Bioquell PLC Disclosure under Rule 2.10 (7067K)

TIDMBQE

RNS Number : 7067K

Bioquell PLC

17 December 2018

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

Disclosure under Rule 2.10 in respect of the

RECOMMED CASH OFFER

for

Bioquell plc ("Bioquell" or the "Company")

by

Ecolab U.S. 2 Inc. ("Ecolab Offeror"), a wholly-owned subsidiary of Ecolab Inc. ("Ecolab")

to be effected by way of scheme of arrangement

under Part 26 of the Companies Act 2006

On 30 November 2018 the boards of Ecolab and Bioquell announced that they had reached agreement on the terms of a recommended cash offer to be made by Ecolab Offeror for the entire issued and to be issued ordinary share capital of Bioquell. At that time it was announced that Ecolab Offeror had received irrevocable undertakings from certain Bioquell Shareholders unconnected to either the Bioquell Directors or Harwood Capital LLP ("Unconnected Shareholders") to vote in favour of the Scheme at the Court Meeting and the resolutions to be proposed at the General Meeting in respect of 2,965,637 Ordinary Shares (representing, in aggregate, approximately 13.27 per cent. of the ordinary share capital of Bioquell in issue on 29 November 2018 (being the latest practicable date prior to the announcement)).

Subsequent to the announcement of 30 November 2018 the number of ordinary shares over which irrevocable commitments have been received from Unconnected Shareholders has increased, as set out in further detail below. This increase is due to the number of ordinary shares held by shareholders connected with the Muir and Salkeld families (as well as the underlying shareholder) being different to the latest beneficial shareholder register available at the time of the announcement on 30 November 2018.

 
                                  As announced on 30                                                     % of Ordinary 
 Shareholder                           November 2018           As at the date of this announcement     Shares in issue 
 John Salkeld                              1,064,674                                     1,046,989                4.7% 
 Alexander Salkeld                                 -                                       159,588                0.7% 
 James Salkeld                                     -                                       159,588                0.7% 
 Victoria Salkeld                                  -                                        51,250                0.2% 
 Andrew Muir                               1,246,000                                     1,190,039                5.3% 
 Ann Muir                                    140,082                                       176,893                0.8% 
 Other Unconnected 
  Shareholders *                             514,881                                       608,064                2.7% 
 Total (Unconnected 
  Shareholders)                            2,965,637                                     3,392,411               15.2% 
 

* On 10 December2018 it was announced that Simon Constantine had transferred 93,183 ordinary shares in the Company to his wife, Joanna Constantine, for nil consideration. As there was a corresponding decrease in director irrevocable undertakings there is no net change in the total number of ordinary shares over which irrevocable undertakings have been given as a result of this transfer.

Ecolab Offeror has therefore received irrevocable undertakings or a letter of intent in respect of 12,649,757 Ordinary Shares (representing, in aggregate, approximately 56.59 per cent. of the ordinary share capital of Bioquell in issue on 29 November 2018).

Unless otherwise defined, capitalised terms used in this announcement shall have the meanings given to them in the Rule 2.7 announcement released by the Company at 7.05am on 30 November 2018.

 
 Enquiries: 
 Ecolab Inc.                                    Tel: [phone] 
                                                 2809 
 Mike Monahan, Senior Vice President - 
  External Relations 
 Bioquell plc                                   Tel: [phone] 
 Ian Johnson, Executive Chairman 
 Michael Roller, Group Finance Director 
 Nplus1 Singer Advisory LLP, Joint Financial    Tel: [phone] 
  Adviser, Financial Adviser for the purposes 
  of Rule 3 of the Takeover Code and broker 
  to Bioquell 
 Mark Taylor 
  James White 
  George Tzimas 
 Brown, Gibbons, Lang & Company Securities,     Tel: [phone] 
  Inc., Joint Financial Adviser to Bioquell      1600 
 John Riddle 
  Kyle Brown 
 

IMPORTANT NOTICES

N+1 Singer, which is authorised and regulated in the UK by the Financial Conduct Authority, is acting exclusively for Bioquell and no one else in connection with the matters set out in this announcement. In connection with such matters, N+1 Singer will not regard any other person as their client, nor will they be responsible to any other person for providing the protections afforded to clients of N+1 Singer or for providing advice in relation to any matter referred to herein.

Neither N+1 Singer nor any of its subsidiaries, affiliates or branches owes or accepts any duty, liability or responsibility whatsoever (whether direct, indirect, consequential, whether in contract, in tort, under statute or otherwise) to any person who is not a client in connection with this announcement, any statement contained herein or otherwise.

BGL, which is a registered broker dealer with the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the State of Ohio Division of Securities and the Illinois Securities Department in the US, is acting as financial adviser to Bioquell in connection with the matters set out in this announcement.

Neither BGL nor any of its subsidiaries, affiliates or branches owes or accepts any duty, liability or responsibility whatsoever (whether direct, indirect, consequential, whether in contract, in tort, under statute or otherwise) to any person who is not a client in connection with this announcement, any statement contained herein or otherwise.

EY, which is authorised and regulated in the United Kingdom by the FCA, has been appointed by Ecolab and Ecolab Offeror to provide the cash confirmation statement in connection with the Offer and will not be acting for any other person or otherwise be responsible to any other person for providing the protections afforded to customers of EY. EY accordingly disclaims to the fullest extent permissible by law all and any liability to any person who is not a client of EY whether in tort, contract or otherwise.

This announcement is for information purposes only and is not intended to, and does not constitute, or form part of any offer, invitation, inducement or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of or exercise rights in respect of any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Offer or otherwise. The Offer will be made solely through the Scheme Document and the accompanying Forms of Proxy (or by any other document by which the Offer is made), which will together contain the full terms and conditions of the Offer, including details of how to vote in favour of or accept the Offer. Any decision in respect of, or other response to, the Offer should be made only on the basis of the information contained in the Scheme Document or any document by which the Offer is made.

Overseas Shareholders

The availability of the Offer to Overseas Shareholders and the distribution of this announcement in, into or from jurisdictions other than the United Kingdom may be restricted by law. Persons who are not resident in the United Kingdom or who are subject to other jurisdictions should inform themselves of, and observe, any applicable restrictions.

The Offer relates to shares of a United Kingdom company and is proposed to be effected by means of a scheme of arrangement 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 US Exchange Act. Accordingly, the Scheme is subject to the disclosure requirements, rules and practices applicable in the United Kingdom to schemes of arrangement, which differ from the requirements of the US proxy solicitation and tender offer rules and the laws of other jurisdictions outside the United Kingdom.

Ecolab Offeror reserves the right to elect, with the consent of the Panel, to implement the Offer by way of a Takeover Offer. In such event, the Takeover Offer will be made in compliance with all applicable laws and regulations, including the United States tender offer rules, to the extent applicable. Such Takeover Offer would be made in the United States by Ecolab Offeror and no one else. In addition to such Takeover Offer, Ecolab Offeror, certain affiliated companies and the nominees or brokers (acting as agents) may make certain purchases of, or arrangements to purchase, Ordinary Shares outside such Takeover Offer during the period in which such Takeover Offer would remain open for acceptance. If such purchases or arrangements to purchase were to be made, they would be made outside the United States and would comply with applicable law, including the US Exchange Act.

Unless otherwise determined by Ecolab Offeror or required by the Takeover Code, and permitted by applicable law and regulation, the Offer shall 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 Scheme by any such use, means, instrumentality or form within a Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. Accordingly, any person (including without limitation, nominees, trustees and custodians) who would, or otherwise intends to, forward this announcement, the Scheme Document or any accompanying document to any jurisdiction outside the United Kingdom should refrain from doing so and seek appropriate professional advice before taking any action. If any Overseas Shareholder remains in any doubt, it should consult an appropriate independent professional adviser in its relevant jurisdiction without delay. In particular, the ability of persons who are not resident in the United Kingdom to vote their Scheme Shares at the Court Meeting or their Ordinary Shares at the General Meeting or to execute and deliver Forms of Proxy appointing another to vote their Scheme Shares in respect of the Court Meeting or their Ordinary Shares in respect of the General Meeting on their behalf, may be affected by the laws of the relevant jurisdiction in which they are located.

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 Offer disclaim any responsibility or liability for the violation of such restrictions by any person.

This announcement has been prepared for the purposes of complying with the law of England and Wales and the Takeover 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.

This announcement is not intended to, and does not, constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval pursuant to the Scheme or otherwise, in any jurisdiction in which such offer, invitation or solicitation is unlawful.

Disclosure Requirements of the Takeover Code

Under Rule 8.3(a) of the Takeover 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 Takeover 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 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 [phone] if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

Publication on Website(s) and availability of hard copies

A copy of this announcement will be available free of charge (subject to any applicable restrictions with respect to persons resident in Restricted Jurisdictions) on Bioquell's website and Ecolab's website (http://www.bioquellplc.com/investors and https://investor.ecolab.com respectively) by no later than 12 noon on the day after this announcement.

Neither the contents of these websites nor the content of any other website accessible from hyperlinks on such websites is incorporated into, or forms part of, this announcement.

You may request a hard copy of this announcement (and any information incorporated by reference in this announcement), free of charge, by contacting Link Asset Services during business hours on 0871 664 0300 within the United Kingdom or on [phone] from overseas or by submitting a request in writing to [e-mail]. 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. Lines will be open between 9.00 am to 5.30 pm, Monday to Friday excluding public holidays in England and Wales. Unless you make such a request, a hard copy of this announcement and any such information incorporated by reference in it will not be sent to you. You may also request that all future documents, announcements and information to be sent to you in relation to the Offer be in hard copy form.

Rounding

Certain figures included in this announcement have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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December 17, 2018 07:22 ET (12:22 GMT)