GKN PLC Directorate Change and Cancellation of Listing
April 19 2018 - 2:18AM
UK Regulatory
TIDMGKN
LEI: 213800QNZ22GS95OSW84
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 THAT JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
19 April 2018
GKN plc ("GKN")
Directorate Change and Cancellation of Listing
The Board of GKN (the "Board") notes the announcement released at 8.06 am on 19
April 2018 (the "Announcement Time") by Melrose Industries PLC ("Melrose") that
its offer to acquire the entire issued and to be issued share capital of GKN
(the "Offer") has become wholly unconditional. Accordingly, and consistent with
its announcement of 29 March 2018, the outgoing Board now recommends that GKN
shareholders who have not yet done so accept the Offer.
Directorate change
GKN announces that the following directors have resigned with effect from the
Announcement Time:
* Michael Turner
* Anne Stevens
* Jos Sclater
* Phil Swash
* Angus Cockburn
* Tufan Erginbilgic
* Shonaid Jemmett-Page
* Richard Parry-Jones
GKN further announces that the following persons have been appointed to the
Board as executive directors with effect from the Announcement Time for an
interim period until such time as the cancellation of the listing of GKN shares
on the UKLA's Official List and to trading on the LSE's main market becomes
effective:
* Christopher Miller
* David Roper
* Simon Peckham
* Geoffrey Martin
* Jonathon Crawford
* Garry Barnes
The newly appointed board wishes to thank each of the departing directors for
their commitment to GKN.
In accordance with LR 9.6.13R, GKN confirms that Christopher Miller, David
Roper, Simon Peckham and Geoffrey Martin each currently serve as a director of
Melrose. No further information is required to be disclosed pursuant to LR
9.6.13R.
Cancellation of listing
GKN notes today's announcement by Melrose stating that its Offer has become
wholly unconditional and that it has acquired GKN shares representing over 75%
of the voting rights of GKN. GKN wishes to announce that applications will be
made to the UK Listing Authority and the London Stock Exchange for the
cancellation of listing and trading of the GKN's ordinary shares of 10 pence
each. Accordingly, the cancellation notice period has commenced and
cancellation is expected to become effective no later than 21 May 2018.
Mike Turner, outgoing Chairman of GKN said today:
"The Board of GKN thanks shareholders for their support over the course of the
bid, but we now strongly advise those who have not yet tendered their shares
into the Melrose offer to do so."
Enquiries:
Montfort Communications: +44 (0) 20 3514 0897
Nick Miles, Charlotte McMullen +44 (0) 7973 130 669 / +44 (0) 7921 881 800
Rothschild (Financial Adviser to
Melrose): +44 (0) 20 7280 5000
Ravi Gupta, Yuri Shakhmin, Nathalie
Ferretti
RBC Europe Limited (Financial Adviser to
Melrose): +44 (0) 20 7653 4000
Mark Preston, Chris Squire, Alexander
Thomas
Investec (Corporate Broker to Melrose):
Keith Anderson, Carlton Nelson +44 (0) 20 7597 5970
Person responsible
The person responsible for arranging the release of this announcement on behalf
of the Company is Kerry Watson, Company Secretary (+44 (0)1527 517715).
END
(END) Dow Jones Newswires
April 19, 2018 03:18 ET (07:18 GMT)
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