Yew Grove REIT PLC Result of Placing (7867V)

TIDMYEW

RNS Number : 7867V

Yew Grove REIT PLC

16 April 2021

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, BY ANY MEANS OR MEDIA, IN OR INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND, JAPAN, OR THE REPUBLIC OF SOUTH AFRICA, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN IRELAND, BELGIUM, THE NETHERLANDS OR LUXEMBOURG (TOGETHER "ELIGIBLE MEMBER STATES"), AND THEN, ONLY TO PERSONS IN ELIGIBLE MEMBER STATES WHO ARE NOT RETAIL INVESTORS) OR ANY OTHER JURISDICTION IN WHICH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY.

This announcement is released by Yew Grove REIT plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("EU MAR") and for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"), and is disclosed in accordance with the company's obligations under Article 17 of EU MAR and Article 17 of UK MAR.

Yew Grove REIT plc

(the "Company" or "Yew Grove")

Result of Placing

Successful Placing and Subscription raising gross proceeds of approximately EUR12.7 million

Yew Grove REIT plc (LSE:YEW, Euronext:YEW), which owns a diversified portfolio of Irish commercial property assets, is pleased to announce the completion of the placing announced earlier today, 16 April 2021 (the "Placing").

The Placing was conducted by way of a bookbuild. The book building process has now closed and the Company is pleased to announce that approximately 13.2 million Placing Shares have been conditionally placed with certain existing and new institutional and other investors at a Placing Price of EUR0.95 per share, raising gross proceeds of approximately EUR12.5 million for the Company.

In conjunction with the Placing, certain directors of the Company subscribed for 157,369 Subscription Shares at the Placing Price (the "Subscription"), and in aggregate to contribute approximately EUR150,000.

Together, the Placing and the Subscription have resulted in the Company raising total gross proceeds of approximately EUR12.7 million.

The Placing and settlement

The Placing Shares and the Subscription Shares (together, "New Shares"), when issued, will represent approximately 10.7 per cent. of the Company's enlarged ordinary share capital.

The New Shares, when issued, will be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of issue of the New Shares. For the avoidance of doubt, this does not include the interim ordinary dividend of 1.25 cents per ordinary share in respect of the first quarter of 2021 announced on 8 April 2021.

The Placing is conditional, inter alia, on the Admission of the New Shares to AIM and Euronext Growth and the Placing Agreement not being terminated in accordance with its terms. Application has been made for the New Shares to be admitted to trading on both markets. It is expected that Admission will become effective and that dealings in the New Shares will commence on 20 April 2021.

Settlement for the New Shares is expected to take place on or before 8.00 a.m. on 20 April 2021.

Directors' participation

The following Directors' participated in the Subscription.

 
 Name               Position                             Number     Ordinary Shares 
                                                         of New           following 
                                                         Shares    the Subscription 
 Barry O'Dowd       Chairman                             10,000              75,309 
 Jonathan Laredo    Chief Executive Officer              26,316           2,740,912 
 Charles Peach      Chief Financial Officer              26,316             303,529 
 Eimear Moloney     Non-Executive Director               36,842             107,615 
                    Senior Independent Non-Executive 
 Garry O'Dea         Director                            26,316             102,089 
 Brian Owens        Non-Executive Director               31,579             102,352 
 

Total voting rights

Following Admission, the total issued share capital of the Company will be 124,922,210 Ordinary Shares of EUR0.01 each. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the applicable legal and regulatory requirements.

Capitalised terms used in this announcement (this "Announcement"), which have not been defined have the meanings given to them in the announcement made by the Company earlier today announcing the Placing, unless the context provides otherwise.

Enquiries:

 
 Yew Grove REIT plc                               [phone] 
 Jonathan Laredo, Chief Executive Officer 
 Michael Gibbons, Chief Investment Officer 
 Charles Peach, Chief Financial Officer 
 
 Goodbody Stockbrokers UC                         [phone] 
 Joint Broker, Joint Bookrunner & Euronext 
  Growth Adviser 
 David Kearney, John Flynn, Edel O'Reilly, 
  Linda Clarke 
 
 Liberum Capital Limited                          [phone] 
 Joint Broker, Joint Bookrunner & Nomad 
 Richard Crawley, Jamie Richards, Ed Phillips, 
  Chris Whitaker 
 
 IFC Advisory                                     [phone] 
 Financial PR                                     [e-mail] 
 Tim Metcalfe, Graham Herring 
 

Notification of Transactions by Persons Discharging Managerial Responsibilities and Persons Closely Associated with them

This form is required for disclosure of transactions under Article 19 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation)

 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
===  ======================================================================= 
 a)   Name                    Barry O'Dowd 
     ======================  =============================================== 
 
 2    Reason for the notification 
     ======================================================================= 
 a)                           Director 
     ======================  =============================================== 
 b)   Initial Notification    Initial notification 
       Amendment 
     ======================  =============================================== 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ======================================================================= 
 a)   Name                    Yew Grove REIT plc 
     ======================  =============================================== 
 b)   LEI                     6354003383UIBIYIJA86 
     ======================  =============================================== 
 4    Details of the transaction(s): section to be repeated for 
       (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions have 
       been conducted 
     ======================================================================= 
 a)   Description             Yew Grove REIT plc Ordinary Shares of EUR0.01 
       of the financial        each 
       instrument, 
       type of                 ISIN: IE00BDT5KP12 
       instrument 
       Identification 
       code 
     ======================  =============================================== 
 b)   Nature of               Purchase of Ordinary Shares in share placing 
       the transaction         as part of a Share Issuance Programme. 
     ======================  =============================================== 
 c)   Price(s) and              Price(s)   Volume(s) 
       volume(s)                 EUR0.95    10,000 
                                           ========== 
     ======================  =============================================== 
 d)   Aggregated 
       information              N/A 
       - Aggregated 
       volume 
       - Price 
     ======================  =============================================== 
 e)   Date of the 
       transaction              16 April 2021 
     ======================  =============================================== 
 f)   Place of the            Euronext Growth 
       transaction 
     ======================  =============================================== 
 g)   Additional 
       Information              N/A 
     ======================  =============================================== 
 
 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
===  ======================================================================= 
 a)   Name                    Jonathan Laredo 
     ======================  =============================================== 
 
 2    Reason for the notification 
     ======================================================================= 
 a)                           Director 
     ======================  =============================================== 
 b)   Initial Notification    Initial notification 
       Amendment 
     ======================  =============================================== 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ======================================================================= 
 a)   Name                    Yew Grove REIT plc 
     ======================  =============================================== 
 b)   LEI                     6354003383UIBIYIJA86 

     ======================  =============================================== 
 4    Details of the transaction(s): section to be repeated for 
       (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions have 
       been conducted 
     ======================================================================= 
 a)   Description             Yew Grove REIT plc Ordinary Shares of EUR0.01 
       of the financial        each 
       instrument, 
       type of                 ISIN: IE00BDT5KP12 
       instrument 
       Identification 
       code 
     ======================  =============================================== 
 b)   Nature of               Purchase of Ordinary Shares in share placing 
       the transaction         as part of a Share Issuance Programme. 
     ======================  =============================================== 
 c)   Price(s) and              Price(s)   Volume(s) 
       volume(s)                 EUR0.95    26,316 
                                           ========== 
     ======================  =============================================== 
 d)   Aggregated 
       information              N/A 
       - Aggregated 
       volume 
       - Price 
     ======================  =============================================== 
 e)   Date of the 
       transaction              16 April 2021 
     ======================  =============================================== 
 f)   Place of the            Euronext Growth 
       transaction 
     ======================  =============================================== 
 g)   Additional 
       Information              N/A 
     ======================  =============================================== 
 
 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
===  ======================================================================= 
 a)   Name                    Charles Peach 
     ======================  =============================================== 
 
 2    Reason for the notification 
     ======================================================================= 
 a)                           Director 
     ======================  =============================================== 
 b)   Initial Notification    Initial notification 
       Amendment 
     ======================  =============================================== 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ======================================================================= 
 a)   Name                    Yew Grove REIT plc 
     ======================  =============================================== 
 b)   LEI                     6354003383UIBIYIJA86 
     ======================  =============================================== 
 4    Details of the transaction(s): section to be repeated for 
       (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions have 
       been conducted 
     ======================================================================= 
 a)   Description             Yew Grove REIT plc Ordinary Shares of EUR0.01 
       of the financial        each 
       instrument, 
       type of                 ISIN: IE00BDT5KP12 
       instrument 
       Identification 
       code 
     ======================  =============================================== 
 b)   Nature of               Purchase of Ordinary Shares in share placing 
       the transaction         as part of a Share Issuance Programme. 
     ======================  =============================================== 
 c)   Price(s) and              Price(s)   Volume(s) 
       volume(s)                 EUR0.95    26,316 
                                           ========== 
     ======================  =============================================== 
 d)   Aggregated 
       information              N/A 
       - Aggregated 
       volume 
       - Price 
     ======================  =============================================== 
 e)   Date of the 
       transaction              16 April 2021 
     ======================  =============================================== 
 f)   Place of the            Euronext Growth 
       transaction 
     ======================  =============================================== 
 g)   Additional 
       Information              N/A 
     ======================  =============================================== 
 
 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
===  ======================================================================= 
 a)   Name                    Eimear Moloney 
     ======================  =============================================== 
 
 2    Reason for the notification 
     ======================================================================= 
 a)                           Director 
     ======================  =============================================== 
 b)   Initial Notification    Initial notification 
       Amendment 
     ======================  =============================================== 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ======================================================================= 
 a)   Name                    Yew Grove REIT plc 
     ======================  =============================================== 
 b)   LEI                     6354003383UIBIYIJA86 
     ======================  =============================================== 
 4    Details of the transaction(s): section to be repeated for 
       (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions have 
       been conducted 
     ======================================================================= 
 a)   Description             Yew Grove REIT plc Ordinary Shares of EUR0.01 
       of the financial        each 
       instrument, 
       type of                 ISIN: IE00BDT5KP12 
       instrument 
       Identification 
       code 
     ======================  =============================================== 
 b)   Nature of               Purchase of Ordinary Shares in share placing 
       the transaction         as part of a Share Issuance Programme. 
     ======================  =============================================== 
 c)   Price(s) and              Price(s)   Volume(s) 
       volume(s)                 EUR0.95    36,842 
                                           ========== 
     ======================  =============================================== 
 d)   Aggregated 
       information              N/A 
       - Aggregated 
       volume 
       - Price 
     ======================  =============================================== 
 e)   Date of the 
       transaction              16 April 2021 
     ======================  =============================================== 
 f)   Place of the            Euronext Growth 
       transaction 
     ======================  =============================================== 
 g)   Additional 
       Information              N/A 
     ======================  =============================================== 
 
 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
===  ======================================================================= 
 a)   Name                    Garry O'Dea 
     ======================  =============================================== 
 
 2    Reason for the notification 
     ======================================================================= 
 a)                           Director 
     ======================  =============================================== 
 b)   Initial Notification    Initial notification 
       Amendment 
     ======================  =============================================== 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ======================================================================= 
 a)   Name                    Yew Grove REIT plc 
     ======================  =============================================== 
 b)   LEI                     6354003383UIBIYIJA86 
     ======================  =============================================== 
 4    Details of the transaction(s): section to be repeated for 
       (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions have 
       been conducted 
     ======================================================================= 
 a)   Description             Yew Grove REIT plc Ordinary Shares of EUR0.01 
       of the financial        each 
       instrument, 
       type of                 ISIN: IE00BDT5KP12 
       instrument 
       Identification 
       code 
     ======================  =============================================== 
 b)   Nature of               Purchase of Ordinary Shares in share placing 
       the transaction         as part of a Share Issuance Programme. 
     ======================  =============================================== 
 c)   Price(s) and              Price(s)   Volume(s) 
       volume(s)                 EUR0.95    26,316 
                                           ========== 
     ======================  =============================================== 
 d)   Aggregated 
       information              N/A 
       - Aggregated 
       volume 
       - Price 
     ======================  =============================================== 
 e)   Date of the 
       transaction              16 April 2021 
     ======================  =============================================== 
 f)   Place of the            Euronext Growth 
       transaction 
     ======================  =============================================== 
 g)   Additional 

       Information              N/A 
     ======================  =============================================== 
 
 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
===  ======================================================================= 
 a)   Name                    Brian Owens 
     ======================  =============================================== 
 
 2    Reason for the notification 
     ======================================================================= 
 a)                           Director 
     ======================  =============================================== 
 b)   Initial Notification    Initial notification 
       Amendment 
     ======================  =============================================== 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ======================================================================= 
 a)   Name                    Yew Grove REIT plc 
     ======================  =============================================== 
 b)   LEI                     6354003383UIBIYIJA86 
     ======================  =============================================== 
 4    Details of the transaction(s): section to be repeated for 
       (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions have 
       been conducted 
     ======================================================================= 
 a)   Description             Yew Grove REIT plc Ordinary Shares of EUR0.01 
       of the financial        each 
       instrument, 
       type of                 ISIN: IE00BDT5KP12 
       instrument 
       Identification 
       code 
     ======================  =============================================== 
 b)   Nature of               Purchase of Ordinary Shares in share placing 
       the transaction         as part of a Share Issuance Programme. 
     ======================  =============================================== 
 c)   Price(s) and              Price(s)   Volume(s) 
       volume(s)                 EUR0.95    31,579 
                                           ========== 
     ======================  =============================================== 
 d)   Aggregated 
       information              N/A 
       - Aggregated 
       volume 
       - Price 
     ======================  =============================================== 
 e)   Date of the 
       transaction              16 April 2021 
     ======================  =============================================== 
 f)   Place of the            Euronext Growth 
       transaction 
     ======================  =============================================== 
 g)   Additional 
       Information              N/A 
     ======================  =============================================== 
 

IMPORTANT NOTICES

This Announcement and the information contained herein is not for release, publication or distribution, directly or indirectly, in whole or in part, in or into or from the United States, Canada, Australia, New Zealand, Japan, the Republic of South Africa or any other jurisdiction where to do so might constitute a violation of the relevant laws or regulations of such jurisdiction.

This Announcement does not constitute or form part of any offer to sell, or any solicitation of an offer to buy, securities in the United States. Securities may not be offered or sold in the United States absent (i) registration under the Securities Act or (ii) an available exemption from registration under the Securities Act. The Placing Shares have not been and will not be registered under the Securities Act or under the securities laws of any state or other jurisdiction of the United States and may not be offered, sold, resold or delivered, directly or indirectly, in or into the United States to or for the account or benefit of any US Person (within the meaning of Regulation S under the US Securities Act of 1933) absent registration, except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act. No public offering of the Placing Shares is being made in the United States.

This Announcement does not constitute an offer to sell or issue or a solicitation of an offer to buy or subscribe for Placing Shares in any jurisdiction including, without limitation, the United States, Canada, Australia, New Zealand, Japan, the Republic of South Africa or any other jurisdiction in which such offer or solicitation is or may be unlawful (a "Prohibited Jurisdiction"). This Announcement and the information contained herein are not for publication or distribution, directly or indirectly, to persons in a Prohibited Jurisdiction unless permitted pursuant to an exemption under the relevant local law or regulation in any such jurisdiction. No action has been taken by the Company, the Sole Bookrunner, the Nomad, the Euronext Growth Adviser or the Placing Agent or any of their respective affiliates that would permit an offer of the Placing Shares or possession or distribution of this Announcement or any other publicity material relating to such Placing Shares in any jurisdiction where action for that purpose is required. Persons receiving this Announcement are required to inform themselves about and to observe any such restrictions.

Persons (including, without limitation, nominees and trustees) who have a contractual or other legal obligation to forward a copy of this Announcement should seek appropriate advice before taking any action.

Goodbody Stockbrokers UC, which is authorised and regulated in Ireland by the Central Bank of Ireland , is acting as Joint Bookrunner for the Company and no-one else in connection with the Placing and is not, and will not be, responsible to anyone other than the Company for providing the protections afforded to its clients nor for providing advice in relation to the Placing and/or any other matter referred to in this Announcement.

Liberum Capital Limited which is authorised and regulated in the United Kingdom by the Financial Conduct Authority ("FCA") is acting as Joint Bookrunner for the Company and no-one else in connection with the Placing and is not, and will not be, responsible to anyone other than the Company for providing the protections afforded to its clients nor for providing advice in relation to the Placing and/or any other matter referred to in this Announcement.

Any indication in this Announcement of the price at which the Ordinary Shares have been bought or sold in the past cannot be relied upon as a guide to future performance. Persons needing advice should consult an independent financial adviser. No statement in this Announcement is intended to be a profit forecast and no statement in this Announcement should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company.

The Placing Shares to be issued pursuant to the Placing will not be admitted to trading on any stock exchange other than AIM and Euronext Growth.

Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this Announcement.

This Announcement has been issued by and is the sole responsibility of the Company. To the fullest extent permissible by law or regulation, none of the Joint Bookrunners, the Nomad, the Euronext Growth Adviser, nor the Placing Agent nor any of their respective affiliates accept any responsibility whatsoever for the contents of the information contained in this Announcement or for any other statement made or purported to be made by or on behalf of the Joint Bookrunners, the Nomad, the Euronext Growth Adviser, or the Placing Agent or any of their respective affiliates in connection with the Company, the Placing Shares or the Share Issuance Programme and/or any other matter referred to in this Announcement. To the fullest extent permissible by law or regulation, the Joint Bookrunners, the Nomad, the Euronext Growth Adviser, and the Placing Agent and each of their respective affiliates accordingly disclaim all and any liability (save for statutory liability), whether arising in tort, contract or otherwise in respect of any statements or other information contained in this Announcement and to the fullest extent permissible by law or regulation no representation or warranty, express or implied, is made by the Joint Bookrunners, the Nomad, the Euronext Growth Adviser, or the Placing Agent or any of their respective affiliates as to the accuracy, completeness or sufficiency of the information contained in this Announcement.

In connection with the Placing, each of the Joint Bookrunners, the Nomad, the Euronext Growth Adviser, and the Placing Agent and any of their respective affiliates, acting as investors for their own accounts, may subscribe for or purchase Placing Shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such Placing Shares and other securities of the Company or related investments in connection with the Placing or otherwise.

This Announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the Placing Shares. Any investment decision to subscribe for Placing Shares in the Placing must be made solely on the basis of publicly available information, which has not been independently verified by the Joint Bookrunners, the Nomad, the Euronext Growth Adviser, or the Placing Agent.

This Announcement may contain certain forward-looking statements with respect to the financial condition, results of operations and business of the Group and certain plans and objectives of the Board. 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 include words such as "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "will", "may", "should", "would" or "could" or other words of similar meaning. These statements are based on assumptions and assessments made by the Board in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes appropriate. Nothing contained in this document shall be deemed to be a forecast, projection or estimate of the future financial performance of Yew Grove except where expressly stated and no statement in this Announcement should be interpreted to mean that earnings per Ordinary Share for the current or future financial years would necessarily match or exceed the historical published earnings per Ordinary Share.

By their nature, forward-looking statements involve risk and uncertainty, and the factors described in the context of such forward-looking statements in this document could cause actual results or developments to differ materially from those expressed in or implied by such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely, such as changes in general economic and business conditions, changes in interest rates, introduction of competing products or services, lack of acceptance of new products or services, changes in business strategy and the behaviour of other market participants and other factors, and therefore undue reliance should not be placed on such statements. 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 document.

The statements contained in this Announcement are made as at the date of this Announcement unless some other time is specified in relation to them. Except as required by the Financial Conduct Authority, the London Stock Exchange, the AIM Rules, the Euronext Growth Rules, the Disclosure Guidance and Transparency Rules or applicable law, Yew Grove does not have any obligation to update or revise publicly any statement, whether as a result of new information, further events or otherwise. Except as required by the AIM Rules, the Euronext Growth Rules, the Disclosure Guidance and Transparency Rules or applicable law, Yew Grove expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any statement contained herein to reflect any change in Yew Grove's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this document might not occur. Publication of this Announcement shall not give rise to any implication that there has been no change in the facts set out in this Announcement since the date of this Announcement.

No statement in this Announcement is or is intended to be a profit forecast or profit estimate or to imply that the earnings of the Company for the current or future financial years will necessarily match or exceed the historical or published earnings of the Company.

The price of shares and the income from them may go down as well as up and investors may not get back the full amount invested on disposal of shares acquired. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser.

This Announcement does not constitute a recommendation concerning any investor's options with respect to the Placing. The price of shares and any income expected from them may go down as well as up and investors may not get back the full amount invested upon disposal of the shares. Past performance is no guide to future performance. The contents of this Announcement are not to be construed as legal, business, financial or tax advice. Each investor or prospective investor should consult his, her or its own legal adviser, business adviser, financial adviser or tax adviser for legal, financial, business or tax advice.

Information to Distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and the product governance requirements contained within the FCA Handbook Product Intervention and Product Governance Sourcebook (the "UK Product Governance Rules"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II and the UK Product Governance Requirements) may otherwise have with respect thereto, the Placing Shares have been subject to a product approval process, which has determined that the Placing Shares are: (i) compatible with an end target market of (a) retail investors, as defined in MiFID II and Regulation (EU) NO 2017/565 as it forms part of domestic law by virtue of the EUWA, (b) investors who meet the criteria of professional clients, as defined in MiFID II and Regulation (EU) NO 600/2014 as it forms part of domestic law by virtue of the EUWA, or (c) eligible counterparties, as defined in MiFID II and the FCA's Conduct of Business Sourcebook ("COBS"); and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment").

Notwithstanding the Target Market Assessment, distributors should note that: the price of the Placing Shares may decline and investors could lose all or part of their investment; the Placing Shares offer no guaranteed income and no capital protection; and an investment in the Placing Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Proposed Placing.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II or COBS; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Placing Shares.

Each distributor is responsible for undertaking its own target market assessment in respect of the Placing Shares and determining appropriate distribution channels.

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END

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(END) Dow Jones Newswires

April 16, 2021 11:01 ET (15:01 GMT)