CIP Merchant Capital Ltd Statement regarding CFE and End of Offer Period (9604P)
February 23 2021 - 1:00AM
UK Regulatory
TIDMCIP
RNS Number : 9604P
CIP Merchant Capital Ltd
23 February 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANYJURISDICTION
(INCLUDING THE UNITED STATES) WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
.
For immediate release
23 February 2021
CIP MERCHANT CAPITAL LIMITED
("CIP Merchant Capital", "CIP" or the "Company")
Statement regarding Corporation Financière Européenne S.A.
and End of Offer Period
The board of directors of CIP (the "Board") notes the
announcement released yesterday by Corporation Financière
Européenne S.A. on behalf of funds or vehicles which are managed or
advised by it ("CFE") stating that CFE does not intend to make an
offer for CIP under Rule 2.7 of the City Code on Takeovers and
Mergers (the "Code"). Accordingly, CFE is now subject to the
restrictions under Rule 2.8 of the Code and CIP is no longer deemed
to be in an "offer period", as defined in the Code.
As noted in the Company's announcement of 27 January 2021, CFE
had made an initial approach to the Company in relation to a
possible offer in a letter dated 28 September 2020, and a
subsequent approach on 2 December 2020, and on both occasions the
Board unequivocally rejected such possible offer. The Board
continues to believe that the possible offer price of 50 pence per
ordinary share significantly undervalues CIP and its prospects.
As announced on 15 February 2021, the Board also continues to
believe in the growth potential of CIP's investee companies and the
Investment Manager's ability to identify further attractive
investment opportunities, particularly in the current uncertain
market environment, with the aim of generating future long-term
value for all of CIP's shareholders and welcomes engagement with
shareholders in pursuit of the Company's strategic objectives.
Enquiries :
Maitland Administration (Guernsey) Limited
(Fund Administrator / Company Secretary)
Wikus van Schalkwyk +44 1481 749363
Strand Hanson Limited
(Financial & Nominated Adviser and Broker)
Simon Raggett / Matthew Chandler / Ritchie
Balmer / James Bellman +44 20 7409 3494
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