27 May 2022
Workspace Group plc
THE FOLLOWING ANNOUNCEMENT IS BEING MADE PURSUANT TO THE REQUIREMENTS OF RULE 19.6(B) OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE “CODE”)
Workspace Group plc (“Workspace”)
Update on Post-Offer Intentions with regard to McKay Securities (“McKay”) and the light industrial asset portfolio
Workspace confirms that following significant interest, it is considering disposing of the light industrial assets, formerly owned by McKay, as a single portfolio.
Further to the completion of its recommended cash and share acquisition of the entire issued and to be issued share capital of McKay, which was effected by way of a scheme of arrangement under Part 26 of the Companies Act 2006 on 6 May 2022 (the “Acquisition”), the Workspace Board has decided to take certain courses of action which differ from the statements of intent made pursuant to Rules 2.7(c)(iv) and 24.2 of the Code (the “Stated Intentions”), as set out in its announcement of 2 March 2022 and the scheme document published on 29 March 2022 (together, the “Offer Documentation”).
Stated Intentions
As set out in the Offer Documentation, Workspace intended to take advantage of attractive opportunities to recycle capital into other assets, which may result in the disposal of certain assets, including light industrial properties.
Revisions to Stated Intentions
Since the Scheme effective date of 6 May 2022, Workspace has received unsolicited indications of interest from a number of parties for the acquisition of the entire portfolio of light industrial assets formerly owned by McKay. Workspace confirms that it is now considering disposing of the light industrial assets.
In all other respects, Workspace's Stated Intentions are unchanged from the statements as set out in the Offer Documentation.
This announcement is required under Rule 19.6(b) of the Code.
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