Statement regarding CFE and End of Offer Period
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For immediate release
23 February 2021
CIP MERCHANT CAPITAL LIMITED
("CIP Merchant Capital", "CIP" or the "Company")
Statement regarding Corporation Financière Européenne S.A.
and End of Offer Period
The board of directors of CIP (the "Board") notes the announcement released yesterday by Corporation Financière Européenne S.A. on behalf of funds or vehicles which are managed or advised by it ("CFE") stating that CFE does not intend to make an offer for CIP under Rule 2.7 of the City Code on Takeovers and Mergers (the "Code"). Accordingly, CFE is now subject to the restrictions under Rule 2.8 of the Code and CIP is no longer deemed to be in an "offer period", as defined in the Code.
As noted in the Company's announcement of 27 January 2021, CFE had made an initial approach to the Company in relation to a possible offer in a letter dated 28 September 2020, and a subsequent approach on 2 December 2020, and on both occasions the Board unequivocally rejected such possible offer. The Board continues to believe that the possible offer price of 50 pence per ordinary share significantly undervalues CIP and its prospects.
As announced on 15 February 2021, the Board also continues to believe in the growth potential of CIP's investee companies and the Investment Manager's ability to identify further attractive investment opportunities, particularly in the current uncertain market environment, with the aim of generating future long-term value for all of CIP's shareholders and welcomes engagement with shareholders in pursuit of the Company's strategic objectives.
Maitland Administration (Guernsey) Limited
(Fund Administrator / Company Secretary)
Wikus van Schalkwyk
+44 1481 749363
Strand Hanson Limited
(Financial & Nominated Adviser and Broker)
Simon Raggett / Matthew Chandler / Ritchie Balmer / James Bellman
+44 20 7409 3494