Asamblea General y propuesta de recompra de acciones
9 de abril de 2024
Productos definitivos plc
("Ultimate Products", "Compañía" o "el Grupo")
Aviso de Asamblea General, Propuesta de Recompra de Acciones y Renuncia a la Regla 9
Ultimate Products, the owner of a number of leading homeware brands including Salter (the UK's oldest houseware brand, est.1760) and Beldray (est.1872), announces that today it has posted a Circular to Shareholders giving Notice of a General Meeting, to be held at Manor Mill, Victoria Street, Chadderton, Oldham OL9 0DD on 2 May 2024 at 9.00 am.
Recompra de acciones propuesta y exención de la Regla 9
The Company has historically sought authority and received approval from its Shareholders to make market purchases of its own shares, with the most recent authority being granted at the Company's AGM on 15 December 2023, permitting the Company to repurchase up to 8,931,245 Ordinary Shares, equal to 10 per cent. of the Company's issued ordinary share capital at the latest practicable date before publication of the Notice of GM, being 8 April 2024. However, despite this authority having already been granted, the Company has been restricted from using it owing to the Concert Party being interested in more than 30 per cent. but less than 50 per cent. of the total voting rights of the Company (and therefore, any repurchases of Ordinary Shares under such buyback authority being liable to trigger an obligation for the Concert Party to make an offer, in cash, for the entire issued and to be issued share capital of the Company, pursuant to Rule 9 of the City Code).
The Board have adopted a new capital allocation policy; after paying down its debt levels, the Board's intention is, over the medium term, to maintain a net bank debt / adjusted EBITDA ratio at approximately 1.0x. The Board believes that this level of gearing is the most efficient use of the Company's balance sheet and excess cash can be returned to Shareholders.
With a strong cash balance and a cash generative business model, the Board has concluded that it wishes to have the flexibility to utilise the Proposed Buy-Back Authority in circumstances which it decides are in the best interests of the Company. Accordingly, the Circular sets out the background to, and reasons why the Board believes it to be in the best interests of Shareholders as a whole for the Company to reapply for buy back authority, as necessary under the City Code, to make market purchases of its Ordinary Shares under the same parameters as previously approved.
La fiesta del concierto
For the purposes of the City Code, Andrew Gossage, Simon Showman and Barry Franks are considered to be acting in concert. The Concert Party currently holds, in aggregate, 36,821,400 Ordinary Shares representing an aggregate interest of 41.23 per cent. of the Company's issued ordinary share capital of 89,312,457 as at 8 April 2024 (being the latest practicable date prior to the publication of the Circular). In addition, Andrew Gossage, Simon Showman (being two members of the Concert Party) hold 48 A Shares and 32 A Shares respectively pursuant to the MIP which may be converted into Ordinary Shares if the Hurdle is exceeded. The maximum number of Ordinary Shares pursuant to the MIP that may be acquired by Simon Showman and Andrew Gossage is 4,108,480. The Concert Party do not hold any Options under the PSP, SAYE or Incentive Plan 2023.
Assuming full utilisation of the Proposed Buy-Back Authority, the Concert Party do not participate in the proposed share buyback nor sell any Ordinary Shares, the full exercise of the MIP Options by Andrew Gossage and Simon Showman and no exercise of any Options under any Share Option Schemes (other than the full exercise of the MIP Options by Andrew Gossage and Simon Showman), the combined shareholding of the Concert Party of 40,929,880 Ordinary Shares would represent 48.44 per cent. of the then issued ordinary share capital of the Company of 84,489,692.
The full Circular to Shareholders will be made available on the Company's website at https://upplc.com/. Defined terms used in this announcement are the same as those defined in the Circular unless the context requires otherwise.
Para obtener más información, póngase en contacto:
Productos Ultimate +44 (0) 161 627
Andrew Gossage, director ejecutivo
Chris Dent, director financiero
Costa Capital +44 (0) 20 7408 4090
marca percy
Malaquías McEntyre
David Coatén
Ian Sexton
Isabel Jones
Cavendish Capital Markets Limitado + 44 (0)20 7220 0500
Carl Holmes (Finanzas corporativas)
Matt Goode (finanzas corporativas)
Abigail Kelly (Finanzas corporativas)
Charlie Combe (ECM)
Powerscourt +44 (0) 207 250
Rob Greening
sam austrums
Bancos de Oliver
Notas a los editores
Ultimate Products es propietaria de varias marcas líderes de artículos para el hogar, incluidas Salter (la marca de artículos para el hogar más antigua del Reino Unido, establecida en 1760) y Beldray (una marca de lavandería, cuidado de pisos, calefacción y refrigeración que se estableció en 1872). Según su investigación de mercado, casi el 80% de los hogares del Reino Unido poseen al menos uno de los productos del Grupo.
Ultimate Products vende a más de 300 minoristas en 38 países y se especializa en cinco categorías de productos: pequeños electrodomésticos; artículos para el hogar; Lavandería; Audio; y Calefacción y Refrigeración. Otras marcas incluyen Progress (utensilios de cocina y para hornear), Kleeneze (lavandería y cuidado de pisos), Petra (pequeños electrodomésticos) e Intempo (audio).
Los productos del Grupo se venden a una amplia muestra representativa de grandes minoristas multicanal nacionales e internacionales, así como a cadenas minoristas nacionales más pequeñas, que incluyen minoristas de descuento, supermercados, minoristas generales y minoristas en línea.
Fundada en 1997, Ultimate Products emplea a más de 370 personas, un número significativo de los cuales se han incorporado a través del plan de desarrollo de posgrado del Grupo, y tiene su sede en Oldham, Greater Manchester, donde tiene funciones de diseño, ventas, marketing, compras, control de calidad y soporte. e instalaciones de almacén en dos sitios. Manor Mill, la oficina central del grupo, incluye una espectacular sala de exposición de 20,000 pies cuadrados que exhibe cada una de sus marcas. Además, el Grupo cuenta con una oficina y una sala de exposición en Guangzhou, China y en París, Francia.
Tenga en cuenta que Ultimate Products no es el propietario de Russell Hobbs. Actualmente, la empresa tiene acuerdos de licencia vigentes que le otorgan una licencia exclusiva para usar la marca comercial "Russell Hobbs" para utensilios de cocina y lavandería (nota: esto no incluye los electrodomésticos de Russell Hobbs).
Para más información, visite www.upplc.com.
Observación
Cavendish Capital Markets Limited ("Cavendish"), que está autorizada y regulada por la Autoridad de Servicios Financieros (FCA), actúa como asesor financiero de la Compañía en relación con los asuntos descritos en este anuncio. Cavendish no será responsable ante nadie más que la Compañía por brindar las protecciones brindadas a los clientes de Cavendish o por asesorar a cualquier otra persona sobre la Autoridad de Recompra Propuesta y la Exención de la Regla 9 o cualquier otro acuerdo descrito en este anuncio. Cavendish no ha autorizado el contenido ni ninguna parte de este anuncio y Cavendish no acepta responsabilidad alguna por la exactitud de cualquier información u opiniones contenidas en este anuncio o por la omisión de cualquier información.
El siguiente texto ha sido extraído de la Circular.
1. Introducción
The Company has historically sought authority and received approval from its shareholders to make market purchases of its own shares, with the most recent authority being granted at the Company's AGM on 15 December 2023, permitting the Company to repurchase up to 8,931,245 Ordinary Shares, equal to 10 per cent. of the Company's issued ordinary share capital at the latest practicable date before publication of the Notice of GM, being 8 April 2024. However, despite this authority having already been granted, the Company has been restricted from using it owing to the Concert Party being interested in more than 30 per cent. but less than 50 per cent. of the total voting rights of the Company (and therefore, any repurchases of shares under such buyback authority being liable to trigger an obligation for the Concert Party to make an offer, in cash, for the entire issued and to be issued share capital of the Company, pursuant to Rule 9 of the City Code).
The Board have adopted a new capital allocation policy; after paying down its debt levels, the Board's intention is, over the medium term, to maintain a net bank debt / adjusted EBITDA ratio at approximately 1.0x. The Board believes that this level of gearing is the most efficient use of the Company's balance sheet and excess cash can be returned to shareholders.
With a strong cash balance and a cash generative business model, the Board has concluded that it wishes to have the flexibility to utilise the Proposed Buy-Back Authority in circumstances which it decides are in the best interests of the Company. Accordingly, this letter sets out the background to, and reasons why the Board believes it to be in the best interests of Shareholders as a whole for the Company to reapply for buy back authority, as necessary under the City Code, to make market purchases of its Ordinary Shares under the same parameters as previously approved.
If the Company buys-back shares under the Proposed Buy-Back Authority and at the time the voting rights attributable to the interests in Ordinary Shares of the Concert Party exceeds 30 per cent. of such voting rights, an obligation under Rule 9 of the City Code would arise on one or more of the Concert Party to make a cash offer for the issued shares of the Company not already owned by them.
The Panel has agreed, to waive the obligation to make a general offer that would otherwise arise on the Concert Party as a result of the buy-back by the Company of any Ordinary Shares and under the Proposed Buy-Back Authority subject to approval on a poll by the Independent Shareholders of the Repurchase Resolution and Waiver Resolution as set out in the Notice of GM.
This Circular sets out details of the existing buy back authority and contains at the end of this document the Notice of GM to be held at 9.00 a.m. on 2 May 2024 to consider and approve both the Repurchase Resolution and the Waiver Resolution.
2. Background to and reasons for the recommendation
In the Trading Update on 13 February 2024 the Board announced its new Capital Allocation Policy as follows:
"During FY21 the Group increased its level of borrowings to complete the transformational acquisition of Salter. The acquisition debt has now largely been repaid. The Board has, therefore, approved a new Capital Allocation Policy. The Board's intention is to maintain the net bank debt/adjusted EBITDA ratio at around 1.0x. The Board believes that this level of leverage is an efficient use of the Group's balance sheet and allows for further returns of capital to shareholders. It is the Board's intention to continue to invest in the business enabling it to grow, whilst returning around 50 per cent. of post-tax profits to shareholders through dividends, and to supplement this with share buybacks pursuant to a policy of maintaining net bank debt at a 1.0x adjusted EBITDA ratio."
Justificación del uso de la autoridad de recompra de acciones
La Junta considera que es mejor para los Accionistas en su conjunto que la Compañía tenga autoridad para comprar sus Acciones Ordinarias en el mercado.
The Directors believe that the Proposed Buy-Back Authority would be an optimum and efficient use of the Company's excess cash, whilst at the same time enhancing earnings per share. The Directors also believe that the Proposed Buy-Back Authority would provide Shareholders with the flexibility, but without any compulsion, to realise value in respect of all or some of their shareholdings and is also a tax efficient method of returning surplus cash to certain Shareholders.
De manera similar, todos los miembros del Concert Party han confirmado que ninguno de ellos (o cualquier persona relacionada con ellos en el sentido de las secciones 252-255 de la Ley) venderá, ni tiene ninguna intención actual, vender ninguna de las Acciones Ordinarias. que poseen en beneficio de la Compañía en caso de que la Compañía utilice la Autoridad de Recompra Propuesta.
Compras de acciones propias
The Board is seeking the authority, in accordance with Section 701 of the Act, for the Company to make market purchases of its own shares (within the meaning of Section 693(4) of the Act) providing such purchases do not exceed, in aggregate 10 per cent. of the Company's issued ordinary share capital as at the latest practicable date before publication of this document, being 8 April 2024, being 89,312,457 Ordinary Shares, and subject to such pricing restrictions as described below ('Programa de recompra de acciones').
La Junta busca flexibilidad para recomprar acciones si lo considera apropiado. Sin embargo, la Junta solo ejercerá su autoridad después de tener en cuenta la situación financiera general de la Compañía y en circunstancias en las que crea que hacerlo resultaría en un aumento o protección del valor para los Accionistas restantes y sería lo mejor para los intereses. del Accionista en su conjunto.
Any Ordinary Shares purchased under the Proposed Buy-Back Authority will be cancelled and the number of Ordinary Shares in issue reduced accordingly.
Share purchases under the Share Buyback Programme will take place in open market transactions and may be made from time to time depending on market conditions, share price, trading volume and other terms. The maximum price paid per Ordinary Share will be no more than: (i) the higher of the price of the last independent trade and the highest current independent purchase bid for Ordinary Shares on the trading venue where the purchase is carried out; and (ii) 105 per cent. of the average closing middle market quotations of an Ordinary Share for the five business days immediately preceding the day on which such Ordinary Shares are purchased.
There is no guarantee that the Share Buyback Programme will be implemented in full or that any purchases will be made and the Board's broad intention is initially to deploy approximately £1 million per quarter. The Company reserves the right to bring a halt to the Share Buyback Programme under circumstances that it deems to be appropriate and in accordance with relevant law and regulation.
The Share Buyback Programme will operate in accordance with the Company's general authority to purchase a maximum of 8,931,245 Ordinary Shares. It is the intention that the Share Buyback Programme will be conducted within the pricing parameters of the Market Abuse Regulation 596/2014 (as it forms part of retained EU law as defined in the EU (Withdrawal) Act 2018) (the 'Regulación'). However, given the limited liquidity in the issued Ordinary Shares, the Company has agreed that, on any trading day, a buy-back of Ordinary Shares under the Share Buyback Programme may exceed 25 per cent. but remain below 50 per cent. of the average daily trading volume in the Ordinary Shares in the 20 trading days preceding the date on which a buy-back of Ordinary Shares is carried out. Accordingly, the Company may not benefit from the exemption contained in the Regulations.
Código de la Ciudad sobre Adquisiciones y Fusiones
The City Code applies to the Company. Under Rule 9 of the Code, any person who acquires an interest in shares which, taken together with shares in which that person or any person acting in concert with that person is interested, carry 30 per cent. or more of the voting rights of a company which is subject to the Code is normally required to make an offer to all the remaining shareholders to acquire their shares.
De manera similar, cuando cualquier persona, junto con personas que actúan de común acuerdo con esa persona, esté interesada en acciones que en conjunto representen no menos del 30 por ciento. de los derechos de voto de dicha empresa, pero no posee acciones que representen más del 50 por ciento. de los derechos de voto de la empresa, normalmente se requerirá una oferta si dicha persona o cualquier persona que actúe en concierto con esa persona adquiere una participación adicional en acciones que aumente el porcentaje de acciones con derechos de voto en las que esa persona, y cualquier persona que actúe en concierto con esa persona, están interesados.
Una oferta bajo la Regla 9 debe hacerse en efectivo al precio más alto pagado por la persona requerida para hacer la oferta, o cualquier persona que actúe en concierto con dicha persona, por cualquier interés en acciones de la empresa durante los 12 meses anteriores al anuncio. de la oferta
Según la Regla 37 del Código de la Ciudad, cuando una empresa compra sus propias acciones con derecho a voto, el aumento resultante en el porcentaje de acciones con derechos de voto en las que está interesado una persona o un grupo de personas que actúan en concierto se tratará como una adquisición a tal efecto. de la Regla 9 del Código de la Ciudad (aunque un accionista que no es director ni actúa en concierto con un director normalmente no incurrirá en la obligación de hacer una oferta según la Regla 9 en estas circunstancias).
Participaciones actuales y potenciales del Concert Party
For the purposes of the City Code, Andrew Gossage, Simon Showman and Barry Franks are considered to be acting in concert (the 'Concierto').
The Concert Party currently holds, in aggregate, 36,821,400 Ordinary Shares representing an aggregate interest of 41.23 per cent. of the Company's issued ordinary share capital of 89,312,457 as at 8 April 2024 (being the latest practicable date prior to the publication of this document). In addition, Andrew Gossage, Simon Showman (being two members of the Concert Party) hold 48 A Shares and 32 A Shares respectively pursuant to the MIP which may be converted into Ordinary Shares if the Hurdle is exceeded. The maximum number of Ordinary Shares pursuant to the MIP that may be acquired by Simon Showman and Andrew Gossage is 4,108,480. The Concert Party do not hold any Options under the PSP, SAYE or Incentive Plan 2023.
Los detalles del efecto de la Resolución de Recompra sobre los intereses agregados de la Parte Concierto se establecen en el párrafo 3 a continuación y en el párrafo 5.3 Parte II de este Documento.
3. La Resolución de Renuncia
As mentioned in paragraph 2 above and given that the Concert Party's current percentage interest in Ordinary Shares is between 30 and 50 per cent. of the of the voting rights of the Company, any increase in any member of the Concert Party's percentage interest in Ordinary Shares (which includes any increase caused by way of a share buyback) would have the effect of triggering Rule 9 of the City Code and result in that Concert Party being under an obligation to make a general offer to all Shareholders.
Los Directores Independientes han consultado con el Panel, que ha acordado que, sujeto a la aprobación de la Resolución de Exención por parte de los Accionistas Independientes en una votación en el GM, otorgará la Exención de Recompra. El efecto de la Exención de Recompra, si es aprobada por los Accionistas Independientes, sería que la Parte del Concierto no estaría obligada a hacer una oferta general bajo la Regla 9 del Código de la Ciudad que de otro modo surgiría debido al aumento en la participación agregada de la Fiesta de Concierto resultante de la compra por parte de la Compañía de sus propias Acciones Ordinarias de conformidad con la Autoridad de Recompra Propuesta.
La Resolución de Renuncia está sujeta a la aprobación de los Accionistas Independientes en una votación, donde cada Accionista Independiente tendrá derecho a un voto por cada Acción Ordinaria que posea. Los miembros del Partido del Concierto no tienen derecho a votar en esta encuesta ya que no se consideran independientes.
Set out below, and also in paragraph 5.3 of Part II of this Circular, are details of the maximum percentage of the Company's voting rights which could be held by the Concert Party following the approval of the Repurchase Resolution and the Waiver Resolution as it assumes the full utilisation of the Proposed Buy-Back Authority (assuming no member of the Concert Party participates in the proposed buyback and no further Ordinary Shares are issued by the Company), the full exercise of the MIP Options by Andrew Gossage and Simon Showman and no exercise of any Options under any Share Option Schemes (other than the full exercise of the MIP Options by Andrew Gossage and Simon Showman).
The MIP Options operate by way of the MIP Participants holding A Shares and such shares can in future be sold to the Company pursuant to the provisions of the articles of association of Ultimate Products UK and the individual's subscription documentation for an aggregate value equivalent to a maximum of 15 per cent. of the increase in shareholder value ('Porcentaje Relevante') over the Hurdle. The value of the A Shares, as a whole, at the date of exercise ('Fecha de ejercicio'), will be the Relevant Percentage (i.e. 15 per cent.) multiplied by the amount by which the Ordinary Share price exceeds the Hurdle (based on the 90 day average share price of the Company's Ordinary Shares prior to the Exercise Date) multiplied by the number of issued Ordinary Shares in the Company at 1 March 2017. Upon the Exercise Date, the Company may, at its discretion, purchase the A Shares for cash or by issuing Ordinary Shares in the Company.
Guión
En caso de que:
− the Independent Shareholders approve the Waiver Resolution;
− the maximum number of Ordinary Shares are repurchased by the Company under the Proposed Buy-Back Authority and no further Ordinary Shares are issued by the Company;
− there are no sales of Ordinary Shares by any member of the Concert Party pursuant to the proposed share buyback or otherwise;
− the full exercise of the MIP Options by Andrew Gossage and Simon Showman; and
− and no exercise of any Options under any Share Option Schemes (other than the full exercise of the MIP Options by Andrew Gossage and Simon Showman).
the combined shareholding of the Concert Party of 40,929,880 Ordinary Shares would represent 48.44 per cent. of the then issued ordinary share capital of the Company of 84,489,692 Ordinary Shares as further detailed in paragraph 5.3 of Part II of this document.
Interests of the Concert Party assuming full utilisation of the Proposed Buy-Back Authority, the Concert Party do not participate in the proposed share buyback nor sell any Ordinary Shares, the full exercise of the MIP Options by Andrew Gossage and Simon Showman and no exercise of any Options under any Share Option Schemes (other than the full exercise of the MIP Options by Andrew Gossage and Simon Showman)
Intereses actuales del Partido de Conciertos Máximo number Maximum | Máximo | ||||||
Número | % De | of shares that | posible | % de agrandado | Número de | % de agrandado | |
Conciertos | de ordinario | current issued | se puede emitir | resultante | emitido | Ordinario | emitido |
Miembro de la fiesta | Acciones | Capital social | under the MIP | accionado | Capital social | Acciones | Capital social |
simon showman | 18,530,600 | 20.75% | 2,465,088 | 20,995,688 | 22.47% | 20,995,688 | 24.85% |
Barry Franks | 10,238,400 | 11.46% | Nada | 10,238,400 | 10.96% | 10,238,400 | 12.12% |
andres gossage | 8,052,400 | 9.02% | 1,643,392 | 9,695,792 | 10.38% | 9,695,792 | 11.48% |
Total | 36,821,400 | 41.23% | 4,108,480 | 40,929,880 | 43.81% | 40,929,880 | 48.44% |
All of the above holdings include family members
As the MIP Options are subject to performance conditions, it is possible that these options are not exercised, this scenario is set out below.
Guión
En caso de que:
− the Independent Shareholders approve the Waiver Resolution;
− the maximum number of Ordinary Shares are repurchased by the Company under the Proposed Buy-Back Authority and no further Ordinary Shares are issued by the Company;
− there are no sales of Ordinary Shares by any member of the Concert Party pursuant to the proposed share buyback or otherwise;
− no exercise of any Options under any Share Option Schemes
the combined shareholding of the Concert Party of 36,821,400 Ordinary Shares would represent 45.81 per cent. of the then issued ordinary share capital of the Company of 80,381,212 Ordinary Shares as set out below.
Interests of the Concert Party assuming full utilisation of the Proposed Buy-Back Authority, the Concert Party do not participate in the proposed share buyback nor sell any Ordinary Shares and no exercise of any Options under any Share Option Schemes
Número de | % De current issued | Número de Ordinario | % de agrandado emitido | |
Miembro de la fiesta del concierto | Acciones ordinarias | Capital social | Acciones | Capital social |
simon showman | 18,530,600 | 20.75% | 18,530,600 | 23.05% |
Barry Franks | 10,238,400 | 11.46% | 10,238,400 | 12.74% |
andres gossage | 8,052,400 | 9.02% | 8,052,400 | 10.02% |
Total | 36,821,400 | 41.23% | 36,821,400 | 45.81% |
All of the above holdings include family members
Los accionistas deben tener en cuenta que cualquier aumento adicional en los intereses de la Parte del Concierto en las Acciones Ordinarias de la Compañía, que aumenta el porcentaje de los derechos de voto en los que están interesados, ya sea colectiva o individualmente, que no sea como resultado de la compra de Las Acciones Ordinarias de conformidad con la Autoridad de Recompra Propuesta estarán sujetas a las disposiciones de la Regla 9. Ya sea que los Accionistas Independientes aprueben o no la Resolución de Exención, los miembros del Grupo de Concierto no tendrán restricciones para hacer una oferta por la Compañía.
En el caso de que el interés de la Parte del Concierto en los derechos de voto de la Compañía aumente como resultado del ejercicio de la Autoridad de Recompra Propuesta, no podrían adquirir ningún interés adicional en las acciones de la Compañía sin generar una obligación según la Regla 9. .
La Renuncia descrita en la Resolución de Renuncia se aplica únicamente con respecto a los aumentos en el porcentaje de interés de la Parte del Concierto que resulten de las compras por parte de la Compañía de sus propias acciones bajo la Autoridad de Recompra Propuesta y no con respecto a ningún otro aumento en el Concierto. los intereses de las Partes en Acciones Ordinarias por cualquier otro medio.
4. Comercio actual y perspectivas
On 13 February 2024, Ultimate Products plc provided the following trading update for the six months ended 31 January 2024:
"During the period, unaudited Group revenues decreased 4 per cent. to £84.0 million (H1 2023: £87.6m), with supermarket ordering held back by overstocking issues, strong prior year comparatives bolstered by the exceptionally strong demand for energy efficient air fryers in H1 2023, and some modest revenue deferral at the end of the period due to the recent disruption to global supply chains.
The Group has continued to drive productivity through its focus on continuous improvement, including the automation of hundreds of tasks across the business. Combined with lower freight rates in the period, this increased productivity has led to the Group achieving improved operating margins.
As the Group moves into H2 2024, shipping schedules are expected to settle, and peak air-fryer sales will move out of the prior year comparatives. More importantly, supermarket overstocking issues are continuing to subside and following the peak Christmas trading period more retail customers are reporting normalised stock positions, allowing an improving order trend for 2024.
At the period end, the Group had a net bank debt/adjusted EBITDA ratio of 0.4x (31 July 2023: 0.7x). Throughout the period of seasonal peak trading this KPI remained below 1.0x, with net debt reaching a seasonal peak of £17.1 million (H1 2023: £30.5 million) in December.
Outlook: The Board anticipates a full year profit performance in line with current market expectations.
Today, the Company released its interim financial statements for the period to 31 January 2024 which stated the following: "Current trading and outlook; The Group continues to trade in line with market expectations for FY24."
As the above mentioned guidance relates to the financial year ended 31 July 2023, at the time of its repetition in this document it constitutes a profit forecast ('Pronóstico de ganancias para el año fiscal 24').
Furthermore, given that the above mentioned guidance was originally published before the Company elected to apply for a Rule 9 waiver, pursuant to the Proposed Buy-Back Authority, the requirements of Rule 28.1(c)(i) of the City Code apply in relation to the FY24 Profit Forecast.
Basis of Preparation of the FY24 Profit Forecast
The FY24 Profit Forecast has been prepared based on the Company's unaudited management accounts
for the year ending 31 July 2024. The FY24 Profit Forecast has been prepared on a basis consistent with the accounting policies adopted by the Company for the year ending 31 July 2023 and those that will be applicable for the year ending 31 July 2024. These policies are in accordance with IFRS.
confirmación de directores
The Directors have considered the FY24 Profit Forecast and confirm that:
(a) it remains valid as at the date of this document; and
(b) the FY24 Profit Forecast has been properly compiled on a basis of accounting that is consistent with the Company's accounting policies, which are in accordance with IFRS and are those that the Company expects to apply in preparing its annual report and accounts for the financial year ending 31 July 2024.
The interim financial statements can be found on the Company's website at https://upplc.com/investor-relations/financial-reports.
The Company confirms that it currently has no other unpublished price sensitive information at the time of this announcement.
5. Asamblea General
A notice convening the General Meeting to be held at 9.00 a.m. on 2 May 2024 is set out at the end of this document.
Owing to their interests in it, the Concert Party members will not be voting on the Waiver Resolution in respect of their combined interests of 36,821,400 Ordinary Shares representing 41.23 per cent. of the Company's issued ordinary share capital as at the 8 April 2024, being the last practicable date prior to the publication of this document.
6. Acción para ser tomada
Please note that a hard copy form of proxy is not included with this notice. If you would like to vote on the resolutions to be proposed at the GM, you are requested to vote in accordance with the instructions printed below as soon as possible.
You may request a hard copy form of proxy directly from the registrars, Equiniti Group, on Tel: +44 (0) 371 384 2030. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 8.30 a.m. and 5.30 p.m., Monday to Friday excluding public holidays in England and Wales.
In the case of CREST members, by utilising the CREST electronic proxy appointment service in accordance with the procedures set out in the Notes on pages 24 and 25.
The instrument appointing a proxy must reach the Company's registrars, Equiniti Group, at Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DAT no later than 9.00 a.m. on 30 April 2024.
Shareholders should note that, in order to have the right to vote at the meeting, their holding must be entered on the Company's share register by close of business on 30 April 2024.
7. Recomendación
Resolución de Recompra
The Independent Directors who have been so advised by Cavendish consider the Repurchase Resolution is fair and reasonable and in the best interests of Shareholders and the Company as a whole. In providing advice to the Directors, Cavendish has taken into account the Directors' commercial assessments.
Accordingly, the Independent Directors recommend all Shareholders to vote in favour of the Repurchase Resolution to be proposed at the GM, as they intend to do in respect of their own beneficial holdings of
Ordinary Shares which, as at 8 April 2024, being the last practicable date prior to the publication of this document in aggregate, amount to 1,619,019 Ordinary Shares (which, for the avoidance of doubt, excludes Ordinary Shares held by the Concert Party) representing approximately 1.81 per cent. of the existing issued ordinary share capital of the Company. The Independent Directors consider the proposals to be in the best interests of the Company and its members as a whole and are most likely to promote the success of the Company for the benefit of its members as a whole.
Resolución de Renuncia
The Independent Directors who have been so advised by Cavendish consider the market purchase by the Company of its Ordinary Shares under the Proposed Buy-Back Authority is in the best interests of the Independent Shareholders and the Company as a whole. The Independent Directors who have been so advised by Cavendish, believe that the Proposed Buy-Back Authority and the Waiver Resolution are fair and reasonable and in the best interests of the Independent Shareholders and the Company as a whole. In providing advice to the Independent Directors, Cavendish has taken into account the Independent Directors' commercial assessments.
Accordingly, the Independent Directors recommend all Independent Shareholders to vote in favour of the Proposed Buy-Back Authority and the Waiver Resolution as they intend to do in respect of their own beneficial holdings of Ordinary Shares which, as at 8 April 2024, being the last practicable date prior to the publication of this document, in aggregate amount to 1,619,019 Ordinary Shares (which, for the avoidance of doubt, excludes Ordinary Shares held by the Concert Party), representing approximately 1.81 per cent. of the existing issued ordinary share capital of the Company.
As detailed above, the Concert Party is considered to be interested in the outcome of the Waiver Resolution. Accordingly, no Director who is also a member of the Concert Party (being Andrew Gossage and Simon Showman) has participated in the Independent Directors' recommendation and no member of the Concert Party will vote on the Waiver Resolution.
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