To view the PDF file, sign up for a MySharenet subscription.

INTU PROPERTIES PLC - No intention to bid statement regarding Intu Properties Plc (intu)

Release Date: 29/11/2018 08:32
Code(s): ITU     PDF:  
Wrap Text
No intention to bid statement regarding Intu Properties Plc (“intu”)

INTU PROPERTIES PLC
(Registration number UK3685527)
ISIN Code:      GB0006834344
JSE Code:       ITU



LEI: 213800JSNTERD5CJZO95

FOR IMMEDIATE RELEASE

29 NOVEMBER 2018

INTU PROPERTIES PLC


No Intention To Bid Statement Regarding Intu Properties Plc (“Intu”)

The attached announcement was issued earlier this morning by the Consortium.


ENDS


ENQUIRIES
Susan Marsden            Group Company Secretary       +44 (0)20 7887 7000


JSE Sponsor:
Merrill Lynch South Africa (Pty) Limited



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 IS AN ANNOUNCEMENT TO WHICH RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND
MERGERS (THE “CODE”) APPLIES.

                    THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

                                              29 November 2018

                   No intention to bid statement regarding intu properties plc (“intu”)

Following press speculation, on 4 October 2018 The Peel Group (“Peel”), The Olayan Group (“Olayan”) and
Brookfield Property Group on behalf of funds or vehicles which are managed or advised by it (“Brookfield”),
(together the “Consortium”) confirmed that it was in the preliminary stages of considering a possible cash offer
for the issued (and to be issued) share capital of intu not already owned by members of the Consortium.

The Consortium hereby states that it does not intend to make an offer for the issued (and to be issued) share
capital of intu not already owned by members of the Consortium and is consequently, except with the consent
of the Panel, bound by the restrictions set out under Rule 2.8 of the Code.

The Consortium is highly appreciative of the cooperation shown by intu's board of directors and management
team over the past six weeks. However, given the uncertainty around current macroeconomic conditions and
the potential near-term volatility across markets, the Consortium is not able to proceed with an offer within a
timeframe which is manageable within the confines of the Code timetable.

Under Note 2 on Rule 2.8 of the Code, the Consortium, each member of the Consortium and any person acting
in concert with a member of the Consortium, reserves the right to set aside the restrictions in Rule 2.8 in the
following circumstances: (i) with the agreement of the board of intu; (ii) if a third party announces a firm
intention to make an offer for intu; (iii) if intu announces a "whitewash" proposal (see Note 1 of the Notes on
Dispensations from Rule 9) or a reverse takeover (as defined in the Code); or (iv) if there has been a material
change of circumstances (as determined by the Panel on Takeovers and Mergers).

As at the date of this announcement, Peel and Olayan, and their respective concert parties remain interested in
405,669,386 shares in intu in aggregate, representing approximately 29.9% of the share capital of intu.
Brookfield has no interests in any shares in intu.

Enquiries:

Peel Group                                                                     +44 16 1629 8200
Paul Newman
Steven Underwood

The Olayan Group                                                               +1 212 418 2700



Richard Hobson

Brookfield Property Group                                                         +44 20 7408 8375
Marie Fuller

Credit Suisse, financial adviser to the Consortium                                +44 20 7888 8888
George Maddison
Steffen Doyle
Joe Hannon

Important notices

In accordance with Rule 26.1 of the Code, a copy of this announcement will be available on Brookfield’s
website at (www.Brookfield.com). The content of the website referred to in this announcement is not
incorporated into and does not form part of this announcement.

This communication is not intended to and does not constitute an offer to buy or the solicitation of an offer to
subscribe for or sell or an invitation to purchase or subscribe for any securities or the solicitation of any vote
in any jurisdiction.

The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law
and therefore persons into whose possession this announcement comes should inform themselves about, and
observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities
law of any such jurisdictions.

Credit Suisse International (“Credit Suisse”), which is authorised by the Prudential Regulation Authority and
regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK, is acting as
lead financial adviser exclusively for the Consortium and no one else in connection with the matters set out in
this announcement and will not be responsible to any person other than the Consortium for providing the
protections afforded to clients of Credit Suisse, nor for providing advice in relation to the content of this
announcement or any matter referred to herein. Neither Credit Suisse nor any of its subsidiaries, branches or
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 Credit Suisse in connection
with this announcement, any statement contained herein or otherwise.




                                                         

Date: 29/11/2018 08:32:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story