Capital & Regional plc has responded to an announcement by Praxis Group Limited, stating that Praxis is considering making a cash offer for the entire issued and to be issued share capital of Capital & Regional. The company confirmed that it received an expression of interest from Praxis on 5 July 2024 and is complying with its obligations under Rule 21.3 of the Code by providing access to due diligence information to enable Praxis to evaluate a possible offer.
As of the date of the announcement, Praxis has not provided Capital & Regional with any proposal relating to a possible offer, including terms or price. Rule 2.6(a) of the Code requires Praxis to announce a firm intention to make an offer for Capital & Regional by 16 August 2024, or announce that it does not intend to make an offer. The company emphasized that there is no certainty that any firm offer will be made, nor as to the terms on which any offer will be made.
Further announcements will be made as appropriate in due course. The company provided contact information for enquiries and disclosed the regulatory requirements of the Code. It also included information about the financial advisers and brokers involved in the matter.
The announcement concluded with a disclaimer that it does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy securities, and that the release, publication, or distribution of the announcement in jurisdictions outside the United Kingdom may be restricted by law.
This comprehensive response from Capital & Regional plc provides a clear overview of the situation, including the expression of interest from Praxis Group Limited, the company's compliance with regulatory obligations, and the uncertainty surrounding any potential offer. The announcement also includes contact information for further enquiries and a disclaimer regarding the nature of the announcement.