Press release, 1 September 2016
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM AN OFFER OF SECURITIES IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION.
PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.
Proposed Placing of approximately 40.5 million ordinary shares in Ibstock plc
J.P.Morgan Securities Plc (which conducts its UK investment banking activity as J.P. Morgan Cazenove) and UBS Limited have been retained by Diamond (BC) S.A R.L (the "Seller") to explore the opportunity to sell approximately 40.5 million ordinary shares ("Placing Shares") in the capital of Ibstock plc ("Ibstock") to institutional investors.
The Seller currently owns 190,700,435 ordinary shares, corresponding to 47.0 per cent of Ibstock's entire issued share capital.
The price per Placing Share will be determined by way of an accelerated bookbuilding process (the "Placing") to institutional investors. The bookbuilding period will commence today, 1st September 2016, and may close at any time on short notice. The results of the Placing will be announced as soon as practicable after the closing of the bookbuilding process.
In the context of the Placing, any of the ordinary shares in Ibstock held by the Seller which are not sold in the Placing will be subject to a 60-day lock-up undertaking (subject to certain customary exceptions).
J.P.Morgan Cazenove and UBS Limited are acting as joint bookrunners in connection with the Placing. Rothschild is acting as financial adviser to the Seller in connection with the Placing.
Diamond (BC) S.A R.L is an entity indirectly controlled by investment funds advised by Bain Capital Europe, LLP or its affiliates.
Ibstock will not receive any proceeds from the Placing.
J.P. Morgan Cazenove +44 (0) 20 7742 4000
UBS Limited +44 (0) 20 7567 8000
This announcement is not for publication or distribution or release, directly or indirectly, in or into the United States of America (including its territories and possessions, any state of the United States and the District of Columbia), Canada, Australia or Japan or any other jurisdiction where such an announcement would be unlawful. The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession this document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. No action has been taken that would permit an offering of the Placing Shares or possession or distribution of this announcement in any jurisdiction where action for that purpose is required.
This announcement does not constitute or form part of an offer for sale or solicitation of an offer to purchase or subscribe for securities in the United States, Canada, Australia, Japan or any other jurisdiction. The Placing Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold, directly or indirectly, in the United States, absent registration under or an exemption from, or transaction not subject to, the registration requirements of, the Securities Act. No public offering of securities is being made in the United States or in any other jurisdiction.
In member states of the European Economic Area ("EEA") which have implemented the Prospectus Directive (each, a "Relevant Member State"), this announcement and any offer of Placing Shares if made subsequently is directed exclusively at persons who are "qualified investors" within the meaning of the Prospectus Directive ("Qualified Investors"). For these purposes, the expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU, to the extent implemented in a Relevant Member State), and includes any relevant implementing measure in the Relevant Member State. In the United Kingdom this announcement is only being distributed to, and is only directed at, and any investment or investment activity to which this announcement relates is available only to, and will be engaged in only with, Qualified Investors who are (i) investment professionals falling with Article 19(5) of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order"); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order, or (iii) other persons to whom an offer of the Placing Shares may otherwise be lawfully communicated (all such persons together being referred to as "relevant persons"). Persons who are not relevant persons should not take any action on the basis of this announcement and should not act or rely on it.
No prospectus or offering document has been or will be prepared in connection with the Placing. Any investment decision in connection with the Placing must be made on the basis of all publicly available information relating to Ibstock and Ibstock's shares. Such information has not been independently verified. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness.
In connection with the Placing, J.P.Morgan Cazenove and UBS Limited or any of their respective affiliates may take up a portion of the Placing Shares as a principal position and in that capacity may retain, purchase, sell, offer to sell for its own accounts such Placing Shares and other securities of Ibstock or related investments in connection with the Placing or otherwise. Accordingly, references to the shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, J.P.Morgan Cazenove, UBS Limited and any of their respective affiliates acting as investors for their own accounts. J.P.Morgan Cazenove and UBS Limited do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.
This announcement does not purport to identify or suggest the risks (direct or indirect) which may be associated with an investment in Ibstock or Ibstock's shares. J.P.Morgan Cazenove and UBS Limited which are authorised by the Prudential Regulatory Authority ("PRA") and regulated by the Financial Conduct Authority ("FCA") and the PRA, are acting for the Seller only in connection with the Placing and no one else, and will not be responsible to anyone other than the Seller for providing the protections offered to clients of J.P.Morgan Cazenove and UBS Limited, nor for providing advice in relation to the Placing Shares or the Placing.
N M Rothschild & Sons Ltd, which is authorised by the PRA and regulated by the FCA and the PRA, is acting for Diamond (BC) S.A R.L and for no one else in connection with the Placing and will not be responsible to anyone other than Diamond (BC) S.A R.L for providing the protections afforded to its clients, nor for providing advice in relation to the Placing Shares or the Placing, the contents of this announcement or any transaction, arrangement or other matter referred to in this announcement.
This information is provided by RNS