TIDMVEC TIDMVEC TIDM0M8V

RNS Number : 9825H

Vectura Group plc

09 August 2021

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 OF THAT JURISDICTION

9 August 2021

INCREASED CASH OFFER BY PMI GLOBAL SERVICES ("PMI") FOR VECTURA GROUP PLC ("VECTURA")

The Board of Vectura (the "Board") notes the increased offer of 165 pence per Vectura share in cash from PMI announced on 8 August 2021 (the "PMI Offer"). The PMI Offer represents a premium of 10 pence per share to the price of 155 pence per share in cash announced by Murano Bidco Limited on 6 August 2021 (the "Carlyle Offer").

As there remain two competing bidders for Vectura, in accordance with the City Code on Takeovers and Mergers, the Takeover Panel has today announced rules to govern the basis on which any further offers for Vectura are made after 5.00 pm on 10 August 2021 (the "Auction Rules").

As a result, the Board feels that it is appropriate to withdraw its intention to recommend the Carlyle Offer and at this stage not to state an intention to recommend the PMI Offer. The Board will make a further announcement after the end of the auction, as set out in the Auction Rules, based on its fiduciary duties, consistent with its approach to date.

Enquiries:

 
 Vectura                                  Tel: +44 (0)20 7881 0524 
 Will Downie (Chief Executive Officer) 
  Paul Fry (Chief Financial Officer) 
 J.P. Morgan Cazenove, as Joint           Tel: +44 (0)20 7742 4000 
  Financial Adviser and Joint Corporate 
  Broker to Vectura 
 James Mitford 
  Celia Murray 
  Alex Bruce 
  Hemant Kapoor 
 Rothschild & Co, as Joint Financial      Tel: +44 (0)20 7280 5000 
  Adviser to Vectura 
 Julian Hudson 
  Vincent Meziere 
  Toby Wright 
 Numis, Joint Corporate Broker to 
  Vectura:                                Tel: +44 (0)20 7260 1000 
 James Black 
 FTI Consulting, PR Adviser to Vectura:   Tel: +44 (0)20 3727 1000 
  Ben Atwell                               Email: SCvectura@fticonsulting.com 
  Simon Conway 
 Public Enquiries                         Tel: +44 (0)7471 352 
                                           720 
 David Ginivan 
 
 Analyst/Investor Enquiries:              Email: ir@vectura.com 
 Olivia Manser

Clifford Chance LLP is retained as legal adviser to Vectura.

Important Notices

J.P. Morgan Securities plc, which conducts its UK investment banking business as J.P. Morgan Cazenove ("J.P. Morgan Cazenove"), is authorised in the United Kingdom by the Prudential Regulation Authority (the "PRA") and regulated in the United Kingdom by the PRA and the Financial Conduct Authority. J.P. Morgan Cazenove is acting as financial adviser and corporate broker exclusively for Vectura and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters set out in this announcement and will not be responsible to anyone other than Vectura for providing the protections afforded to clients of J.P. Morgan Cazenove or its affiliates, nor for providing advice in relation to any matter referred to herein.

N.M. Rothschild & Sons Limited ("Rothschild & Co"), which is authorised and regulated by the FCA in the United Kingdom, is acting exclusively for Vectura and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Vectura for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.

Numis Securities Limited ("Numis"), which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively for Vectura and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Vectura for providing the protections afforded to clients of Numis, nor for providing advice in relation to any matter referred to herein.

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August 09, 2021 04:41 ET (08:41 GMT)

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