29 March 2022
McKay Securities PLC (“McKay” or the “Company”)
Statement regarding possible competing offer
On 11 March 2022 McKay received a request from Slate Asset Management L.P. (“Slate”) under Rule 21.3 of the Takeover Code for access to due diligence information in order to allow Slate to consider making a possible all cash offer for the entire issued and to be issued share capital of McKay.
The Board of McKay is complying with its obligations under Rule 21.3 of the Takeover Code. As of 28 March 2022 Slate has not provided the Board of McKay with a written indicative proposal in relation to a possible offer, but has indicated verbally that it is considering making such a proposal. If any such proposal is provided by Slate, the Board of McKay will carefully consider its terms, in conjunction with its advisers.
There can be no certainty either that any firm offer will be made by Slate nor as to the terms of any firm offer, if made.
The directors of McKay continue to recommend unanimously to McKay shareholders the offer by Workspace Group Plc announced on 2 March 2022.
In accordance with Section 4(c) of Appendix 7 of the Takeover Code, the Panel will announce the deadline by which Slate must clarify its intention in relation to McKay.
McKay Shareholders will be kept informed of relevant developments in respect of Slate's interest and further announcements will be made when appropriate.
This announcement has been made without the consent of Slate.