CityFibre Infrastructure Hldgs PLC Update to Scheme Timetable (4818R)

TIDMCITY

RNS Number : 4818R

CityFibre Infrastructure Hldgs PLC

15 June 2018

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 OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

15 June 2018

RECOMMED CASH ACQUISITION

of

CITYFIBRE INFRASTRUCTURE HOLDINGS PLC

by

CONNECT INFRASTRUCTURE BIDCO LIMITED

(a newly formed company indirectly jointly-controlled by a consortium

formed by Antin and West Street Infrastructure Partners)

Update to Scheme Timetable

Further to the announcement on 12 June 2018 regarding the satisfaction of the Conditions contained in paragraphs 4 and 5 of Part A of Part 4 of the Scheme Document relating to antitrust and regulatory clearances, the board of CityFibre now expects completion of the Acquisition to proceed according to the updated "Expected Timetable of Principal Events" set out below. In particular, it is noted that the Court Hearing to sanction the Scheme has been scheduled for 19 June 2018 and the Effective Date of the Scheme is expected to be 21 June 2018.

The Scheme remains subject to the sanction by the Court at the Court Hearing and the satisfaction or (if capable of waiver) the waiver of the remaining Conditions to the Scheme (as set out in the Scheme Document).

Defined terms used in this announcement have the same meanings as are given to them in the scheme document published on 10 May 2018 (the "Scheme Document").

UPDATED EXPECTED TIMETABLE OF PRINCIPAL EVENTS

 
 Court Hearing                                     19 June 2018 
 Last day of dealings in, and for registration     20 June 2018 
  of transfers of, and disablement in 
  CREST of, CityFibre Shares 
 Scheme Record Time                                6.00 p.m. on 20 June 
                                                    2018 
 Dealings in CityFibre Shares suspended            7.30 a.m. on 21 June 
                                                    2018 
 Effective Date of the Scheme                      21 June 2018 
 Cancellation of admission to trading              by 8.00 a.m. on 22 
  of CityFibre Shares                               June 2018 
 Latest date for despatch of cheques               5 July 2018 
  or settlement through CREST in respect 
  of the Cash Consideration 
 Latest date by which the Scheme must              31 October 2018 (1) 
  be implemented 
 

(1) The latest date by which the Scheme must be implemented may be extended by agreement between CityFibre and Bidco with the prior consent of the Panel and (if required) the approval of the Court.

All times shown in this announcement are London times, unless otherwise stated. The dates and times given are indicative only and are based on CityFibre's current expectations and may be subject to change. If any of the expected times and/or dates below change, the revised times and/or dates will be notified to CityFibre Shareholders by an announcement through a Regulatory Information Service.

Enquiries

 
 CityFibre Infrastructure Holdings      Tel: [phone] 
  plc 
  Greg Mesch, Chief Executive Officer 
  Terry Hart, Chief Financial Officer 
 Rothschild                             Tel: [phone] 
  (Financial adviser to CityFibre) 
  Anton Black 
  Warner Mandel 
  Mitul Manji 
 finnCap                                Tel: [phone] 
  (Nominated adviser and joint broker 
  to CityFibre) 
  Stuart Andrews 
  Chris Raggett 
 Liberum                                Tel: [phone] 
  (Joint broker to CityFibre) 
  Steve Pearce 
  Richard Bootle 
 Vigo Communications                    Tel: [phone] 
  (PR adviser to CityFibre) 
  Jeremy Garcia 
  Fiona Henson 
 

Important notices

N M Rothschild & Sons Limited ("Rothschild"), which is authorised and regulated by the FCA in the United Kingdom is acting exclusively as financial adviser for CityFibre and no one else in connection with the Acquisition and will not be responsible to anyone other than CityFibre for providing the protections afforded to clients of Rothschild nor for giving advice in relation to the Acquisition or any other matters referred to in this Announcement. Neither Rothschild 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 Rothschild in connection with the matters referred to in this Announcement.

finnCap Limited ("finnCap"), which is authorised and regulated by the FCA in the United Kingdom is acting exclusively as nominated adviser and joint broker for CityFibre and no one else in connection with the Acquisition and will not be responsible to anyone other than CityFibre for providing the protections afforded to clients of finnCap nor for giving advice in relation to the Acquisition or any other matters referred to in this Announcement. Neither finnCap 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 finnCap in connection with the matters referred to in this Announcement.

Liberum Capital Limited ("Liberum"), which is authorised and regulated by the FCA in the United Kingdom is acting exclusively as joint broker for CityFibre and no one else in connection with the Acquisition and will not be responsible to anyone other than CityFibre for providing the protections afforded to clients of Liberum nor for giving advice in relation to the Acquisition or any other matters referred to in this Announcement. Neither Liberum 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 Liberum in connection with the matters referred to in this Announcement.

Further information

This Announcement is for information purposes only and is not intended to and does not constitute, or form part of, an offer to sell or subscribe for or an 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, nor shall there be any purchase, sale or exchange of securities or such solicitation in any jurisdiction in which such offer, solicitation or sale or exchange would be unlawful prior to the registration or qualification under the laws of such jurisdiction. The Acquisition will be made solely pursuant to the terms of the Scheme Document and the accompanying Forms of Proxy, which contain the full terms and conditions of the Acquisition, including details of how to vote in respect 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. CityFibre Shareholders are advised to read the Scheme Document and the accompanying Forms of Proxy in their entirety before making a decision.

Overseas jurisdictions

The release, publication or distribution of this Announcement in certain jurisdictions may be restricted by law and may affect the availability of the Acquisition to persons who are not resident in the United Kingdom. Persons who are not resident in the United Kingdom, or who are subject to laws of any jurisdiction other than the United Kingdom, should inform themselves about, and observe any applicable requirements. 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. In particular, the ability of persons who are not resident in the United Kingdom to vote their CityFibre Shares at the Court Meeting or the General Meeting, or to execute and deliver Forms of Proxy appointing another to vote their CityFibre Shares in respect of the Court Meeting or the General Meeting on their behalf, may be affected by the laws of the relevant jurisdiction in which they are located. This Announcement has been prepared for the purpose of complying with the laws of England and Wales, 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.

Any failure to comply with the applicable legal or regulatory requirements may constitute a violation of the laws and/or regulations of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Acquisition disclaim any responsibility and liability for the violation of such restrictions by any person.

The Acquisition will not be made, directly or indirectly, in or into or by use of the mails or any other means or instrumentality (including, without limitation, telephonic or electronic) of interstate or foreign commerce of, or any facility of a national, state or other securities exchange of, a Restricted Jurisdiction, and the Acquisition will not be capable of acceptance by any such use, means, instrumentality or facility or from within a Restricted Jurisdiction. Accordingly, copies of this Announcement and formal documentation relating to the Acquisition are not being, and must not be, directly or indirectly, mailed or otherwise forwarded or distributed in, into or from a Restricted Jurisdiction and persons receiving this Announcement (including custodians, nominees and trustees) must not distribute or send it into or from a Restricted Jurisdiction. In the event that the Acquisition is implemented by way of a Takeover Offer and extended into the US, Bidco will do so in satisfaction of the procedural

and filing requirements of the US securities laws at that time, to the extent applicable thereto. The Acquisition relates to the shares of an English company and it is proposed to be made by means of a scheme of arrangement provided for under the laws of England and Wales. The Scheme relates to the shares of an English company that is a "foreign private issuer" as defined under Rule 3b-4 under the US Securities Exchange Act of 1934, as amended (the "US Exchange Act"). A transaction effected by means of a scheme of arrangement is not subject to the shareholder vote, proxy solicitation and tender offer rules under the US Exchange Act. Accordingly, the Scheme is subject to the disclosure requirements, rules and practices applicable in the UK to schemes of arrangement, which differ from the disclosure requirements and practices of US shareholder vote, proxy solicitation and tender offer rules.

Financial statements, and all financial information included in the relevant documentation, will have been prepared in accordance with accounting standards applicable in the UK and may not be comparable to the financial statements of US companies or other companies whose financial statements are prepared in accordance with US generally accepted accounting principles. However, if Bidco were to elect to implement the Acquisition by means of a Takeover Offer and extend such Takeover Offer into the US, such Takeover Offer shall be made in compliance with applicable UK and US securities laws and regulations, including the US tender offer rules. Such Takeover Offer would be made in the US by Bidco and no one else. In addition to any such Takeover Offer, Bidco, certain affiliated companies and the nominees or brokers (acting as agents) may make certain purchases of, or arrangements to purchase, shares in CityFibre outside such Takeover Offer during the period in which such Takeover Offer would remain open for acceptance. If such purchases or arrangements to purchase are made they would be made outside the United States in compliance with applicable law, including the US Exchange Act.

Further details in relation to Overseas Shareholders are contained in the Scheme Document.

Forward-looking statements

This Announcement (including information incorporated by reference in this Announcement) may contain certain "forward-looking statements" with respect to Bidco or CityFibre. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "will", "may", "should", "would", "could" or other words or terms of similar meaning or the negative thereof. Forward-looking statements include statements relating to the following: (i) future capital expenditures, expenses, revenues, earnings, synergies, economic performance, indebtedness, financial condition, dividend policy, losses and future prospects; (ii) business and management strategies and the expansion and growth of Bidco or CityFibre and potential synergies resulting from the Acquisition; and (iii) the effects of government regulation on the business of Bidco or CityFibre. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or developments to differ materially from those expressed in or implied by such forward-looking statements.

Such forward looking statements are not guarantees of future performance. By their nature, because they relate to events and depend on circumstances that will occur in the future, these forward-looking statements involve known and unknown risks, uncertainties that could significantly affect expected results and are based on certain key assumptions and other factors which may cause actual results, performance or developments to differ materially from those expressed in or implied by such forward-looking statements.

These factors include, but are not limited to, the satisfaction of the conditions to the Acquisition, as well as additional factors, such as changes in political and economic conditions, changes in the level of capital investment, retention of key employees, changes in customer habits, success of business and operating initiatives and restructuring objectives, impact of any acquisitions or similar transactions, changes in customers' strategies and stability, competitive product and pricing measures, changes in the regulatory environment, fluctuations of interest and/or exchange rates and the outcome of any litigation.

These forward-looking statements are based on numerous assumptions regarding present and future strategies and environments. You are cautioned not to place any reliance on such forward-looking statements, which speak only as of the date hereof. All subsequent oral or written forward-looking statements attributable to the Consortium, Bidco or CityFibre or any person acting on their behalf are expressly qualified in their entirety by the cautionary statement above. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this Announcement. The Consortium, Bidco and CityFibre assume no obligation to update publicly or revise forward-looking or other statements contained in this Announcement, whether as a result of new information, future events or otherwise, except to the extent legally required.

No profit forecasts or estimates

No statement in this Announcement is intended as a profit forecast or estimate for any period and no statement in this Announcement should be interpreted to mean that earnings or earnings per ordinary share for CityFibre for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per ordinary share for CityFibre.

Publication on website and availability of hard copies

A copy of this Announcement and the documents required to be published pursuant to Rule 26.1 of the Code will be made available (subject to certain restrictions relating to persons resident in Restricted Jurisdictions), free of charge, at www.cliftoninvestment.com and www.cityfibre.com by no later than 12:00 noon (London time) on the Business Day following the date of publication of this Announcement. The content of the websites referred to in this Announcement is not incorporated into and does not form part of this Announcement.

In accordance with Rule 30.3 of the Code, a person so entitled may request a hard copy of this Announcement, free of charge, by contacting CityFibre's Company Secretary between 9:00 am and 5:00 pm (London time) Monday to Friday (except UK public holidays) on 0203 5100 602 from within the United Kingdom or on [phone] if calling from outside the United Kingdom. In accordance with Rule 30.3 of the Code, a person so entitled may also request that all future documents, announcements and information to be sent to them in relation to the Acquisition should be in hard copy form.

Disclosure requirements of the 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, 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. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on [phone].

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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June 15, 2018 02:00 ET (06:00 GMT)