company notes Nuna's announcement on 13^th October that on 26^th September 2016 the High Court of Greenland annulled the earlier bankruptcy ruling which ruled in favour of the bankruptcy petition claim made by the former CEO of Nuna, Mr Ole Christiansen. The parties remain in contact about a possible offer for the Company.

There can be no certainty that these discussions will lead to an offer being made for the Company, nor as to the terms on which any offer may be made.

About Worthington Group Plc ("Worthington")

Worthington (Stock Exchange LSE: WRN) is a British investment company that  celebrates its 62^nd anniversary as a London Stock Exchange main market listed company this year. The Company has four areas of investment focus: property, litigation claims, new economy and emerging markets. The Company believes that exceptional shareholder returns can be achieved by utilising its main market Sterling paper to acquire investments in these sectors worldwide.

Note: Forward-looking statements contained in this announcement, including Worthington's strategy and plans, as well as expectations for future revenue and earnings, reflect Worthington's   current views and assumptions with respect to future events and are subject to certain risks, uncertainties and assumptions. There are many factors that may cause actual results achieved to differ materially from expectations for future results and expectations that may be expressed in or form an assumption of such forward-looking statements. Such factors include risks related to the day to day business of Worthington, client volatility, sales fluctuations, the general economic climate, political and environment and  other risks,  cancellations,  software failures and interruption to service to customers due to technical problems, acquisition delays  and failure as well as other uncertainties related to the results of Worthington including risks of delays or closure of projects, price falls, currency fluctuations and changes in contract terms, legislation and administrative practices, as well as competition risk and other unforeseen factors. If one or more of such risks or factors of uncertainty were to materialise, or should one or more of the statements provided prove to be incorrect, actual developments may differ materially from the forward-looking statements contained in this announcement.

Enquiries:

Media information                                                                            Tel: [phone]

or email: [e-mail]

PD Cosec - Company Secretary                                                     Tel: [phone]

Website: www.worthingtongroupplc.com

 

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