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Share Name Share Symbol Market Type Share ISIN Share Description
Stadium Grp. LSE:SDM London Ordinary Share GB0008375098 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 121.00p 0.00p 0.00p - - - 0 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 61.1 4.0 9.2 13.2 46.20

Stadium Group PLC Results of Court Meeting and General Meeting

09/04/2018 4:46pm

UK Regulatory (RNS & others)


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RNS Number : 3261K

Stadium Group PLC

09 April 2018

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR 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

9 april 2018

RECOMMED ACQUISITION

of

STADIUM GROUP PLC

("Stadium" or the "Company")

by

TT ELECTRONICS PLC

("TT")

Results of Court Meeting and General Meeting held on 9 April 2018

On 15 February 2018, the boards of TT and Stadium announced that they had reached agreement on the terms of a recommended acquisition, pursuant to which TT will acquire the entire issued and to be issued share capital of Stadium (the "Acquisition") to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme").

The Board of Stadium is pleased to announce that, at the Court Meeting and the General Meeting convened in relation to the proposed Scheme and held earlier today, all resolutions proposed, details of which are set out in the notices of the Meetings contained in the scheme document dated 15 March 2018 (the "Scheme Document"), were passed by the requisite majorities and accordingly the Scheme was approved.

A majority in number of the Scheme Shareholders who voted (either in person or by proxy), representing not less than 75 per cent. in value of the Scheme Shares held by Scheme Shareholders approved the Scheme at the Court Meeting.

Stadium Shareholders voted to pass the special resolution in connection with, amongst other things, the amendment of the Company's articles of association and authorised the directors of Stadium (or a duly authorised committee of the directors) to take all such action as they may consider necessary or appropriate for carrying the Scheme into effect, at the General Meeting.

A summary of the voting results is set out below.

Capitalised terms used but not otherwise defined in this announcement (the "Announcement") have the meanings given to them in the Scheme Document.

Voting results of the Court Meeting

The table below sets out the results of the poll at the Court Meeting. Each Scheme Shareholder, present in person or by proxy was entitled to one vote per Scheme Share held at the Voting Record Time.

 
                        Votes       For     Votes     Against 
                          For        %      Against      % 
-------------------  -----------  ------  ---------  -------- 
 No. of Scheme 
  Shares voted        21,290,293   99.91    18,260     0.09 
-------------------  -----------  ------  ---------  -------- 
 No. of Scheme 
  Shareholders who 
  voted                  110       93.22      8        6.78 
-------------------  -----------  ------  ---------  -------- 
 No. of Scheme 
  Shares voted as 
  a percentage of 
  the total number 
  of Scheme Shares       N/A       55.77     N/A       0.05 
-------------------  -----------  ------  ---------  -------- 
 

Voting results of the General Meeting

The table below sets out the results of the poll at the General Meeting. Each Stadium Shareholder, present in person or by proxy, was entitled to one vote per Stadium Share held at the Voting Record Time.

 
 Special                  No.        For     No. of     Against   Total        Withheld 
  Resolution            of Votes      %       Votes        %       No.          (number)** 
                           For               Against               of Votes 
--------------------  -----------  ------  ----------  --------  -----------  ------------ 
 Approval 
  of the amendment 
  to the Company's 
  articles 
  of association 
  and authorisation 
  of the directors 
  of Stadium 
  (or a duly 
  authorised 
  committee 
  of the directors) 
  to take 
  all such 
  action as 
  they may 
  consider 
  necessary 
  or appropriate 
  for carrying 
  the Scheme 
  into effect          17,938,186   93.88   1,170,115    6.12     19,108,301      1,648 
--------------------  -----------  ------  ----------  --------  -----------  ------------ 
 

**A withheld vote is not a vote in law and, accordingly, is not counted in the calculation of the proportion of votes "For" and "Against" the resolution concerned. Any proxy appointments which gave discretion to the Chairman have been included in the vote "For" total.

The total number of Stadium Shares in issue at the Voting Record Time was 38,178,122.

Effective Date and Timetable

The Scheme remains subject to the satisfaction or (if capable of waiver) waiver of the remaining Conditions set out in the Scheme Document, including the Court's sanction of the Scheme at the Court Hearing, which is expected to be held on 17 April 2018 and the delivery of a copy of the Court Order to the Registrar of Companies.

The expected timetable of principal events for the implementation of the Scheme remains as set out on page 9 of the Scheme Document.

On the basis of the current timetable for the Scheme, the Scheme is expected to become effective on 18 April 2018 (the "Effective Date"). The last day of dealings in, and for registration of transfers of, Stadium Shares will be 16 April 2018 with all dealings in Stadium Shares being suspended at 7.30 a.m. on 17 April 2018. At 7.00 a.m. on 19 April 2018, the admission of Stadium Shares to trading on AIM is expected to be cancelled.

It is intended that by 7.00 a.m. on the business day following the Effective Date, share certificates in respect of Stadium Shares will cease to be valid and entitlements to Stadium Shares held within the CREST system will be cancelled.

 
 Enquiries: 
 Stadium Group plc                          Tel: +44 (0) 
                                             118 931 1199 
 
   Nick Brayshaw OBE, Chairman 
 N+1 Singer (Financial Adviser              Tel: +44 (0) 
  and Broker to Stadium)                     207 496 3000 
 
   Richard Lindley 
 
   James White 
 
 Walbrook PR (PR Adviser to Stadium) 
 Paul McManus                               Tel: +44 (0) 
                                             20 7933 8780 
 TT Electronics plc 
                                            Tel: +44 (0)1932 
   Richard Tyson, Chief Executive            825 300 
   Officer 
 
   Mark Hoad, Chief Financial Officer 
 
   Emma Darke, Head of Investor Relations 
   and Communications 
 Rothschild (Financial Adviser 
  to TT)                                      Tel: +44 (0)20 
                                              7280 5000 
 Neil Thwaites 
 Numis (Corporate Broker to TT) 
  Luke Bordewich                              Tel: +44 (0) 
  Michael Burke                               20 7260 1000 
 MHP (PR Adviser to TT)                     Tel: +44 (0)20 
                                             3128 8100 
 
   Tim Rowntree 
 Katie Hunt 
  Ivana Petkova 
 
 

Important notices

Nplus1 Singer Advisory LLP ("N+1 Singer"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting solely for Stadium as financial adviser and broker in relation to the matters referred to in this Announcement and for no one else. N+1 Singer will not be responsible to anyone other than Stadium for providing the protections afforded to its clients or for providing advice in relation to the contents of this Announcement or any arrangement referred to herein. N+1 Singer has given, and not withdrawn, its consent to the inclusion in this Announcement of the references to its name and the advice it has given to Stadium in the form and context in which they appear.

N M Rothschild & Sons Limited ("Rothschild"), which is authorised and regulated by the FCA in the United Kingdom, is acting exclusively as financial adviser to TT and for no one else in connection with the matters referred to in this Announcement and will not be responsible to anyone other than TT for providing the protections afforded to its clients or for providing advice in relation to the matters referred to in this Announcement. Neither Rothschild, 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 Rothschild in connection with this Announcement, any statement contained herein or otherwise.

Numis Securities Limited ("Numis"), which is authorised and regulated in the United Kingdom by the FCA, is acting solely for TT as broker and for no one else in relation to the Acquisition, the content of this Announcement and other matters described in this Announcement, and will not be responsible to anyone other than TT for providing the protections afforded to the clients of Numis or for providing advice to any other person in relation to the Acquisition, the content of this Announcement or any other matters described in this Announcement.

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 an invitation to subscribe for or purchase any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of the securities referred to in this Announcement in any jurisdiction in contravention of applicable law.

Overseas jurisdictions

The release, publication or distribution of this Announcement in or into jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable legal or regulatory requirements. Any failure to comply with the applicable 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 English law, the rules of the London Stock Exchange, 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 the United Kingdom.

Copies of this Announcement and any formal documentation relating to the Acquisition are not being, and must not be, directly or indirectly, mailed, transmitted or otherwise forwarded, distributed or sent in or into or from any Restricted Jurisdiction or any other jurisdiction where to do so would constitute a violation of the laws of that jurisdiction, and persons receiving such documents (including custodians, nominees and trustees) must not mail or otherwise forward, distribute or send such documents in or into or from any Restricted Jurisdiction. If the Acquisition is implemented by way of a Takeover Offer (unless otherwise permitted by applicable law and regulation), the Takeover Offer may not be made directly or indirectly, in or into, or by the use of mails or any means or instrumentality (including, but not limited to, facsimile, e-mail or other electronic transmission or telephone) of interstate or foreign commerce of, or of any facility of a national, state or other securities exchange of any Restricted Jurisdiction and the Takeover Offer may not be capable of acceptance by any such use, means, instrumentality or facilities or from within any Restricted Jurisdiction.

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

Notice to US holders of Stadium Shares

The Acquisition relates to the shares of an English 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 tender offer rules or the proxy solicitation rules under the US Exchange Act. Accordingly, the Acquisition is subject to the disclosure requirements and practices applicable in the United Kingdom to schemes of arrangement which differ from the disclosure requirements of United States tender offer and proxy solicitation rules. If, in the future, TT exercises the right to implement the Acquisition by way of a Takeover Offer and determines to extend such Takeover Offer into the United States, the Acquisition will be made in compliance with applicable United States laws and regulations. Financial information included in this Announcement and the Scheme Document has been or will be prepared in accordance with accounting standards applicable in the United Kingdom that 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 Stadium Shares to enforce their rights and any claim arising out of the US federal securities laws, since Stadium and TT are located in a non-US jurisdiction, and some or all of their officers and directors may be residents of a non-US jurisdiction. US holders of Stadium Shares may not be able to sue a non-US company or its officers or directors in a non-US court for violations of the US securities laws. Further, it may be difficult to compel a non-US company and its affiliates to subject themselves to a US court's judgement.

Neither the SEC nor any securities commission of any state of the United States has approved the Acquisition, passed upon the fairness of the Acquisition or passed upon the adequacy or accuracy of this Announcement. Any representation to the contrary is a criminal offence in the United States.

In accordance with normal UK practice and pursuant to Rule 14e-5(b) of the US Exchange Act, TT or its nominees or brokers (acting as agents) may from time to time make certain purchases of, or arrangements to purchase, Stadium Shares outside the United States, other than pursuant to the Acquisition, until the date on which the Takeover Offer and/or Scheme becomes effective, lapses or is otherwise withdrawn. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be disclosed as required in the UK, will be reported to the Regulatory News Service of the London Stock Exchange and will be available on the London Stock Exchange website.

Publication on website and availability of hard copies

Pursuant to Rule 26.1 of the Code, a copy of this Announcement will be available on the website of Stadium at http://www.stadiumgroupplc.com/offer-for-stadium-group-plc/ by no later than 12 noon (London time) on the business day following the Announcement. For the avoidance of doubt, the content of this website is not incorporated by reference into, and does not form part of, this Announcement.

Pursuant to Rule 30.3 of the Code, a person so entitled may request a copy of this Announcement, free of charge. A person may also request that all future documents, announcements and information to be sent to that person in relation to the Acquisition should be sent by the party which publishes it in hard copy form. For persons who receive a copy of this Announcement in electronic form or via a website publication, a hard copy of this Announcement will not be sent unless so requested, by contacting N+1 Singer, One Bartholomew Lane, London EC2N 2AX, or by telephone on 0207 496 3000 (from within the UK) or +44 207 496 3000 (from outside the UK). If requested, copies will be provided, free of charge, within two business days of the request.

Disclosure requirements of the Code

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 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 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, 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 +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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCUKSVRWAASRAR

(END) Dow Jones Newswires

April 09, 2018 11:45 ET (15:45 GMT)

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