(PDF 741KB) - Steinhoff International

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Increased cash offer - RNS - London Stock Exchange
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Steinhoff International Hldgs NV Released 18:13 20-Apr-2016
INCREASED CASH OFFER
RNS Number : 8480V
Steinhoff International Hldgs NV
20 April 2016
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
20 April 2016
INCREASED CASH OFFER
for
Darty plc ("Darty")
by
Conforama Investissement 2 SAS ("Conforama")
(a wholly owned subsidiary of Steinhoff International Holdings N.V.)
Highlights
Conforama announces the acquisition of in aggregate 103,205,977 Darty
Shares from Majedie Asset Management Limited, Schroder Investment
Management Limited, Standard Life Investments (Holdings) Limited and UBS
Asset Management representing approximately 19.5 per cent. of the
existing issued ordinary share capital of Darty, at 138 pence per Darty Share.
Conforama and its associates have now acquired or received irrevocable
undertakings in respect of 104,214,138 Darty Shares representing, in
aggregate, approximately 19.7 per cent. of the existing issued ordinary share
capital of Darty.
Accordingly, Conforama announces an increased cash offer to acquire the
entire issued and to be issued ordinary share capital of Darty not already
held by Conforama at 138 pence per Darty Share.
1
Introduction
On 18 March 2016 the boards of Conforama Investissement SNC and Darty
announced that they had reached agreement on the terms of a recommended all
cash offer to be made by Conforama Investissement SNC (with the support of its
ultimate parent company, Steinhoff International Holdings N.V. ("Steinhoff")), or a
direct or indirect wholly owned subsidiary of Steinhoff, for the entire issued and to
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be issued ordinary share capital of Darty (the "Original Offer"). On 11 April 2016
Conforama published an offer document setting out the full terms and conditions of
the Original Offer (the "Original Offer Document").
The board of Conforama announces that Steinhoff Finance Holdings Gmbh ("SFH"), a
wholly owned subsidiary of Steinhoff International Holdings N.V. ("Steinhoff"), has
today acquired in aggregate 103,205,977 Darty Shares from Majedie Asset
Management Limited, Schroder Investment Management Limited, Standard Life
Investments (Holdings) Limited and UBS Asset Management (the "SFH Acquisition"),
representing approximately 19.5 per cent. of the existing issued ordinary share
capital of Darty on 19 April 2016 (being the latest practicable Business Day prior to
this announcement) at a price of 138 pence per Darty Share (the "Increased Offer
Price").
2
Increased Offer
Following the acquisition by SFH of Darty Shares at the Increased Offer Price, the
board of Conforama is pleased to announce the terms of an increased cash offer to
be made by Conforama (with the support of Steinhoff) for the entire issued and to be
issued ordinary share capital of Darty (the "Increased Offer").
Under the terms of the Increased Offer, Darty Shareholders will be entitled to
receive:
for each Darty Share
138 pence in cash
The Increased Offer represents a premium of approximately:
o
70 per cent. to the Closing Price per Darty Share of 81.0 pence on 29
September 2015 (being the last Business Day prior to the start of the Offer
Period)[1];
o
13 per cent. to the current implied offer price of 122.1 pence on 19 April
2016 (being the last Business Day prior to the date of this announcement)
per Darty Share from Groupe Fnac S.A. ("Fnac") which was announced on
20 November 2015 (the "Fnac Offer");
o
31 per cent. to the previously recommended implied offer price of 105.4
pence per Darty Share from Fnac on 20 November 2015;
o
19 per cent. to the previously recommended implied offer price of 116.2
pence per Darty Share from Fnac on 6 November 2015; and
o
4.5 per cent. to the Closing Price per Darty Share of 132 pence on 19 April
2016 (being the last Business Day prior to the date of this announcement).
The Increased Offer values the entire issued, and to be issued, share capital of Darty
at approximately £742 million.
Pursuant to the terms of the Original Offer Document, Darty Shareholders who
have previously validly accepted the Original Offer will automatically be deemed to
have accepted the terms of the Increased Offer by virtue of their prior acceptances
and therefore need take no further action. Save as set out in this announcement,
the Increased Offer is subject to the same terms and conditions as the Original
Offer. The Increased Offer is a revision to the Original Offer and shall be construed
accordingly.
In accordance with Rule 32.1 of the Code, a revised offer document (the "Increased
Offer Document") containing details of the Increased Offer will be posted to Darty
Shareholders and, for information only, to participants in the Darty Share Incentive
Schemes and persons with information rights including employees or their
representatives (other than in relation to anyone in any jurisdiction where extension
or acceptance of the Increased Offer would violate the law of that jurisdiction,
including but not limited to Canada, Australia, Republic of South Africa and Japan (a
"Restricted Jurisdiction")) in due course.
The board of Darty recommended Conforama's Original Offer of 125 pence per Darty
Share. The board of Conforama will seek the Darty board's recommendation of the
Increased Offer in due course.
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Financing of the Increased Offer
The cash consideration payable under the terms of the Increased Offer will be
funded using acquisition facilities provided by Citibank, N.A., London Branch and
HSBC Bank plc.
Each of Citigroup Global Markets Limited and HSBC Bank plc, joint financial advisers
to Steinhoff, is satisfied that sufficient cash resources are available to Conforama to
satisfy in full the cash consideration payable to Darty Shareholders under the terms
of the Increased Offer.
4
Darty Share Plan
Participants in the Darty Share Plan will be contacted to explain the effect of the
Increased Offer on the proposals which will be made in respect of their options and
awards.
5
Disclosure of interests in relevant securities
Conforama Investissement SNC has made a public Opening Position Disclosure
setting out the details required to be disclosed by it under Rule 8.1(a) of the Code on
16 March 2016. The Opening Position Disclosure and the Original Offer Document
included relevant details in respect of persons acting in concert with Conforama.
Conforama confirms that it will procure that its concert party, SFH, will make a
dealing disclosure in respect of the SFH Acquisition, setting out the details required
to be disclosed under Rule 8.4 of the Code, by no later than 12:00pm (London time)
on 21 April 2016 (being the Business Day following the date of dealing).
As of the close of business on 19 April 2016 (being the last Business Day prior to the
publication of this announcement), the following Conforama concert parties hold the
following interests:
Citigroup Global Markets Limited indirectly holds a short position in respect
of 54 Darty Shares representing 0.000009 per cent of the issued ordinary
share capital of Darty;
Investec Bank plc indirectly holds 3,050 Darty Shares representing 0.0005
per cent of the issued ordinary share capital of Darty; and
LGIM Dynamic Diversified Fund holds 5,150 Darty Shares representing
0.0008 per cent of the issued ordinary share capital of Darty.
Save as set out in the Opening Position Disclosure, the Original Offer Document and
in this paragraph, none of Conforama nor, so far as Conforama is aware, any person
acting in concert (within the meaning of the Code) with Conforama (including the
Conforama Directors) has:
any interest in, or right to subscribe for, any Darty Shares or other relevant
securities relating to Darty, nor does any such person have any short position
in Darty Shares or other relevant securities relating to Darty, including any
short position under a derivative, any agreement to sell, any delivery
obligation or right to require another person to purchase or take delivery of
Darty Shares or other relevant securities relating to Darty; or
borrowed or lent any Darty Shares or other relevant securities relating to
Darty, nor entered into any financial collateral arrangements relating to
Darty Shares or other relevant securities relating to Darty.
6
Acceptance, irrevocable undertakings and letter of intent
As at 5.00 p.m. (London time) on 19 April 2016 (being the last Business Day prior to
the date of this announcement), Conforama had received no valid acceptances of the
Original Offer.
Conforama has received irrevocable undertakings from each of the Darty Directors to
accept the Increased Offer in respect of their entire beneficial holdings of, in
aggregate, 1,008,161 Darty Shares, representing, in aggregate, approximately 0.19
per cent. of Darty's existing issued share capital. These irrevocable undertakings will
cease to be binding if, amongst other things, a competing offer is received from a
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third party which Lazard determines to be an improvement to the terms of the
Increased Offer or the Increased Offer lapses or is withdrawn.
As at the date of this announcement Conforama Investissement SNC has received a
letter of intent from Schroder Investment Management Limited, to accept the
Original Offer in respect of 74,883,606 Darty Shares, representing, in aggregate
approximately 14.14 per cent. of the existing issued share capital of Darty. SFH has
today acquired 38,000,000 Darty Shares from Schroder Investment Management
Limited.
7
Closing Date of the Increased Offer
Conforama has undertaken to Darty, as set out in paragraph 1(a) of Part B (Further
Terms of the Offer) of Appendix I of the Original Offer Document, that while the
Increased Offer has not been declared or becomes unconditional as to acceptances
and remains recommended by the Darty Directors it will extend the Increased Offer
so that it remains open for acceptances until midnight on 10 June 2016 ("Day 60").
Notwithstanding the above Conforama urges Darty Shareholders to accept the
Increased Offer by 1.00 p.m. (London time) on the next closing date of the Increased
Offer, which will be 14 days following the date on which the Increased Offer
Document is published (or such later date as Conforama may determine).
Any extensions of the Increased Offer will be publicly announced to an RIS no later
than 8.00 a.m. (London time) on the Business Day following the date on which the
Increased Offer was otherwise due to expire, or such later date or time as the Panel
may agree.
8
Compulsory Acquisition, Delisting and reregistration
If Conforama receives acceptances under the Increased Offer in respect of, and/or
otherwise acquires, both 90 per cent. or more in value of the Darty Shares to which
the Increased Offer relates and 90 per cent. or more of the voting rights carried by
those shares, and assuming that all of the other conditions of the Increased Offer
have been satisfied or waived (if capable of being waived), Conforama intends to
exercise its rights in accordance with sections 974 to 991 of the Companies Act 2006
to acquire compulsorily the remaining Darty Shares on the same terms as the
Increased Offer.
Following the Increased Offer becoming or being declared unconditional in all
respects, if Conforama receives acceptances under the Increased Offer in respect of,
and/or otherwise acquires 75 per cent. or more of the voting rights carried by the
Darty Shares, and subject to any applicable requirements of the UK Listing Authority,
it is intended that Conforama will procure that Darty makes applications to cancel
the listing of Darty Shares on the UKLA's Official List and on the Eurolist by Euronext,
and to cancel trading in Darty Shares on the London Stock Exchange's Main Market
for listed securities and on Euronext Paris.
It is also proposed that on or following the Increased Offer becoming or being
declared unconditional in all respects, Darty will be reregistered as a private limited
company.
9
Offerrelated arrangements
A summary offer related arrangements is set out in paragraph 14 of Part II of the
Original Offer Document.
10
Dividends
If Darty announces, declares or pays any dividend or any other distribution to Darty
Shareholders after 11 April 2016, Conforama reserves the right to make an
equivalent reduction to the Increased Offer Price.
11
General
A list of documents which are available, subject to certain restrictions relating to
persons resident in any Restricted Jurisdiction, on the Steinhoff and Darty websites
(http://www.steinhoffinternational.com/ and http://www.dartygroup.com) is set out
in paragraph 12 of Appendix II of the Original Offer Document. A copy of this
announcement will also be made available, free of charge subject to certain
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restrictions relating to persons resident in Restricted Jurisdictions, at
http://www.steinhoffinternational.com by no later than 12 noon (London time) on
the Business Day following the date of this announcement.
Save as set out in this announcement, the Increased Offer will be subject to the same
terms and conditions as the Original Offer set out in the Original Offer Document.
Accordingly, your attention is drawn to the Original Offer Document, which is
available on Steinhoff's website at http://www.steinhoffinternational.com.
Subject to the requirements of the Takeover Panel, Conforama reserves the right in
its sole discretion to waive (if capable of waiver) in whole or in part any of the
conditions in paragraphs (b) to (p) in Part A of Appendix I of the Original Offer
Document.
Your attention is drawn to Appendix I which form part of, and should be read in
conjunction with, this announcement and contains the bases and sources of certain
information used in this announcement.
Terms and expressions used in this announcement shall, unless otherwise defined
herein and save as the context otherwise requires, have the same meanings as given
to them in the Original Offer Document.
Enquiries:
Conforama
Isabelle Hoppenot (Press contact)
Tel: +33 6 25 58 14 38
Steinhoff International Holdings N.V.
Mariza Nel
Tel: +27 (0)21 808 0711
Citigroup Global Markets Limited
Jan Skarbek
Nick Pagden
CharlesHenri Filippi
Tom Jacob
Peter Brown (Corporate Broking)
HSBC Bank plc
Oliver Smith
Aamir Khan
Patrick Cazalaa
Dimitri Fotopoulos
Mark Dickenson (Corporate Broking)
Tel: +44 (0)20 798 6400
Tel: +44 (0)20 7991 8888
Media Enquiries:
Havas Worldwide (French PR Adviser to Conforama)
Anton Molina
Tel: +33 6 37 32 80 27
Maitland (UK PR Adviser to Conforama)
Kate O'Neill
Tel: +44 7714 415 229
Important notice related to financial advisers
Citigroup Global Markets Limited, which is authorised by the Prudential Regulation
Authority and regulated in the United Kingdom by the FCA and the Prudential Regulation
Authority, is acting as financial adviser to Steinhoff International Holdings N.V. and for no
one else in connection with the Increased Offer and will not be responsible to anyone other
than Steinhoff International Holdings N.V. for providing the protections afforded to its
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clients or for providing advice in relation to the Increased Offer, the contents of this
announcement or any other matters referred to in this announcement.
HSBC Bank plc, which is authorised by the Prudential Regulation Authority and regulated in
the United Kingdom by the FCA and the Prudential Regulation Authority, is acting as
financial adviser to Steinhoff International Holdings N.V. and for no one else in connection
with the Increased Offer and will not be responsible to anyone other than Steinhoff
International Holdings N.V. for providing the protections afforded to its clients or for
providing advice in relation to the Increased Offer, the contents of this announcement or
any other matters referred to in this announcement.
Further information
This announcement is for information purposes only and does not constitute an offer to sell
or subscribe for or an invitation to purchase any securities or the solicitation of any vote or
approval in any jurisdiction, or the solicitation of an offer to buy securities, pursuant to the
Increased Offer or otherwise, nor shall there be any sale, issuance or transfer of securities
by Darty or Conforama pursuant to the Increased Offer in any jurisdiction in contravention
of applicable laws. The Increased Offer will be effected solely through the Increased Offer
Document, which will contain the full terms and conditions of the Increased Offer, including
details of how to accept the Increased Offer. Darty and Conforama urge Darty Shareholders
to read the Increased Offer Document which will be distributed to Darty Shareholders,
persons with information rights and, for information purposes only, to participants in the
Darty Share Plan in due course, as it will contain important information relating to the
Increased Offer.
This announcement does not constitute a prospectus or prospectus equivalent document.
This announcement has been prepared for the purpose of complying with English law and
the Code 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.
Overseas shareholders
The release, publication or distribution of this announcement in certain jurisdictions may be
restricted by law. Persons who are not resident in the United Kingdom or who are subject to
other jurisdictions should inform themselves of, and observe, any applicable requirements.
Unless otherwise determined by Conforama or required by the Code and permitted by
applicable law and regulation, the Increased Offer will not be made, directly or indirectly, in,
into or from a Restricted Jurisdiction where to do so would violate the laws in that
jurisdiction, and the Increased Offer will not be capable of acceptance from or within a
Restricted Jurisdiction. Accordingly, copies of this announcement and all documentation
relating to the Increased Offer 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 Increased Offer (including custodians,
nominees and trustees) must not mail or otherwise distribute or send them in, into or from
such jurisdictions as doing so may invalidate any purported acceptance of the Increased
Offer.
The availability of the Increased Offer to Darty Shareholders who are not resident in the
United Kingdom may be affected by the laws of the relevant jurisdictions in which they are
resident. Persons who are not resident in the United Kingdom should inform themselves of,
and observe, any applicable requirements.
Further details in relation to overseas Darty Shareholders will be contained in the Increased
Offer Document.
Important information for Darty Shareholders resident in the United States
The Increased Offer relates to the shares of a UK company and is subject to UK procedural
and disclosure requirements that are different from those of the US. Any financial
statements or other financial information included in this announcement may have been
prepared in accordance with nonUS accounting standards that may not be comparable to
the financial statements of US companies or companies whose financial statements are
prepared in accordance with generally accepted accounting principles in the US. It may be
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difficult for US holders of shares to enforce their rights and any claims they may have
arising under the US federal securities laws in connection with the Increased Offer, since
Conforama and Darty are located in countries other than the US, and some or all of their
officers and directors may be residents of countries other than the US. US holders of Darty
Shares may not be able to sue Conforama, Darty or their respective officers or directors in a
nonUS court for violations of US securities laws. Further, it may be difficult to compel
Conforama, Darty and their respective affiliates to subject themselves to the jurisdiction or
judgment of a US court.
The Increased Offer will be made in the US pursuant to Section 14(e) and Regulation 14E
under the US Exchange Act as a "Tier II" tender offer, and otherwise in accordance with the
requirements of the Code. Accordingly, the Increased Offer will be subject to disclosure and
other procedural requirements, including with respect to withdrawal rights, offer timetable,
settlement procedures and timing of payments that are different from those applicable
under US domestic tender offer procedures and law.
Darty Shareholders should be aware that Conforama may purchase or arrange to
purchase Darty Shares otherwise than under the Increased Offer, such as in open market
or privately negotiated purchases in accordance with rule 14e5 under the US Exchange
Act. Any such purchases of Darty Shares by Conforama otherwise than under the
Increased Offer will be publically announced by way of a dealing disclosure pursuant to
the requirements of the Code and will be released to an RIS.
THIS ANNOUNCEMENT IS NEITHER AN OFFER TO PURCHASE NOR A SOLICITATION TO BUY
ANY OF THE SHARES REFERRED TO HEREIN NOR IS IT A SOLICITATION FOR ACCEPTANCE
OF THE INCREASED OFFER. CONFORAMA WILL BE MAKING THE INCREASED OFFER ONLY
BY, AND PURSUANT TO THE TERMS OF, THE INCREASED OFFER DOCUMENT. THE
INCREASED OFFER IS NOT BEING MADE IN ANY JURISDICTION IN WHICH THE MAKING OR
ACCEPTANCE THEREOF WOULD NOT BE IN COMPLIANCE WITH THE SECURITIES, BLUE SKY
OR OTHER LAWS OF SUCH JURISDICTION. THIS DOCUMENT IS NEITHER AN OFFER TO SELL
NOR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES, AND SHALL NOT
CONSTITUTE AN OFFER, SOLICITATION OR SALE, IN ANY JURISDICTION IN WHICH SUCH
OFFER, SOLICITATION OR SALE IS UNLAWFUL.
Forward looking statements
This announcement, any oral statements made by Conforama or Darty in relation to the
Increased Offer, and other information published by Conforama or Darty may contain
statements about Conforama and Darty that are or may be forward looking statements. All
statements other than statements of historical facts included in this announcement may be
forward looking statements. Without limitation, any statements preceded or followed by or
that include the words "targets", "plans", "goals", "believes", "expects", "aims", "intends",
"will", "may", "anticipates", "estimates", "projects" or words or terms of similar substance
or the negative thereof, are forward looking statements. Forward looking statements
include statements relating to the following: (i) future capital expenditures, expenses,
revenues, earnings, synergies, economic performance, indebtedness, financial condition,
dividend policy, losses and future prospects; (ii) business and management strategies and
the expansion and growth of Conforama's or Darty's operations and potential synergies
resulting from the Increased Offer; (iii) currency fluctuations; and (iv) the effects of
government regulation on Conforama's or Darty's business.
Such forward looking statements involve risks and uncertainties that could significantly
affect expected results and/or the operations of Conforama and Darty, and are based on
certain key assumptions. Many factors could cause actual results to differ materially from
those projected or implied in any forward looking statements. Due to such uncertainties and
risks, readers are cautioned not to place undue reliance on such forward looking
statements. Each forward looking statement speaks only as of the date of this
Announcement (or, in the case of an oral statement, as of the date it was made).
Conforama and Darty disclaim any obligation to update or revise any forward looking or
other statements contained herein, except as required by applicable law.
No profit forecasts or estimates
No statement in this announcement is intended as a profit forecast or profit estimate and
no statement in this announcement should be interpreted to mean that the future earnings
per share of the Steinhoff Group as enlarged by the Increased Offer, Conforama and/or
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Darty for current or future financial years will necessarily match or exceed the historical or
published earnings per share of Conforama or Darty.
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.
Disclosure requirements of the City Code (the "Code")
Under Rule 8.3(a) of the Code, any person who is interested in 1% 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 pm (London time) on the 10th business day following the
commencement of the offer period and, if appropriate, by no later than 3.30 pm (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 Code, any person who is, or becomes, interested in 1% 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, 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 pm (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 Takeover 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.
Publication on website
A copy of this announcement will be made available, free of charge subject to certain
restrictions relating to persons resident in Restricted Jurisdictions, at
http://www.steinhoffinternational.com by no later than 12 noon (London time) on the
Business Day following the date of this announcement.
Neither the content of the website referred to in this announcement nor the content of any
website accessible from hyperlinks on Steinhoff's website (or any other website) is
incorporated into, or forms part of, this announcement.
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The Increased Offer is subject to the provisions of the Code. In accordance with Rule 23.2 of
the Code on Takeovers and Mergers, a copy of this announcement will be published on
Darty's website at http://www.dartygroup.com.
You may request a hard copy of this announcement, free of charge, by contacting the
Company Secretary at Steinhoff UK Holdings Limited, 5th Floor Festival House, Jessop
Avenue, Cheltenham, Gloucestershire, GL50 3SH, United Kingdom. Darty Shareholders may
also request that all future documents, announcements and information to be sent to them
in relation to the Increased Offer should be in hard copy form.
APPENDIX I
SOURCES OF INFORMATION AND BASES OF CALCULATION
In this announcement:
1
As at the close of business on 19 April 2016, being the last Business Day prior to the
date of this announcement, Darty had in issue 529,553,216 Darty Shares. The ISIN
for the Darty Shares is GB0033040113.
2
The value placed on the issued and to be issued share capital of Darty (£742 million)
is based on 537,485,225 Darty Shares.
3
The closing midmarket share prices of Darty Shares on 29 September 2015, 6
November 2015 and 20 November 2015 referred to in this announcement are
derived from the London Stock Exchange Daily Official List.
1
Calculated by reference to the Closing Price of Darty Shares on 29 September 2015 of 81 pence in respect of a Darty Share, which is not adjusted for
the final dividend for the financial year ended 30 April 2015 and paid on 13 November 2015.
This information is provided by RNS
The company news service from the London Stock Exchange
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Increased cash offer - RNS
20/04/2016

(PDF 741KB) - Steinhoff International

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