Statement regarding Galliford TrySource: RNS
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 OR REGULATIONS OF THAT JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
28 May 2019
For immediate release
Bovis Homes Group PLC ("Bovis Homes")
Statement regarding potential combination with Galliford Try's Linden Homes and Partnerships & Regeneration businesses
In view of the recent press speculation and the announcement by Galliford Try plc ("Galliford Try"), Bovis Homes confirms that following an initial proposal, some preliminary discussions and the receipt of some high-level financial information from Galliford Try, Bovis Homes submitted a revised proposal (subject to detailed due diligence) on 8 May 2019 regarding the potential combination of Bovis Homes and Galliford Try's Linden Homes and Partnerships & Regeneration businesses (the "Housing Businesses") for consideration of £950m together with the assumption of Galliford Try's 10-year debt private placement of £100m, with the consideration to be satisfied via the issuance of new Bovis Homes shares directly to Galliford Try shareholders (the "Bovis Homes Proposal").
The potential combination relates solely to a combination with the Housing Businesses and does not relate to a merger with Galliford Try itself. The potential combination envisages Galliford Try remaining a UK listed construction focused group owned entirely by Galliford Try shareholders.
Galliford Try rejected the Bovis Homes Proposal on 24 May 2019 as Galliford Try did not believe that the proposal fully reflected the value of the Housing Businesses and the need to ensure that the remaining Galliford Try UK listed construction focused group had a viable capital structure.
Bovis Homes and Galliford Try are no longer in discussions.
The information contained within this announcement is inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement this inside information is now considered to be in the public domain. The person responsible for this announcement on behalf of Bovis Homes is Earl Sibley (Group Finance Director).
For further information please contact:
Earl Sibley Tel: +44(0) 1732 280 272
Powerscourt (Public Relations Adviser to Bovis Homes)
Justin Griffiths/ Nick Dibden Tel: +44(0) 20 7549 0999
Numis (Corporate Broker to Bovis Homes)
Heraclis Economides / Richard Thomas Tel: +44(0) 20 7260 1000
Numis Securities Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting for the Company only as corporate broker in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the protections afforded to clients of Numis Securities Limited or advice to any other person in relation to the matters contained herein.
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