Source - LSE Regulatory
RNS Number : 9057V
STM Group PLC
06 December 2023
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

6 December 2023

RECOMMENDED ACQUISITION

for

STM Group PLC ("STM" or the "Company")

by

Jambo SRC Limited ("Bidco")

to be effected by means of a Court-sanctioned scheme of arrangement under Part X of the Isle of Man Companies Act 2006

 

 

Results of Court Meeting and Extraordinary General Meeting held on 6 December 2023

 

On 10 October 2023, the boards of STM and Jambo SRC Limited ("Bidco") announced that they had agreed the terms of a recommended offer pursuant to which Bidco will acquire the entire issued and to be issued share capital of STM (the "Acquisition"). The Acquisition is to be implemented by way of a Court-sanctioned scheme of arrangement under Part X of the Isle of Man Companies Act 2006 (the "Scheme").

 

A circular in relation to the Scheme (the "Scheme Document") including, among other things, notices of the Court Meeting and the Extraordinary General Meeting, was published by STM and made available to STM shareholders on 7 November 2023. Capitalised terms used in this announcement (the "Announcement") shall, unless otherwise defined, have the same meanings as set out in the Scheme Document. All references to times in this Announcement are to London, United Kingdom time unless otherwise stated.

 

The board of STM is pleased to announce that at the Court Meeting and the Extraordinary General Meeting, each held earlier today in connection with the Acquisition:

 

·    a majority in number of Independent STM Shareholders present and voting, representing not less than 75 per cent. in value of the Scheme Shares held by the Independent Shareholders, voted in favour of the resolution to approve the Scheme at the Court Meeting;

 

·      the Other GM Resolution required to implement the Scheme, as set out in the notice of the Extraordinary General Meeting, was duly passed by STM Shareholders without amendment, representing not less than 75 per cent. of the votes cast at the Extraordinary General Meeting; and

 

·      the Rule 16 Resolution to approve the MBO Sale, as set out in the notice of the Extraordinary General Meeting, was duly passed without amendment by Independent STM Shareholders, representing more than 50 per cent. of votes cast at the Extraordinary General Meeting.

 

and accordingly, the Scheme was approved.

 

Details of the resolutions passed are set out in the notices of the Court Meeting and Extraordinary General Meeting in Parts 10 and 11 (respectively) of the Scheme Document, which is available on STM's website at https://www.stmgroupplc.com/recommended-offer-for-stm-group-plc.

 

The total number of STM Shares in issue at the Voting Record Time was 59,408,088. No STM Shares were held in treasury. Consequently, the total voting rights in STM at the Voting Record Time were 59,408,088. In respect of the STM Shares entitled to be voted by the Independent STM Shareholders, the total number of STM Shares (excluding STM Shares held by the MBO Shareholders) was 52,329,188 at the Voting Record Time.

 

The detailed voting results in relation to the Court meeting and the Extraordinary General Meeting are summarised below and this Announcement will be posted on STM website at https://www.stmgroupplc.com/recommended-offer-for-stm-group-plc

 

Voting results of the Court Meeting

 

The results of the poll at the Court Meeting are set out in the table below. Independent STM Shareholders present and voting in person or by proxy were entitled to one vote for each Scheme Share held at the Voting Record Time at the Court Meeting.

 


Number of Scheme Shares voted

% of Scheme Shares voted

Number of Scheme Shareholders who voted

% of Scheme Shareholders who voted

Number of Scheme Shares voted as a % of the issued share capital entitled to be voted on the Scheme (being the issued share capital excluding the MBO Shares)

Number of Scheme Shares voted as % of the entire issued share capital

For

36,130,078

99.99

34

89.5

69.04

60.82

Against

4,855

0.01

4

10.5

0.01

0.01

Total

36,134,933

100

35*

100

69.05

60.83

 

*The total number of Scheme Shareholders voting for and against the resolution exceeds the total the total number of Scheme Shareholders who voted as 4 registered members gave instructions for votes to be cast in favour of the resolution in respect of part of their holding of Scheme Shares and against the resolution in respect of another part of their holding.

 

Voting results of the Extraordinary General Meeting

 

The results of the polls at the Extraordinary General Meeting are set out in the table below. In relation to the Other GM Resolution required to implement the Scheme, the STM Shareholders present and voting in person or by proxy were entitled to one vote per STM Share held at the Voting Record Time at the Extraordinary General Meeting. In relation to the Rule 16 Resolution to approve the MBO Sale, the Independent STM Shareholders present and voting in person or by proxy were entitled to one vote per STM Share held at the Voting Record Time at the Extraordinary General Meeting:

 

Other GM Resolution (Special Resolution)


Number of STM Shares voted

% of STM Shares voted

Number of STM Shares voted as a % of the issued ordinary share capital*

For

43,669,017

99.99

73.51

Against

4,855

0.01

0.01

Withheld*

-

-

-

Total

43,673,872

100

73.52

 

Rule 16 Resolution (Ordinary Resolution)


Number of STM Shares voted

% of STM Shares voted

Number of STM Shares voted as a % of the issued ordinary share capital entitled to be voted in respect of the Scheme (being the issued share capital excluding the MBO Shares)*

For

36,590,117

99.99

61.59

Against

4,855

0.01

0.01

Withheld*

7,078,900

-

-

Total

36,594,972

100

61.60

 

* A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes 'For' or 'Against' the Resolution.

Certain of the percentages set out in the tables above have been rounded. As a result of such rounding, the totals of percentages presented in these totals may vary slightly from the actual arithmetical totals of such percentages.

 

Next Steps

 

The outcome of today's Court Meeting and Extraordinary General Meeting means that Conditions 1.1 and 1.2 (as set out in Part Three of the Scheme Document) have been satisfied. The Acquisition remains subject to the satisfaction or (where capable of being waived) waiver of the other Conditions to the Acquisition (as set out in Part Three of the Scheme Document), including the Regulatory Conditions. This includes BidCo reserving the right to waive the completion of the MBO Sale as a condition to the Acquisition. The Scheme will become Effective upon a certified copy of the Court Order, together with a copy of the Scheme and all documents required to be annexed thereto (if any), being delivered to the Companies Registry and the Companies Registry registering such documents on STM's file.

 

The expected timetable of principal events remains as set out on pages 9 and 10 of the Scheme Document. The dates and times are indicative only and are subject to change. It is currently expected that the Scheme will become Effective in the second quarter of 2024. If the Scheme does not become Effective by the Long Stop Date (being 28 May 2024 or such later date as may be agreed in writing by Bidco and STM (with the Panel's consent and as the Court may approve (to the extent such approval/consent is required)), the Scheme will not become Effective and the Acquisition will not proceed (unless STM and Bidco otherwise agree and the Panel otherwise consents).

 

STM will make further announcements through a Regulatory Information Service, with such announcements also being made available on STM's website at https://www.stmgroupplc.com/recommended-offer-for-stm-group-plc in relation to the expected timetable as appropriate, including in respect any changes to the key dates and the regulatory approvals and authorisations upon which the Acquisition is conditional.

 

 

Enquiries:

STM

via Walbrook PR

Nigel Birrell


Cavendish Capital Markets Limited (Financial Adviser, Nominated Adviser and Broker to STM)

+44 20 7220 0500

Matt Goode / Emily Watts / Henrik Persson / Abigail Kelly / Trisyia Jamaludin (Corporate Finance)


Tim Redfern (ECM)


Walbrook PR (PR Adviser to STM)

+44 (0) 20 7933 8780

Tom Cooper

+44 (0) 797 122 1972

 

STM@walbrookpr.com

Pension SuperFund Capital

edmund.truell@psf.capital

Edmund Truell


Davy Capital Markets UK (Financial Adviser to Pension SuperFund Capital and Bidco)

+44 20 7448 8870

Will Smith / Graham Hertrich

(Corporate Finance)


EQ Corp (PR Adviser to Pension SuperFund Capital and Bidco)

+44 (0) 20 7223 1100

 

James Culverhouse

+44 (0) 7912 508 322

 

James.culverhouse@eqcorp.com

 

Simpson Thacher & Bartlett LLP is retained as legal adviser to Pension Superfund Capital and Bidco.

 

Pinsent Masons LLP is retained as legal adviser to STM.

 

 

IMPORTANT NOTICES

Cavendish Capital Markets Limited ("Cavendish"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for STM and for no one else in connection with the Acquisition and/or any other matter referred to in this Announcement and will not be responsible to anyone other than STM for providing the protections afforded to its clients or for providing advice in relation to the Acquisition, the contents of this Announcement, or another other matters referred to in this Announcement. Neither Cavendish nor any of its subsidiaries, affiliates or branches owes or accepts any duty, liability or responsibility whatsoever (whether direct, indirect, consequential, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Cavendish in connection with this Announcement, any statement or other matter or arrangement referred to herein or otherwise.

Davy Capital Markets UK is a trading name of J & E Davy (UK) Limited. J & E Davy (UK) Limited is authorised and regulated by the Financial Conduct Authority. J & E Davy (UK) Limited is a Davy Group company and also a member of the Bank of Ireland Group. J & E Davy (UK) Limited is acting for Pension SuperFund Capital and Bidco in relation to the matters described in this Announcement and is not advising any other person, and accordingly will not be responsible to anyone other than Pension SuperFund Capital and Bidco for providing the protections afforded to its clients or for providing advice in relation to the matters described in this Announcement.

This Announcement is for information purposes only and does not constitute an offer to sell or an invitation to purchase any securities or the solicitation of an offer to buy any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the Acquisition or otherwise. The Acquisition shall be made solely by means of the Scheme Document (or in the event that the Acquisition is to be implemented by means of a Takeover Offer, the takeover offer document) which will contain the full terms and conditions of the Acquisition, including details of how to vote in respect of the Acquisition. Any vote in respect of the Scheme or other response in relation to the Acquisition should be made only on the basis of the information contained in the Scheme Document (or in the event that the Acquisition is to be implemented by means of a Takeover Offer, the takeover offer document).

This Announcement has been prepared in connection with proposals in relation to a scheme of arrangement pursuant to and for the purpose of complying with English law and Isle of Man law, the Takeover Code, the Aim Rules and MAR 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 the United Kingdom or the Isle of Man. Nothing in this Announcement should be relied on for any other purpose.

STM and Bidco urge STM Shareholders to read the Scheme Document (or, if the Transaction is implemented by way of an Offer, the Offer Document) carefully because it will contain important information relating to the Acquisition.

This Announcement does not constitute a prospectus or prospectus equivalent document.

This announcement contains inside information in relation to STM for the purposes of Article 7 of the Market Abuse Regulation.  The person responsible for arranging the release of this announcement on behalf of STM is Alex Small (Company Secretary).

Overseas Shareholders

The release, publication or distribution of this Announcement in jurisdictions other than the United Kingdom or the Isle of Man may be restricted by law and/or regulations. Persons who are not resident in the United Kingdom or the Isle of Man or who are subject to the laws and regulations of other jurisdictions should inform themselves of, and observe, any applicable requirements. Unless otherwise determined by Bidco or required by the Takeover Code, and permitted by applicable law and regulation, the Acquisition shall not be made available, in whole or in part, directly or indirectly, in, into or from a Restricted Jurisdiction where to do so would violate the laws or regulations in that jurisdiction and no person may vote in favour of the Acquisition by any such use, means, instrumentality or form within a Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. Accordingly, copies of this Announcement and all documents relating to the Acquisition are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction, and persons receiving this Announcement and all documents relating to the Acquisition (including custodians, nominees and trustees) must not mail or otherwise forward, distribute or send them in, into or from such jurisdictions where to do so would violate the laws in those jurisdictions. If the Acquisition is implemented by way of a Takeover Offer (unless otherwise permitted by applicable law and regulation), such Takeover Offer may not be made available directly or indirectly, into or from or by the use of mails or any means or instrumentality (including, but not limited to, facsimile, e-mail or other electronic transmission, telex 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.

The availability of the Acquisition to STM Shareholders who are not resident in the United Kingdom or the Isle of Man (and, in particular, their ability to vote their Scheme Shares with respect to the Scheme at the Court Meeting, or to appoint another person as proxy to vote at the Court Meeting on their behalf) may be affected by the laws of the relevant jurisdictions in which they are resident. Persons who are not resident in the United Kingdom or the Isle of Man should inform themselves of, and observe, any applicable requirements, as any failure to comply with such requirements 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. The Acquisition shall be subject to the applicable requirements of the Companies Act, the Court, the Takeover Code, the Panel, the London Stock Exchange, the Financial Conduct Authority and the AIM Rules. Further details in relation to Overseas Shareholders will be contained in the Scheme Document.

Additional Information for US Investors

The Acquisition is being made to acquire the securities of an Isle of Man company by means of a scheme of arrangement provided for under Part X of the Companies Act. A transaction effected by means of a scheme of arrangement is not subject to the proxy solicitation or tender offer rules under the US Exchange Act. Accordingly, the Scheme will be subject to disclosure requirements and practices applicable to schemes of arrangement involving a target company incorporated in the Isle of Man admitted to trading on AIM, which are different from the disclosure requirements of the US under the US proxy solicitation and tender offer rules. The financial information included in this Announcement and the Scheme documentation has been or will have been prepared in accordance with accounting standards applicable in the Isle of Man and the UK and thus 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 US.

Neither the US Securities and Exchange Commission nor any US state securities commission has approved or disproved or passed judgment upon the fairness or the merits of the Acquisition or determined if this Announcement is adequate, accurate or complete.

If Bidco were to elect to implement the Acquisition by means of a Takeover Offer, such Takeover Offer would be made in compliance with applicable US laws and regulations, including to the extent applicable Section 14(e) of the US Exchange Act and Regulation 14E thereunder, and in accordance with the Takeover Code. Such a takeover would be made in the United States by Bidco and no one else. 

The receipt of cash pursuant to the Acquisition by a US holder as consideration for the transfer of its Scheme Shares pursuant to the Scheme may be a taxable transaction for United States federal income tax purposes and under applicable United States state and local, as well as foreign and other, tax laws. Each STM Shareholder is urged to consult his or her independent professional adviser immediately regarding the tax consequences of the Acquisition applicable to him.

It may be difficult for US holders to enforce their rights and any claims arising out of the US federal securities laws, since STM is located in a country other than the US, and all of its officers and directors are residents of countries other than the US. US holders may not be able to sue a non-US company or its officers or directors in a non-US court for violations of 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.

In accordance with normal UK practice and consistent with Rule 14e-5 under the US Exchange Act, Bidco, certain affiliated companies and the nominees or brokers (acting as agents) may from time to time make certain purchases of, or arrangements to purchase, shares in STM outside of the US, other than pursuant to the Acquisition, until the date on which the Acquisition and/or Scheme becomes effective, lapses or is otherwise withdrawn. If such purchases or arrangements to purchase were to be made they would occur either in the open market at prevailing prices or in private transactions at negotiated prices and will comply with applicable law, including to the extent applicable the US Exchange Act. Any information about such purchases or arrangements to purchase will be disclosed as required in the United Kingdom, will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website at www.londonstockexchange.com. This information will also be publicly disclosed in the US to the extent that such information is made public in the UK.

Forward Looking Statements

This Announcement (including information incorporated by reference in the Announcement), oral statements made regarding the Acquisition, and other information published by Bidco and STM contain certain statements, beliefs or opinions, with respect to the financial condition, results of operations and business of Bidco and STM which are or may be deemed to be "forward looking statements". 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 use words such as "anticipate", "target", "expect", "envisage", "estimate", "intend", "plan", "goal", "believe", "hope", "aims", "continue", "will", "may", "should", "would", "could", or other words of similar meaning. These statements are based on assumptions and assessments made by STM and/or Bidco, in light of their experience and their perception of historical trends, current conditions, future developments and other factors they believe appropriate. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this Announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given by STM and Bidco that such expectations will prove to have been correct and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this Announcement. The forward-looking statements speak only at the date of this Announcement. All subsequent oral or written forward-looking statements attributable to any member of the Wider Bidco Group or STM Group, or any of their respective associates, directors, officers, employees or advisers, are expressly qualified in their entirety by the cautionary statement above. Neither STM nor Bidco nor Pension SuperFund Capital assumes any obligation and STM and Bidco and Pension SuperFund Capital disclaim any intention or obligation, to update or correct the information contained in this Announcement (whether as a result of new information, future events or otherwise), except as required by applicable law or regulation (including under the AIM Rules).

EXCEPT AS EXPRESSLY PROVIDED IN THE ANNOUNCEMENT, THE FORWARD-LOOKING STATEMENTS HAVE NOT BEEN REVIEWED BY THE AUDITORS OF STM, PENSION SUPERFUND CAPITAL OR BIDCO OR THEIR RESPECTIVE FINANCIAL ADVISERS. SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES THAT COULD SIGNIFICANTLY AFFECT EXPECTED RESULTS AND ARE BASED ON CERTAIN KEY ASSUMPTIONS. THERE ARE SEVERAL FACTORS WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED IN FORWARD-LOOKING STATEMENTS. AMONG THE FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS IS THE SATISFACTION OF THE CONDITIONS, AS WELL AS ADDITIONAL FACTORS SUCH AS CHANGES IN GLOBAL, POLITICAL, ECONOMIC, BUSINESS, COMPETITIVE, MARKET AND REGULATORY FORCES, FUTURE EXCHANGE AND INTEREST RATES, CHANGES IN TAX RATES AND FUTURE BUSINESS COMBINATIONS OR DISPOSITIONS. SUCH FORWARD LOOKING STATEMENTS SHOULD THEREFORE BE CONSTRUED IN THE LIGHT OF SUCH FACTORS. NEITHER BIDCO NOR STM, NOR ANY OF THEIR RESPECTIVE ASSOCIATES OR DIRECTORS, OFFICERS OR ADVISERS, PROVIDES ANY REPRESENTATION, ASSURANCE OR GUARANTEE THAT THE OCCURRENCE OF THE EVENTS EXPRESSED OR IMPLIED IN ANY FORWARD-LOOKING STATEMENTS IN THIS ANNOUNCEMENT WILL ACTUALLY OCCUR.

No Profit Forecasts, Estimates or Quantified Benefits Statements

No statement in this Announcement is intended as a profit forecast, profit estimate or quantified benefits statement for any period and no statement in this Announcement should be interpreted to mean that earnings or earnings per share for STM for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share for STM.

Disclosure Requirements of the Takeover Code

Under Rule 8.3(a) of the Takeover 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 p.m. (London time) on the 10th Business Day following the commencement of the offer period and, if appropriate, by no later than 3.30 p.m. (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 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(s), 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 p.m. (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.

Electronic Communications

Please be aware that addresses, electronic addresses and certain information provided by STM Shareholders and other relevant persons for the receipt of communications from STM may be provided to Bidco during the Offer Period as requested under Section 4 of Appendix 4 of the Takeover Code to comply with Rule 2.11(c) of the Takeover Code.

Publication on Website and Availability of Hard Copies

A copy of this Announcement and the documents required to be published by Rule 26 of the Takeover Code shall be made available subject to certain restrictions relating to persons resident in Restricted Jurisdictions on STM'S website at https://www.stmgroupplc.com/possible-offer-for-stm-group-plc by no later than 12 noon (London time) on the Business Day following this Announcement. For the avoidance of doubt, the contents of this website are not incorporated into and do not form part of this Announcement.

STM Shareholders may request hard copies of this Announcement by contacting Computershare Investor Services (Jersey) Limited at 13 Castle Street, St. Helier, Jersey Channel Islands, JE1 1ES or on +44 (0370) 707 4040 between 9:00 a.m. and 5:00 p.m. (London time) Monday to Friday (public holidays excepted). Calls to this number from persons who are not resident in Jersey are charged at the applicable international rate. Calls from a mobile device may incur network extras.

STM Shareholders may also request that all future documents, announcements and information to be sent to them in relation to the Acquisition should be in hard copy form. If an STM Shareholder has received this Announcement in electronic form, copies of this Announcement and any document or information incorporated by reference into this Announcement will not be provided unless such a request is made.

Rounding

Certain figures included in this Announcement have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.

General

If you are in any doubt about the contents of this Announcement or the action you should take, you are recommended to seek your own independent financial advice immediately from your stockbroker, bank manager, solicitor accountant or independent financial adviser duly authorised under the Financial Services and Markets Act 2000 (as amended) if you are a resident in the United Kingdom or, if not, from another appropriately authorised independent financial adviser.

 

 

 

 

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