Cambria Automobiles updates on possible offer

Cambria Automobiles plc (LON:CAMB) announced, on 22 March 2021, that it had consented to Mark Lavery, James Mullins and Tim Duckers exploring the possible acquisition of the entire issued, and to be issued, share capital of the Company, not already owned by them, at a price of 80 pence in cash per Cambria share.

Discussions between the parties are ongoing.

At the request of the Board of Cambria and pursuant to Rule 2.6(c) of the Code, the Takeover Panel has consented to an extension of the relevant deadline of 28 calendar days. Accordingly the Management Team must, by no later than 5.00pm on 17 May 2021, either announce a firm intention to make an offer for Cambria in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be further extended with the consent of the Panel.

This announcement has been made with the consent of the Management Team. The Management Team have reserved the right to make an offer for Cambria on less favourable terms than those set out in this announcement: (i) with the agreement or recommendation of the Cambria Board; (ii) if a third party announces a firm intention to make an offer for Cambria which, at that date, is of a value less than 80p per Cambria share; or (iii) following the announcement by Cambria of a whitewash transaction pursuant to the Takeover Code.

The Management Team reserves the right to introduce other forms of consideration and/or vary the mix of composition of consideration of any offer. The Management Team also reserves the right to adjust the terms of any offer to take account of the value of any dividend or any other distribution or return of value to shareholders which is announced, declared, made or paid by Cambria after the date of this announcement.

There can be no certainty that an offer will be made. A further announcement will be made when appropriate.

The person responsible for arranging the release of this announcement on behalf of Cambria is James Mullins, Finance Director and Company Secretary.

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, 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. 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.

Rule 26.1 disclosure

In accordance with Rule 26.1 of the Takeover Code, a copy of this announcement will be available (subject to certain restrictions relating to persons resident in restricted jurisdictions) at http://www.cambriaautomobilesplc.com/ by no later than 12 noon (London time) on the business day following the date of this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

Rule 2.9 information

In accordance with Rule 2.9 of the Takeover Code, Cambria confirms that as at the close of business on 16 March 2021 its issued share capital consisted of 100,000,000 ordinary shares of 10 pence each (excluding shares held in treasury). The International Securities Identification Number for Cambria ordinary shares is GB00B4R32X65.

Additional Information

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise. Any offer, if made, will be made solely by certain offer documentation which will contain the full terms and conditions of any offer, including details of how it may be accepted. The distribution of this announcement in jurisdictions other than the United Kingdom and the availability of any offer to shareholders of Cambria who are not resident in the United Kingdom may be affected by the laws of relevant jurisdictions. Therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom or shareholders of Cambria who are not resident in the United Kingdom will need to inform themselves about, and observe any applicable requirements.

Inside information

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 (“MAR”).  Upon the publication of this announcement via a Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.

Click to view all articles for the EPIC: ,
Or click to view the full company profile:
    Share on facebook
    Facebook
    Share on twitter
    Twitter
    Share on linkedin
    LinkedIn
    Cambria Automobiles PLC

    More articles like this

    AFC Energy

    AFC Energy: Feedback post Capital Markets Event

    AFC Energy plc (LON:AFC) hosted its maiden Capital Markets Event yesterday, giving an excellent summary of its progress in the last year and its prospects. The company is making good progress in commercialising its EV charging product alongside

    boohoo Plc

    Boohoo Group: FY21 Results

    Boohoo Group plc (LON:BOO) has announced results for the 12 months ended 28 February 2021, reporting a strong finish to the year, with performance ahead of ZC’s forecasts, driven by strong momentum in both the UK and USA

    AFC Energy

    AFC Energy hosting virtual Capital Markets event today

    AFC Energy plc (LON:AFC), a leading provider of hydrogen power generation technologies, will today host a virtual Capital Markets Event for investors and analysts at 2pm BST. To view the webcast, investors should join using the following link:

    boohoo Plc

    Boohoo Group revenue up 41% to £1.745 billion

    Boohoo Group plc (LON:BOO) has announced its final results for the year ended 28 February 2021.   2021 2020 Change   £ million £ million   Revenue 1,745.3 1,234.9 +41% Gross profit 945.2 666.3 +42% Gross margin 54.2%

    Inchcape

    Inchcape: Update to forecasts

    Inchcape plc (LON:INCH) delivered better than expected Q1 results last week and is showing signs of a broad-based recovery across a number of geographies. The Group recently announced its decision to right-size its Russian retail operations with a

    Inchcape

    Inchcape results ahead of expectations

    Inchcape plc (LON:INCH), the leading independent global automotive distributor, today released its Q1 Trading Update covering the period from 1st January to 31st March 2021. ·    Group revenue £1.9bn: up 2% on an organic basis, and down 3% reported ·    Continued