TIDMLEE
RNS Number : 3202B
Randotte (No. 555) Limited
13 April 2012
FORM 8 (OPD) Amendment
(Details of persons acting in concert in Q3 amended from version
of 10.4.2012)
PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER
Rules 8.1 and 8.2 of the Takeover Code (the "Code")
1. KEY INFORMATION
(a) Identity of the party to the offer making the disclosure: Randotte (NO.555) Limited ("Randotte")
----------------------------------------------------------------------------- ---------------------------------------
(b) Owner or controller of interests and short positions disclosed, if
different from 1(a):
The naming of nominee or vehicle companies is insufficient
----------------------------------------------------------------------------- ---------------------------------------
(c) Name of offeree in relation to whose relevant securities this form Lees Foods Plc ("Lees")
relates:
Use a separate form for each party to the offer
----------------------------------------------------------------------------- ---------------------------------------
(d) Is the party to the offer making the disclosure the offeror or the OFFEROR
offeree?
----------------------------------------------------------------------------- ---------------------------------------
(e) Date position held: 10 April 2012
----------------------------------------------------------------------------- ---------------------------------------
(f) Has the party previously disclosed, or is it today disclosing, under the NO
Code in respect
of any other party to this offer?
----------------------------------------------------------------------------- ---------------------------------------
2. POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE
(a) Interests and short positions in the relevant securities of
the offeror or offeree to which the disclosure relates
Class of relevant security: Ordinary Shares in Randotte (NO. 555) Limited
-------------------------------------------------- ----------------------------------------------------
Interests Short positions
-------------------------------------------------- --------------------------- -----------------------
Number % Number %
-------------------------------------------------- -------------------- ----- ----------------- ----
(1) Relevant securities owned and/or controlled: 0 0 0 0
-------------------------------------------------- -------------------- ----- ----------------- ----
(2) Derivatives (other than options): 0 0 0 0
-------------------------------------------------- -------------------- ----- ----------------- ----
(3) Options and agreements to purchase/sell: 0 0 0 0
-------------------------------------------------- -------------------- ----- ----------------- ----
TOTAL: 0 0 0 0
-------------------------------------------------- -------------------- ----- ----------------- ----
All interests and all short positions should be disclosed.
Details of any open derivative or option positions, or
agreements to purchase or sell relevant securities, should be given
on a Supplemental Form 8 (Open Positions).
Details of any securities borrowing and lending positions or
financial collateral arrangements should be disclosed on a
Supplemental Form 8 (SBL).
(b) Rights to subscribe for new securities
Class of relevant security in relation to which subscription right exists: None
---------------------------------------------------------------------------- -----
Details, including nature of the rights concerned and relevant percentages: None
---------------------------------------------------------------------------- -----
If there are positions or rights to subscribe to disclose in
more than one class of relevant securities of the offeror or
offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for
each additional class of relevant security.
(c) Irrevocable commitments and letters of intent
Details of any irrevocable commitments or letters of intent procured by the party to the offer
making the disclosure or any person acting in concert with it (see Note 3 on Rule 2.11 of
the Code):
----------------------------------------------------------------------------------------------------------------------------------
Certain of the Scheme Shareholders have given irrevocable undertakings to vote or procure
the vote in favour of the Scheme at the Court Meeting and the Resolutions to be proposed at
the General Meeting in relation to the following Scheme Shares: Percentage Percentage
Number of Scheme of Meeting of issued
Name Shares Shares share capital
Alasdair Locke 256,949 21.3% 10.5%
Ringway Limited 80,000 6.6% 3.3%
Trustees of the
FCL Trust(1) 70,000 5.8% 2.9%
F & P Investments
Limited(1) 55,932 4.6% 2.3%
Graham York 30,000 2.5% 1.2%
492,881 40.9% 20.2%
(1) Graham York is a trustee of the FCL Trust and a director of F & P Investments Limited.
The irrevocable undertaking set out above will lapse if:
(a) the Scheme terminates or lapses in accordance with its terms or otherwise becomes incapable
of ever becoming effective; or
(b) a third party announces a firm intention to make an offer for Lees (whether by scheme
of arrangement or by way of takeover offer) at a value exceeding 230 pence per Lees Share
or a securities exchange offer the value of which on the day of announcement exceeds 230 pence
per Lees Share.
A copy of the irrevocable undertakings described above will be available on Lees' website
(www.leesfoods.co.uk).
----------------------------------------------------------------------------------------------------------------------------------
3. POSITIONS OF PERSONS ACTING IN CONCERT WITH THE PARTY TO THE OFFER MAKING THE DISCLOSURE
Details of any interests, short positions and rights to subscribe of any person acting in
concert with the party to the offer making the disclosure:
The following Offeree company directors are considered to be acting in concert with Randotte:
---------------------------------------------------------------------------------------------------
NAME NUMBER OF PERCENTAGE NUMBER OF OPTIONS
SHARES IN OF ISSUED
LEES SHARE CAPITAL
Clive
Miquel 102,659 4.20% 60,000
David
Simson 144,078 5.89% 60,000
Nadia
Millar(2) 76,573 3.13% 70,000(3)
Bert Croll 44,700 1.83% 55,000
Klaus
Perch-Nielsen 238,471 9.75%
(1) Any Lees Shares held by a spouse are controlled by the relevant Lees Director.
(2) 42,373 of these shares are held as part of a family trust.
(3) Of these options, Nadia Millar intends to exercise options over 20,000 Lees Shares following
publication of this announcement. An application for these 20,000 Lees Shares to be admitted
to trading on AIM will be made prior to the publication of the Scheme Document.
The following Offeree company directors hold shares in Randotte:
NAME NUMBER OF PERCENTAGE
SHARES IN OF ISSUED
RANDOTTE SHARE CAPITAL
Clive
Miquel 1 50.0%
David
Simson 1 50.0%
The Offeree company directors have entered into an agreement ("the First Exchange Agreement")
to exchange all or a significant proportion of their Lees Shares for Shares in Randotte as
follows:
Name Number of Number of Lees Number of
Lees Shares Shares that Lees Shares
(including will be exchanged that will
Lees Shares for shares be acquired
held by spouses) in Randotte for cash
Clive
Miquel 102,659 102,659 -
David
Simson 144,078 102,659 41,419
Nadia
Millar 76,573 76,573 -
Bert Croll 44,700 44,700 -
Klaus
Perch-Nielsen 238,471 102,659 135,812
In addition to the above directors, Coven-SA Limited holds 544,085 Lees Shares (22.1% of the
issued share capital of Lees), and because it is controlled by the Perch-Nielsen family it
is deemed to be acting in concert with Randotte.
Furthermore, pursuant to the First Exchange Agreement, certain senior employees of Lees will
receive Randotte Shares in consideration for all of their holding of Lees Shares as set out
below:
Name Position Number Percentage holding Number of
of Lees of the total Lees Shares
Shares issued share that will
capital of Lees be exchanged
for shares
in Randotte
Lees Group Production
David Simpson Director 19,800 0.81% 19,800
Lees Group Supply
Steven Purves Chain Director 3,400 0.14% 3,400
Lees Group Financial
Sharon Lambe Controller 1,600 0.07% 1,600
The Waverley
Bakery Limited
(subsidiary of
Lees) Finance
Robert Murray Director 900 0.04% 900
Finally, the Lees Foods Plc employee share ownership trust ("Lees ESOT"), a trust set up to
hold Lees Shares which can be gifted, sold or have options granted over, at the discretion
of the trustee is also deemed to be acting in concert with Randotte.
The trustee is Dalry Investments Ltd, a wholly owned subsidiary of Lees whose directors are
three of the Lees Directors, Klaus Perch-Nielsen, Clive Miquel and David Simson.
The Lees ESOT currently holds 64,488 Lees Shares representing approximately 2.64 per cent.
of the entire issued share capital of Lees. None of the Lees Shares held by the Lees ESOT
are allocated to any specific employee.
Pursuant to the First Exchange Agreement, the Lees Shares held by the Lees ESOT will be exchanged
for an equal number of new shares in Randotte to ensure that the trustee can continue to operate
the Lees ESOT following completion of the Acquisition.
---------------------------------------------------------------------------------------------------
If there are positions or rights to subscribe to disclose in
more than one class of relevant securities of the offeror or
offeree named in 1(c), copy table 3 for each additional class of
relevant security.
Details of any open derivative or option positions, or
agreements to purchase or sell relevant securities, should be given
on a Supplemental Form 8 (Open Positions).
Details of any securities borrowing and lending positions or
financial collateral arrangements should be disclosed on a
Supplemental Form 8 (SBL).
4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal
or informal, relating to relevant securities which may be an inducement to deal or refrain
from dealing entered into by the party to the offer making the disclosure or any person acting
in concert with it:
If there are no such agreements, arrangements or understandings, state "none"
------------------------------------------------------------------------------------------------
None
------------------------------------------------------------------------------------------------
(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the party
to the offer making the disclosure, or any person acting in concert with it, and any other
person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which
any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
----------------------------------------------------------------------------------------------------
It is intended that Nadia Millar will exercise options over 20,000 Lees Shares upon the release
of the 2.7 announcement. Ms Millar has entered into an agreement ("the Second Exchange Agreement")
in respect of those shares which, if such agreement is completed, will result in Mrs Millar
exchanging those shares for Randotte Shares.
----------------------------------------------------------------------------------------------------
(c) Attachments
Are any Supplemental Forms attached?
Supplemental Form 8 (Open Positions) NO
------------------------------------- ---
Supplemental Form 8 (SBL) NO
------------------------------------- ---
Date of disclosure: 10 April 2012
--------------------- -------------------------------------------------------
Contact name: Colin Aaronson or David Hignell, Grant Thornton UK LLP
--------------------- -------------------------------------------------------
Telephone number: 020 7383 5100
--------------------- -------------------------------------------------------
Public disclosures under Rule 8 of the Code must be made to a
Regulatory Information Service and must also be emailed to the
Takeover Panel at monitoring@disclosure.org.uk. The Panel's Market
Surveillance Unit is available for consultation in relation to the
Code's dealing disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at
www.thetakeoverpanel.org.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FEELLFFVSVIVLIF
Lees Foods (LSE:LEE)
Historical Stock Chart
From May 2024 to Jun 2024
Lees Foods (LSE:LEE)
Historical Stock Chart
From Jun 2023 to Jun 2024
