REG - Finsbury Food Group - Court Sanction of Scheme of Arrangement

Finsbury FoodAnnouncement

14/11/2023 16:30

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RNS Number : 4414T  Finsbury Food Group PLC  14 November 2023

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 SUCH JURISDICTION

FOR IMMEDIATE RELEASE

14 November 2023

RECOMMENDED ACQUISITION

of

FINSBURY FOOD GROUP PLC ("FINSBURY")

by

FRISBEE BIDCO LIMITED ("BIDCO")

to be effected by means of a scheme of arrangement

under Part 26 of the Companies Act 2006

COURT SANCTION OF SCHEME OF ARRANGEMENT AND SUSPENSION OF DEALINGS

On 20 September 2023, the boards of directors of Finsbury and Bidco announced
that they had reached agreement on the terms of a recommended offer to be made
by Bidco for the entire issued and to be issued ordinary share capital of
Finsbury (other than the Finsbury Shares held by funds managed by DBAY) (the
"Acquisition"). The Acquisition is being effected by means of a
Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006
(the "Scheme").

Capitalised terms used in this announcement shall, unless otherwise defined,
have the same meanings as set out in the Scheme Document, a copy of which is
available, subject to certain restrictions relating to persons in Restricted
Jurisdictions, on Finsbury's website at:
https://finsburyfoods.co.uk/investor-relations/offer.

Court Sanction of the Scheme

Finsbury is pleased to announce that the High Court of Justice in England and
Wales (the "Court") has today issued the Court Order sanctioning the Scheme
pursuant to which the Acquisition is being implemented.

Accordingly, all of the Conditions to the Acquisition have been satisfied or
waived other than the delivery to the Registrar of Companies of a copy of the
Court Order. This is expected to take place on 16 November 2023, at which
point the Scheme will become Effective.

Suspension of Dealings and Next Steps

The last day of dealings in, and for registrations of transfers of, and
disablement in CREST of, Finsbury Shares will be 15 November 2023 and trading
in Finsbury Shares on the AIM market of the London Stock Exchange will be
suspended with effect from 7:30 a.m. (London time) on 16 November 2023.

It is expected that, subject to the Scheme becoming Effective, the
cancellation of the admission to trading of Finsbury Shares on the AIM market
of the London Stock Exchange will take effect from 7:00 a.m. (London time) on
17 November 2023.

A further announcement will be made when the Scheme becomes Effective.

Timetable Update

An updated expected timetable for the Acquisition is set out below.

All times shown in this announcement are London time unless otherwise stated.
All dates and times are based on Finsbury's and Bidco's current expectations
and are subject to change. If any of the dates/or times in this expected
timetable change, the revised dates and/or times will be notified to Finsbury
Shareholders by announcement through a Regulatory Information Service, with
such announcement also being made available on Finsbury's website
at https://finsburyfoods.co.uk/investor-relations/offer. If required by the
Panel, Finsbury will send notice of the change(s) to Finsbury Shareholders
and, for information only to Finsbury Share Plan Participants.

 Event                                                                          Time and/or date
 Last day of dealings in, and for registrations of transfers of, and            15 November 2023
 disablement in CREST of, Finsbury Shares
 Scheme Record Time                                                             6:00 p.m. on 15 November 2023
 Dealings in Finsbury Shares suspended                                          7:30 a.m. on 16 November 2023
 Effective Date of the Scheme                                                   16 November 2023 ((1))
 Cancellation of admission to trading of Finsbury Shares on AIM                 7:00 a.m. on 17 November 2023
 Latest date for despatch of cheques or settlement through CREST in respect of  By 30 November 2023
 the Cash Consideration
 Latest date for despatch of Consideration Share Certificates                   By 30 November 2023
 Long Stop Date                                                                 31 January 2024 ((2))

 

Notes:

(1)     The Court Order approving the Scheme is expected to be delivered
to the Registrar of Companies two Business Days after the date of the Scheme
Court Hearing, such that the Effective Date is expected to be 16 November
2023. The events which are stated as occurring on subsequent dates are
conditional on the Effective Date and operate by reference to this date.

(2)     This is the latest date by which the Scheme may become Effective.
However, the Long Stop Date may be extended to such later date as Bidco and
Finsbury may agree and the Panel and (if required) the Court may allow.

 

General

A copy of this announcement will be published on Finsbury's website at
https://finsburyfoods.co.uk/investor-relations/offer
(https://finsburyfoods.co.uk/investor-relations/offer) by no later than 12:00
p.m. (London Time) on the Business Day following the publication of this
announcement.

 

Enquiries:

 Finsbury                                                              Tel: +44 (0)29 2035 7500
 John Duffy

 Steve Boyd
 Oppenheimer (Financial adviser under Rule 3 of the Code to Finsbury)  Tel: +44 (0)20 7220 1900
 James Murray

 Anthony Sills
 Panmure Gordon (Nomad and corporate broker to Finsbury)               Tel: +44 (0)20 7886 2500
 Dominic Morley

 Atholl Tweedie

 Rupert Dearden
 Alma (PR adviser to Finsbury)                                         Tel: +44 (0)20 3405 0205
 Rebecca Sanders-Hewett                                                E-mail: finsbury@almapr.co.uk (mailto:finsbury@almapr.co.uk)
 Sam Modlin

CMS Cameron McKenna Nabarro Olswang LLP is providing legal advice to Finsbury.

 

 

IMPORTANT NOTICES

Oppenheimer Europe Limited ("Oppenheimer"), which is authorised and regulated
in the United Kingdom by the FCA, is acting exclusively as financial adviser
under Rule 3 of the Code to Finsbury in connection with the matters set out
herein and for no one else and will not be responsible to anyone other than
Finsbury for providing the protections afforded to its clients or for
providing advice in relation to the matters set out herein. Neither
Oppenheimer nor any of its 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
Oppenheimer in connection with any statement contained herein, the Acquisition
or otherwise.

Panmure Gordon (UK) Limited ("Panmure Gordon"), which is authorised and
regulated by the FCA in the United Kingdom, is acting exclusively for Finsbury
and for no one else in connection with the subject matter of this announcement
and will not be responsible to anyone other than Finsbury for providing the
protections afforded to its clients or for providing advice in connection with
the subject matter of this announcement.

Further information

This announcement is for information purposes only and is not intended to and
does not constitute, or form any part of, an offer to sell or subscribe for or
any invitation to purchase or subscribe for any securities or the solicitation
of any vote or approval in any jurisdiction pursuant to the Acquisition or
otherwise. The Acquisition is being made solely through the Scheme Document
and the accompanying Forms of Proxy and Form of Election, which contain the
full terms and conditions of the Acquisition.  Any approval, decision or
other response to the Acquisition should be made only on the basis of the
information in the Scheme Document. Finsbury Shareholders are strongly advised
to read the formal documentation in relation to the Acquisition. Each Finsbury
Shareholder is urged to consult its independent professional adviser
immediately regarding the tax consequences to it (or its beneficial owners) of
the Acquisition.

This announcement does not constitute a prospectus or prospectus equivalent
document.

Overseas shareholders

The release, publication or distribution of this announcement in, into or from
jurisdictions other than the United Kingdom may be restricted by the laws of
those jurisdictions and therefore any persons who are subject to the laws of
any jurisdiction other than the United Kingdom into whose possession this
announcement comes should inform themselves about, and observe, such
restrictions.  In particular the ability of persons who are not resident in
the United Kingdom to vote their Finsbury Shares at the Court Meeting or
General Meeting, or to appoint another person as proxy to vote at the Court
Meeting or General Meeting on their behalf, may be affected by the laws of the
relevant jurisdictions in which they are located.  Any failure to comply with
any such restrictions may constitute a violation of the securities laws of any
such jurisdiction. To the fullest extent permitted by applicable law, the
companies and persons involved in the Acquisition disclaim any responsibility
or liability for the violation of such restrictions by any person.

This announcement has been prepared for the purpose of complying with the laws
of England and Wales, the Market Abuse Regulation, the AIM Rules and the Code
and the information disclosed may not be the same as that which would have
been disclosed if this announcement had been prepared in accordance with the
laws of jurisdictions outside of England and Wales. Nothing in this
announcement should be relied on for any other purpose.

Unless otherwise determined by Bidco or required by the Code, and permitted by
applicable law and regulation, the Acquisition will not be made available
directly or indirectly in, into or from a Restricted Jurisdiction where to do
so would violate the laws in that jurisdiction and no person may vote in
favour of the Acquisition by use of mail or any other means or instrumentality
(including, without limitation, facsimile, email or other electronic
transmission, telex or telephone) of interstate or foreign commerce of, or any
facility of a national, state or other securities exchange of, any Restricted
Jurisdiction.

Copies of this announcement will not be and must not be, directly or
indirectly, mailed or otherwise forwarded, distributed or sent in, into or
from any Restricted Jurisdiction or any jurisdiction where to do so would
violate the laws of that jurisdiction and persons receiving such documents
(including custodians, nominees and trustees) must not mail or otherwise
forward, distribute or send them in, into or from any Restricted
Jurisdiction.  Doing so may render invalid any related purported vote in
respect of the Acquisition.

Where Bidco believes that an election for the Alternative Offer by any Scheme
Shareholder may infringe applicable legal or regulatory requirements, or may
result in a requirement for a registration under the securities laws of any
Restricted Jurisdiction, Bidco will have the right to deem that such Scheme
Shareholder has not validly elected for the Alternative Offer and such Scheme
Shareholder will instead receive the Cash Offer in respect of the Scheme
Shares which were subject to such an election in accordance with the terms of
the Acquisition.

Further details in relation to Finsbury Shareholders in overseas jurisdictions
are contained in the Scheme Document.

Additional information for US investors

The Acquisition relates to the shares of a UK company and is being made by
means of a scheme of arrangement provided for under the laws of England and
Wales. A transaction effected by means of a scheme of arrangement is not
subject to the proxy solicitation or tender offer rules under the Exchange Act
of 1934, as amended (the "Exchange Act") and is exempt from the registration
requirements of the Securities Act of 1933, as amended (the "Securities
Act").  Accordingly, the Acquisition will be subject to disclosure
requirements and practices applicable in the UK to schemes of arrangement
under the laws of England and Wales, which are different from the disclosure
and other requirements applicable to a US tender offer.

Neither the SEC, nor any US securities commission has approved or disapproved
of any offer of securities referred to in, or commented upon the adequacy or
completeness of any of the information contained in this announcement or the
Scheme Document.  Any representation to the contrary is a criminal offence in
the United States.

Financial information relating to Finsbury included in the Scheme Document has
been prepared in accordance with accounting standards applicable in the United
Kingdom. As a result, such financial information may not be comparable to
financial information of US companies or companies whose financial statements
are prepared in accordance with generally accepted accounting principles in
the United States.

It may be difficult for US holders of Finsbury Shares to enforce their rights
and any claims they may have arising under US Federal securities laws in
connection with the Acquisition, since Finsbury is organised under the laws of
a country other than the United States, and some or all of its officers and
directors may be residents of countries other than the United States, and most
of the assets of Finsbury are located outside of the United States. US holders
of Finsbury Shares may not be able to sue a non-US company or its officers or
directors in a non-US court for violations of US Federal securities laws.
Further, it may be difficult to compel a non-US company and its affiliates to
subject themselves to a US court's jurisdiction or judgment.

Disclosure requirements of the Takeover Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of
any class of relevant securities of an offeree company or of any securities
exchange offeror (being any offeror other than an offeror in respect of which
it has been announced that its offer is, or is likely to be, solely in cash)
must make an Opening Position Disclosure following the commencement of the
offer period and, if later, following the announcement in which any securities
exchange offeror is first identified. An Opening Position Disclosure must
contain details of the person's interests and short positions in, and rights
to subscribe for, any relevant securities of each of (i) the offeree company
and (ii) any securities exchange offeror(s). An Opening Position Disclosure by
a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm
(London time) on the 10th business day following the commencement of the offer
period and, if appropriate, by no later than 3.30 pm (London time) on the 10th
business day following the announcement in which any securities exchange
offeror is first identified. Relevant persons who deal in the relevant
securities of the offeree company or of a securities exchange offeror prior to
the deadline for making an Opening Position Disclosure must instead make a
Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1%
or more of any class of relevant securities of the offeree company or of any
securities exchange offeror must make a Dealing Disclosure if the person deals
in any relevant securities of the offeree company or of any securities
exchange offeror. A Dealing Disclosure must contain details of the dealing
concerned and of the person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the offeree company and
(ii) any securities exchange offeror(s), save to the extent that these details
have previously been disclosed under Rule 8. A Dealing Disclosure by a person
to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London
time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding,
whether formal or informal, to acquire or control an interest in relevant
securities of an offeree company or a securities exchange offeror, they will
be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by
any offeror and Dealing Disclosures must also be made by the offeree company,
by any offeror and by any persons acting in concert with any of them (see
Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant
securities Opening Position Disclosures and Dealing Disclosures must be made
can be found in the Disclosure Table on the Takeover Panel's website at
www.thetakeoverpanel.org.uk, including details of the number of relevant
securities in issue, when the offer period commenced and when any offeror was
first identified. You should contact the Panel's Market Surveillance Unit on
+44 (0)20 7638 0129 if you are in any doubt as to whether you are required to
make an Opening Position Disclosure or a Dealing Disclosure.

Publication on a website and availability of hard copies

In accordance with Rule 26.1 of the Code, a copy of this announcement will be
made available, subject to certain restrictions relating to persons resident
in Restricted Jurisdictions, free of charge on Finsbury's website at
https://finsburyfoods.co.uk/investor-relations/offer. Neither the contents of
this website nor the content of any other website accessible from hyperlinks
on such website is incorporated into, or forms part of, this announcement.

In accordance with Rule 30.3 of the Code, Finsbury Shareholders and persons
with information rights may request a hard copy of this announcement free of
charge, by writing to Link Group, Corporate Actions, Central Square, 29
Wellington Street, Leeds, LS1 4DL, United Kingdom or by calling Link Group on
+44 (0) 371 664 0321. Calls are charged at the standard geographic rate and
will vary by provider. Calls outside the United Kingdom will be charged at the
applicable international rate. The helpline is open between 9:00 a.m. - 5:30
p.m., Monday to Friday excluding public holidays in England and Wales. Please
note that Link Group cannot provide any financial, legal or tax advice and
calls may be recorded and monitored for security and training purposes.

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