Source - RNS
RNS Number : 9616J
15 September 2016

15th September 2016




Update on shareholder position


Jerrold Holdings, trading as Together, provides the following update on its shareholder position:


"Equistone Partners and Standard Life Investments (the "Funds") have been supportive partners of Jerrold Holdings Limited (the "Company") since they made their minority investment in 2006.  In line with the typical tenure and nature of such investments and given the continued strong performance of the Company, the Funds have approached the Company and its shareholders to seek their assistance in exiting their investment. 


Following a full review, a preferred option has been identified which would entail the Moser family increasing their current majority interest in the Company to a 100% interest, other than a continued small non-voting shareholding interest held by other members of the senior management team.


The Moser Family and the Funds have also reached an agreement in principle as to the valuation of the interest of the Funds and as to possible methods of financing the exit, which may include the raising of external debt possibly in the form of payment-in-kind notes by the Moser family acquisition vehicle. 


Whilst agreement has been reached, the likelihood of the transaction proceeding will be dependent upon agreeing terms with the providers of such external debt which will be subject to the existence of appropriate market conditions.  Any new debt instruments to finance the exit would be incurred by the Moser family acquisition vehicle, which would be an indirect holding company of the Company and would not be the Company's debt, and the Company would not be providing any credit support for such debt instruments or committing to make any payments on such instruments.


Following the exit, the Company's investor director, who is a non-executive director appointed by the Funds, will step down.  A further announcement will be made if any transaction takes place."





Barnaby Fry / Giles Robinson / Hannah Winter

MHP Communications

[email protected]

+ 44 203 128 8100


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