Intu Properties Plc Statement re Hammerson plc

 
TIDMINTU 
 
Press Release 
 
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 OR REGULATIONS OF THAT JURISDICTION 
 
LEI: 213800JSNTERD5CJZO95 
 
Regulated Information Classification: Additional regulated information required 
to be disclosed under the laws of a Member State of the EU 
 
18 APRIL 2018 
 
INTU PROPERTIES PLC ('INTU') 
 
STATEMENT RE HAMMERSON PLC ('HAMMERSON') 
 
intu notes the announcement issued by the Board of Hammerson this morning 
withdrawing its recommendation that its shareholders vote in favour of its 
all-share offer for intu (the "intu Transaction"). 
 
As recently as 19 March 2018, in its first response to the approach by 
Klépierre S.A., Hammerson reaffirmed its intention to proceed with the intu 
Transaction stating that "the Board of Hammerson remains fully committed to 
[the intu Transaction], which the Board continues to believe will deliver 
significant value for Hammerson shareholders." 
 
Further, Hammerson issued a positive trading update on 5 April 2018. 
 
intu also issued a trading update on 17 April 2018 which underlined its strong 
trading performance. 
 
intu therefore regards as unsatisfactory the explanations given by the Board of 
Hammerson for its withdrawal of its recommendation of the intu Transaction, a 
transaction which intu has been pursuing in good faith since its announcement 
on 6 December 2017. 
 
The Board of intu is entirely confident of intu's commercial future and 
prospects. The trading update issued yesterday underlined the key strengths of 
intu's business. intu will further update shareholders in due course on its 
plans. 
 
The Board of intu will be meeting to consider Hammerson's request not to 
convene a shareholders' meeting to vote on the intu Transaction. 
 
intu properties plc 
 
Susan Marsden                      Group Company Secretary               +44 
(0)20 7887 7073 
 
DISCLOSURE REQUIREMENTS 
 
Under Rule 8.3(a) of the Code, any person who is interested in 1 per cent 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 p.m. (London time) on the 10th business day following the 
commencement of the offer period and, if appropriate, by no later than 3.30 
p.m. (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 
per cent 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 p.m. (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 
[phone] if you are in any doubt as to whether you are required to 
make an Opening Position Disclosure or a Dealing Disclosure. 
 
NOTES FOR EDITORS 
 
intu owns and manages some of the best shopping centres, in some of the 
strongest locations, in the UK and Spain. 
 
Our UK portfolio is made up of 17 centres, including eight of the top 20, and 
in Spain we own three of the country's top 10 centres, with advanced plans to 
build a fourth. 
 
We are passionate about creating compelling experiences, in centre and online, 
that make our customers smile and help our retailers flourish. 
 
We attract over 400 million customer visits and 26 million website visits a 
year offering a multichannel approach that truly supports retail strategies. In 
2017, we launched the UK's first tailor-made promotional services model to help 
brands as they look to optimise their portfolio or expand their UK coverage. 
 
Our strategic focus on prime, high-footfall flagship destinations, combined 
with the strength and popularity of our brand, means that intu offers enhanced 
footfall, dwell time and loyalty. This helps our retailers flourish, driving 
occupancy and income growth. 
 
We are committed to our local communities, with our centres supporting over 
120,000 jobs (representing about 3 per cent of the total UK retail workforce), 
and to operating with environmental responsibility. We have already met or 
exceeded a significant number of our 2020 environmental targets. 
 
A copy of this press release is available for download from our website at 
intugroup.co.uk. 
 
 
 
END 
 

(END) Dow Jones Newswires

April 18, 2018 02:46 ET (06:46 GMT)