Daejan Holdings plc acquired by Dock Newco Ltd. for £1.3 billion

N+1 Singer is delighted to have acted as Corporate Broker to Daejan Holdings plc in their recent Acquisition by Dock Newco Limited (a newly incorporated company within the Freshwater Group) for £1.3 billion.

On 21 February 2020, the board of directors of Dock Newco Limited (“Dock” or “BidCo”) and the independent non-executive director (the “Daejan Independent Director”) of Daejan Holdings plc (“Daejan”) jointly announced a recommended final cash offer for the entire issued and to be issued share capital of Daejan not already owned directly or indirectly by the Freshwater Concert Party (the “Offer”) to be effected by means of a scheme of arrangement between Daejan and the Scheme Shareholders under Part 26 of the Companies Act 2006 (the “Scheme”) which was contained in a document sent to Daejan Shareholders on 3 April 2020 (the “Scheme Document”).

Further to Daejan’s announcement on 5 May 2020 that the Court had sanctioned the Scheme, the Board announces that the Court Order has been delivered to the Registrar of Companies today (07/05/20) and accordingly, the Scheme has now become effective in accordance with its terms and all of the ordinary share capital of Daejan not already owned by the Freshwater Concert Party is now owned by Bidco.

Settlement

Scheme Shareholders’ consideration under the terms of the Offer will be settled or despatched by no later than 21 May 2020.

Suspension of trading

Dealings in Daejan shares have been suspended from trading on the London Stock Exchange’s Main Market for listed securities with effect from 7.30 am today (07/05/2020).

Cancellation of listing and trading

The listing of Daejan Shares on the premium listing segment of the Official List of the FCA will be cancelled and the Daejan Shares will cease to be admitted to trading on the Main Market for listed securities of the London Stock Exchange with effect from 8.00 am on 11 May 2020.

 

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