St James Holdings Limited
23 May 2007
For immediate release
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM AUSTRALIA, CANADA,
JAPAN OR THE UNITED STATES
23 May 2007
Cash Offer
by
St James Holdings Limited
for
Newcastle United PLC
Summary
• St James Holdings Limited (SJHL) (a company formed at the direction of Mike
Ashley) announces that it has today acquired 55,342,223 Newcastle United
Shares, representing approximately 41.6 per cent. of the issued share
capital of Newcastle United, from Wynyard (Guernsey) Limited, Cameron Hall
Developments Limited and Cameron Hall Developments Limited Executive
Pension Scheme (the ultimate beneficial owners of each of which are all
members of Sir John Hall's family) at a price of 100 pence for each
Newcastle United Share.
• SJHL is a UK private limited company which is wholly-owned by Mike Ashley
and which has been incorporated for the specific purpose of acquiring
Newcastle United Shares and making the Offer.
• In accordance with the provisions of Rule 9 of the City Code, SJHL also
announces the terms of a cash offer to be made for all of the issued and to
be issued share capital of Newcastle United which is not already owned by
SJHL. SJHL intends to seek a recommendation of the Offer from the board of
Newcastle United.
• The Offer will, when formally made, be conditional only upon the receipt of
acceptances in respect of Newcastle United Shares which, together with the
Newcastle United Shares acquired or agreed to be acquired before or during
the Offer, will result in SJHL holding Newcastle United Shares carrying
more than 50 per cent. of the voting rights in Newcastle United.
• The Offer will be 100 pence in cash for each Newcastle United Share,
valuing the entire issued share capital of Newcastle United at £133.1
million
• The Offer represents:
o a premium of approximately 19 per cent. to the Closing Price of 84
pence for each Newcastle United Share on 22 May 2007; and
o a premium of approximately 50 per cent. to the average Closing Price
of 66.9 pence for each Newcastle United Share in the three month
period up to and including 22 May 2007,
22 May 2007 being the last business day prior to the announcement of the
acquisition.
Commenting on the Offer:
Mike Ashley said:
'I am delighted to have this opportunity to invest in Newcastle United. The
club has a fantastic infrastructure, for which Sir John and the board must take
much of the credit. I am pleased that Sir John has agreed to remain as Life
President of the club. Newcastle United has a wonderful heritage and the
passion of its fans is legendary. I am sure that, like me, they are already
excited about the prospects for next season under the new manager's
stewardship.'
Sir John Hall said:
'I have been associated with the direction of Newcastle United for nearly 20
years. In that time, I have led the club and, before I retired, led the team
responsible for the modernisation of the club we all see today.
It is now time for me to move on and let others take up the challenge of
competing in the global market place.
Mike Ashley is a major player in the sporting world and I am convinced that he
is the right person to take my place and take the club forward. I am sure he
will be good for the club and its loyal fans and indeed for the region. I wish
him the very best and hope he enjoys it as much as I have.
Finally, I would like to thank all the fans for their support whilst I was at
the helm and would ask them to lend the same level of support to Mike. He has my
full backing.'
The Offer Document will be posted to Newcastle United Shareholders in due
course.
ENQUIRIES
Kaupthing Singer & Friedlander Tel: +44 (0)20 3205 5000
Nicholas How
Cameron Jack
Financial Dynamics Tel: +44 (0)20 7831 3113
Andrew Dowler
Jonathon Brill
This summary should be read in conjunction with the full text of the following
announcement which sets out further details of the Offer. Appendix 1 contains
the conditions and certain further terms of the Offer. Appendix 2 contains the
sources and bases of information used in the announcement. Appendix 3 contains
definitions of certain terms used in this announcement.
This announcement does not constitute an offer to sell, or an invitation to
purchase, any securities or the solicitation of any vote or approval in any
jurisdiction. The Offer will be made solely by the Offer Document and the Form
of Acceptance, which will contain the full terms of the Offer (including details
of how it may be accepted) and which will be posted to Newcastle United
Shareholders in due course.
The availability of the Offer to Newcastle United Shareholders who are not
resident in the United Kingdom may be affected by the laws of the relevant
jurisdictions in which they are located or of which they are citizens. Such
persons should inform themselves of, and observe, any applicable legal or
regulatory requirements of those jurisdictions. Further details in relation to
overseas shareholders will be contained in the Offer Document.
The Offer is not intended to be made, directly or indirectly, in, into or from
Australia, Canada, Japan or the United States and the Offer will not be capable
of acceptance from or within Australia, Canada, Japan or the United States.
Accordingly, copies of this announcement are not being, and must not be,
directly or indirectly, mailed or otherwise forwarded, distributed or sent in,
into or from Australia, Canada, Japan or the United States and persons receiving
this announcement (including custodians, nominees and trustees) must not mail or
otherwise distribute or send it in, into or from such jurisdictions, as doing so
may invalidate any purported acceptance of the Offer.
Kaupthing Singer & Friedlander Capital Markets Limited ('Kaupthing Singer &
Friedlander'), which is authorised and regulated in the United Kingdom by the
Financial Services Authority, is acting exclusively for SJHL and no-one else in
relation to the Offer and will not be responsible to anyone other than SJHL for
providing the protections afforded to clients of Kaupthing Singer & Friedlander
or for providing advice in relation to the Offer or in relation to the contents
of this announcement or any transaction or arrangement referred to herein.
Dealing disclosure requirements
Under the provisions of Rule 8.3 of the City Code, if any person is, or becomes,
'interested' (directly or indirectly) in 1 per cent. or more of any class of
'relevant securities' of Newcastle United, all 'dealings' in any 'relevant
securities' of that company (including by means of an option in respect of, or a
derivative referenced to, any such 'relevant securities') must be publicly
disclosed by no later than 3.30 pm (London time) on the business day following
the date of the relevant transaction. This requirement will continue until the
date on which the Offer becomes, or is declared, unconditional as to
acceptances, lapses or is otherwise withdrawn or on which the 'offer period'
otherwise ends. If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire an 'interest' in 'relevant
securities' of Newcastle United, they will be deemed to be a single person for
the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the City Code, all 'dealings' in 'relevant
securities' of Newcastle United by SJHL, or by any of its respective
'associates', must be disclosed by no later than 12.00 noon (London time) on the
business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose 'relevant
securities' 'dealings' should be disclosed, and the number of such securities in
issue, can be found on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.
'Interests in securities' arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an 'interest' by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the City Code, which can also be found
on the Takeover Panel's website. If you are in any doubt as to whether or not
you are required to disclose a 'dealing' under Rule 8, you should consult the
Takeover Panel.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM AUSTRALIA, CANADA,
JAPAN OR THE UNITED STATES
23 May 2007
Cash Offer
by
St James Holdings Limited
for
Newcastle United PLC
1. Introduction
St James Holdings Limited announces that it has today acquired 55,342,223
Newcastle United Shares, representing approximately 41.6 per cent. of the issued
share capital of Newcastle United, from Wynyard (Guernsey) Limited, Cameron Hall
Developments Limited and Cameron Hall Developments Limited Executive Pension
Scheme (the ultimate beneficial owners of each of which are all members of Sir
John Hall's family) at a price of 100 pence for each Newcastle United Share.
SJHL is a UK private limited company which is wholly-owned by Mike Ashley and
which has been incorporated for the specific purpose of acquiring Newcastle
United Shares and making the Offer.
In accordance with the provisions of Rule 9 of the City Code, SJHL also
announces the terms of a cash offer to be made for all of the issued and to be
issued share capital of Newcastle United which is not already owned by SJHL.
SJHL intends to seek a recommendation of the Offer from the board of Newcastle
United.
The Offer will, when formally made, be conditional only upon the receipt of
acceptances in respect of Newcastle United Shares which, together with the
Shares acquired or agreed to be acquired before or during the Offer, will result
in SJHL holding Newcastle United Shares carrying more than 50 per cent. of the
voting rights in Newcastle United.
2. The Offer
The Offer, which will be subject to the terms to be set out in the Offer
Document and the Form of Acceptance, will be made on the following basis:
for each Newcastle United Share 100 pence in cash
The Offer values the entire issued share capital of Newcastle United at £133.1
million.
The Offer represents:
• a premium of approximately 19 per cent. to the Closing Price of 84
pence for each Newcastle United Share on 22 May 2007; and
• a premium of approximately 50 per cent. to the average Closing Price of
66.9 pence for each Newcastle United Share in the three month period up to and
including 22 May 2007,
22 May 2007 being the last business day prior to the announcement of the
acquisition.
The Newcastle United Shares will be acquired by SJHL pursuant to the Offer fully
paid with full title guarantee and free from all liens, equitable interests,
charges, encumbrances, pre-emption rights and other interests and rights of
whatsoever nature and together with all rights now or hereafter attaching
thereto, including the right to receive in full all dividends and other
distributions declared, made or paid after the date of this announcement.
The Offer Document and the Form of Acceptance containing the full terms and
conditions of the Offer will be despatched shortly.
3. Information on Newcastle United
Newcastle United is one of the leading football clubs in the UK, with an
international brand and a fan base which embodies the passion and excitement of
the world's most popular sport. In addition to professional football, the
Company's business encompasses merchandising, retailing, catering, hospitality
and media.
For the 11 months ended 30 June 2006, Newcastle United reported a loss on
ordinary activities before taxation of £12.0 million (year ended 31 July 2005:
profit of £0.6 million) on revenue of £83.1 million (year ended 31 July 2005:
£87.0 million). As at 30 June 2006, Newcastle United had consolidated net
assets of £16.8 million (31 July 2005: £30.4 million).
For the six month period ended 31 December 2006, Newcastle United reported a
loss on ordinary activities before taxation of £9.8 million (six months ended 31
January 2006: loss of £6.3 million) on revenue of £45.3 million (six months
ended 31 January 2006: £43.0 million). As at 31 December 2006, Newcastle United
had consolidated net assets of £7.0 million (as at 31 January 2006: £22.5
million).
4. Information on Mike Ashley
Mike Ashley is the founder and majority shareholder of Sports Direct
International plc, the shares of which recently commenced trading on the London
Stock Exchange. Mike Ashley and his management team have developed Sports Direct
in to the UK's leading sports retailer, by revenue and operating profit, and the
owner of several internationally recognised sports and leisure brands. Mike
Ashley is the Executive Deputy Chairman of Sports Direct and holds approximately
57 per cent. of its share capital.
Mike Ashley's acquisition of Newcastle United Shares and the subsequent offer to
be made to Newcastle United Shareholders will be investments of SJHL, a company
which is wholly owned by Mike Ashley. They are not investments of Sports Direct.
5. Information on SJHL
SJHL is a UK private limited company incorporated for the specific purpose of
acquiring Newcastle United Shares and making the Offer, and is wholly-owned by
Mike Ashley. Mike Ashley is the sole director.
SJHL has not traded since incorporation, nor has it entered into any
obligations, other than in connection with the acquisition of Newcastle United
Shares and the making of the Offer.
6. Financing of the Offer
In addition to the £55.34 million paid, in aggregate, to Wynyard (Guernsey)
Limited, Cameron Hall Developments Limited and Cameron Hall Developments Limited
Executive Pension Scheme as consideration for the acquisition of, in aggregate,
41.6 per cent. of the issued share capital of Newcastle United, Mike Ashley
will, assuming full acceptance under the Offer, provide SJHL with a further
amount of approximately £77.8 million in cash as funding for the Offer.
Kaupthing Singer & Friedlander is satisfied that resources are available to SJHL
which are sufficient to satisfy the cash consideration payable to Newcastle
United Shareholders in the event of full acceptance of the Offer.
7. Employees
SJHL confirms that, following the Offer becoming unconditional, the existing
employment rights of all employees of Newcastle United will be safeguarded.
8. Compulsory acquisition, de-listing, cancellation of trading and
re-registration
If SJHL receives sufficient acceptances under the Offer, SJHL may exercise its
rights pursuant to the provisions of sections 974 to 991 (inclusive) of the
Companies Act 2006 compulsorily to acquire the remaining Newcastle United
Shares.
Furthermore, it is anticipated that Newcastle United will make applications to
the UKLA for the cancellation of the listing of Newcastle United Shares on the
Official List and to the London Stock Exchange's market for listed securities
for the cancellation of trading in Newcastle United Shares. It is expected that
such cancellations will take effect no earlier than 20 business days after SJHL
has acquired or agreed to acquire 75 per cent. of the voting rights attaching to
the Newcastle United Shares. Such cancellation would significantly reduce the
liquidity and marketability of any Newcastle United Shares in respect of which
acceptances of the Offer have not been submitted.
SJHL will notify Newcastle United Shareholders if and when the notice period for
the cancellations has commenced and the anticipated date of the cancellations.
Following these cancellations, it is anticipated that SJHL will re-register
Newcastle United as a private company and it is unlikely that Newcastle United
Shareholders who do not accept the Offer will receive the same level of future
dividend payments (if any) in respect of their Newcastle United Shares as have
been previously declared and paid.
9. Disclosure of interests in Newcastle United
As a result of the acquisition, SJHL owns, in aggregate, 55,342,223 Newcastle
United Shares, representing approximately 41.6 per cent. of the issued share
capital of Newcastle United.
Without breaching 'Chinese walls', Kaupthing has been able to confirm that, as
at the close of business on 22 May 2007, the Kaupthing Group held short
contracts for difference in respect of 1,171,371 Newcastle United Shares, which
were fully hedged by long contracts for difference in respect of 1,171,371
Newcastle United Shares. In addition, as at the close of business on 22 May
2007, the Kaupthing Group had a short market making position in respect of
60,050 Newcastle United Shares.
Save for the interests disclosed above, neither SJHL nor Mike Ashley, SJHL's
sole director nor, so far as SJHL is aware, any party acting in concert with
SJHL:
(i) has any interest in or right to
subscribe for any relevant securities of Newcastle United; nor
(ii) has any short position in respect of
relevant securities of Newcastle United (whether conditional or absolute and
whether in the money or otherwise) including any short position under a
derivative, any agreement to sell or any delivery obligation or right to require
another person to take delivery; nor
(iii) has borrowed or lent any relevant
Newcastle United securities (save for any borrowed shares which have been lent
or sold).
10. General
The Offer will be subject to the condition and certain further terms set out in
Appendix 1. Appendix 2 contains the sources and bases of information used in the
announcement. Appendix 3 contains definitions of certain terms used in this
announcement.
ENQUIRIES
Kaupthing Singer & Friedlander Tel: +44 (0)20 3205 5000
Nicholas How
Cameron Jack
Financial Dynamics Tel: +44 (0)20 7831 3113
Andrew Dowler
Jonathon Brill
This announcement does not constitute an offer to sell, or an invitation to
purchase, any securities or the solicitation of any vote or approval in any
jurisdiction. The Offer will be made solely by the Offer Document and the Form
of Acceptance, which will contain the full terms of the Offer (including details
of how it may be accepted) and which will be posted to Newcastle United
Shareholders in due course.
The availability of the Offer to Newcastle United Shareholders who are not
resident in the United Kingdom may be affected by the laws of the relevant
jurisdictions in which they are located or of which they are citizens. Such
persons should inform themselves of, and observe, any applicable legal or
regulatory requirements of those jurisdictions. Further details in relation to
overseas shareholders will be contained in the Offer Document.
The Offer is not intended to be made, directly or indirectly, in, into or from
Australia, Canada, Japan or the United States and the Offer will not be capable
of acceptance from or within Australia, Canada, Japan or the United States.
Accordingly, copies of this announcement are not being, and must not be,
directly or indirectly, mailed or otherwise forwarded, distributed or sent in,
into or from Australia, Canada, Japan or the United States and persons receiving
this announcement (including custodians, nominees and trustees) must not mail or
otherwise distribute or send it in, into or from such jurisdictions as doing so
may invalidate any purported acceptance of the Offer.
Kaupthing Singer & Friedlander Capital Markets Limited ('Kaupthing Singer &
Friedlander'), which is authorised and regulated in the United Kingdom by the
Financial Services Authority, is acting exclusively for SJHL and no-one else in
relation to the Offer and will not be responsible to anyone other than SJHL for
providing the protections afforded to clients of Kaupthing Singer & Friedlander
or for providing advice in relation to the Offer or in relation to the contents
of this announcement or any transaction or arrangement referred to herein.
Mike Ashley, being the sole director of St James Holdings Limited, accepts
responsibility for the information contained in this announcement save that the
only responsibility accepted by him in respect of such information as relates to
Newcastle United (which has been compiled from public records) has been to
ensure that such information has been correctly and fairly reproduced and
compiled. Subject as aforesaid, to the best of the knowledge and belief of Mike
Ashley (who has taken all reasonable care to ensure that such is the case), the
information contained in this announcement for which he is responsible is in
accordance with the facts and does not omit anything likely to affect the import
of such information.
Dealing disclosure requirements
Under the provisions of Rule 8.3 of the City Code, if any person is, or becomes,
'interested' (directly or indirectly) in 1 per cent. or more of any class of
'relevant securities' of Newcastle United, all 'dealings' in any 'relevant
securities' of that company (including by means of an option in respect of, or a
derivative referenced to, any such 'relevant securities') must be publicly
disclosed by no later than 3.30 pm (London time) on the business day following
the date of the relevant transaction. This requirement will continue until the
date on which the Offer becomes, or is declared, unconditional as to
acceptances, lapses or is otherwise withdrawn or on which the 'offer period'
otherwise ends. If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire an 'interest' in 'relevant
securities' of Newcastle United, they will be deemed to be a single person for
the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the City Code, all 'dealings' in 'relevant
securities' of Newcastle United by SJHL, or by any of its respective
'associates', must be disclosed by no later than 12.00 noon (London time) on the
business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose 'relevant
securities' 'dealings' should be disclosed, and the number of such securities in
issue, can be found on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.
'Interests in securities' arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an 'interest' by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the City Code, which can also be found
on the Takeover Panel's website. If you are in any doubt as to whether or not
you are required to disclose a 'dealing' under Rule 8, you should consult the
Takeover Panel.
APPENDIX 1
THE CONDITION AND CERTAIN FURTHER TERMS
OF THE OFFER
1. The Condition of the Offer
The Offer will be subject to valid acceptances being received (and not, where
permitted, withdrawn) by not later than 3.00 pm (London time) on the first
closing date of the Offer (or such later time(s) and/or date(s) as SJHL may,
subject to the rules of the City Code, decide) in respect of such number of
Newcastle United Shares which, together with the Newcastle United Shares
acquired or agreed to be acquired by SJHL or parties acting in concert with
SJHL, before or during the offer period will result in SJHL and any party acting
in concert with it holding Newcastle United Shares which together carry more
than 50 per cent. of the voting rights then normally exercisable at a general
meeting of Newcastle United. For the purpose of this condition, Newcastle United
Shares which have been unconditionally allotted but not issued before the Offer
becomes or is declared unconditional as to acceptances, whether pursuant to the
exercise of any outstanding subscription or conversion rights or otherwise,
shall be deemed to carry the voting rights which they will carry upon issue.
2. Certain further terms of the Offer
The Offer will extend to all Newcastle United Shares other than those already
acquired by SJHL.
In deciding whether or not to accept the Offer in respect of their Newcastle
United Shares, Newcastle United Shareholders should rely on the information
contained in, and follow the procedures described in, the Offer Document and
Form of Acceptance which will be posted to Newcastle United shareholders in due
course (other than to any Newcastle United Shareholders with addresses in
Australia, Canada, Japan or the United States).
The Offer will lapse if the acquisition of Newcastle United by SJHL is referred
to the Competition Commission before the later of 3.00 pm (London time) on the
first closing date of the Offer and the date when the Offer becomes or is
declared unconditional as to acceptances.
If the Offer lapses it will cease to be capable of further acceptance. Newcastle
United Shareholders who have accepted the Offer and SJHL shall then cease to be
bound by acceptances delivered on or before the date on which the Offer lapses.
Newcastle United Shares will be acquired by SJHL fully paid and free from all
liens, equitable interests, charges, encumbrances and other third party rights
of any nature whatsoever and together with all rights attaching to them,
including the right to receive and retain all dividends and distributions (if
any) declared, made or payable after the date of this announcement.
The Offer will be made on the terms and will be subject, inter alia, to the
condition which is set out in this Appendix 1 and those terms which will be set
out in the formal Offer Document.
The Offer and any acceptances thereunder will be governed by English law and
will be subject to the jurisdiction of the English Courts.
The Offer will comply with the applicable rules and regulations of the UKLA, the
London Stock Exchange and the City Code.
The availability of the Offer to persons not resident in the United Kingdom may
be affected by the laws of the relevant jurisdictions. Persons who are not
resident in the United Kingdom should inform themselves about and observe any
applicable requirements.
APPENDIX 2
BASES AND SOURCES OF INFORMATION
Information about Newcastle United has been compiled from published sources.
Unless otherwise stated:
(a) financial information relating to Newcastle United has been
extracted without material adjustment from the relevant audited annual accounts
and unaudited interim results;
(b) references to the value of the Offer are based on there being
133,107,121 Newcastle United Shares in issue; and
(c) historic share prices are sourced from the Daily Official
List (or, in the case of the average share price for the three month period up
to and including 22 May 2007, from Bloomberg) and represent middle-market
Closing Prices for Newcastle United Shares on the relevant dates.
Appendix 3
DEFINITIONS
The following definitions apply throughout this announcement:
'Australia' the Commonwealth of Australia, its states, territories and possessions;
'business day' a day (excluding Saturdays, Sundays and public holidays) on which banks are open
for business in the City of London;
'Canada' Canada, its provinces and territories and all areas subject to its jurisdiction;
'City Code' the City Code on Takeovers and Mergers;
'Closing Price' the closing middle-market price of a Newcastle United Share on a particular day
as derived from the Daily Official List or, in the case of the average share
price for the three month period up to and including 22 May 2007, as derived
from Bloomberg;
'Companies Act 2006' the Companies Act 2006, as amended
'Daily Official List' the daily Official List of the London Stock Exchange;
'Form of Acceptance' the form of acceptance and authority relating to the Offer which will, in the
case of Newcastle United Shareholders who hold their Newcastle Unites Shares in
certificated form, accompany the Offer Document;
'Japan' Japan, its cities and prefectures, territories and possessions;
'Kaupthing Group' Kaupthing Bank Hf. and its subsidiary undertakings;
'Kaupthing Singer & Friedlander' Kaupthing Singer & Friedlander Capital Markets Limited;
'London Stock Exchange' London Stock Exchange plc;
'Newcastle United' or the 'Company' Newcastle United PLC, a company registered in England and Wales under company
number 2529667;
'Newcastle United Board' the board of directors of Newcastle United;
'Newcastle United Shareholders' holders of Newcastle United Shares;
'Newcastle United Shares' ordinary shares of 5 pence each in the capital of Newcastle United;
'Offer' the mandatory cash offer to be made by SJHL to acquire the entire issued and to
be issued share capital of Newcastle United not already owned by SJHL on the
terms to be set out in the Offer Document and the Form of Acceptance, including
any subsequent revision, extension or variation of such offer;
'Offer Document' the formal offer document to be sent to Newcastle United Shareholders which will
contain the full terms and conditions of the Offer;
'Offer Period' the offer period (as defined in the City Code) relating to Newcastle United,
which commenced on 23 May 2007 and which continues until the first closing date
of the Offer;
'Official List' the Official List of the UKLA;
'Panel' the Panel on Takeovers and Mergers;
'Pounds Sterling' or '£' UK pounds sterling (and references to 'pence' shall be construed accordingly);
'SJHL' St James Holdings Limited, a company registered in England and Wales under
company number 6254688, which has been incorporated for the specific purpose of
acquiring Newcastle United Shares and making the Offer;
'Sports Direct' Sports Direct International plc;
'UKLA' the United Kingdom Listing Authority, being the Financial Services Authority
acting in its capacity as the competent authority for the purposes of Part VI of
the Financial Services and Markets Act 2000;
'United Kingdom' or 'UK' the United Kingdom of Great Britain and Northern Ireland; and
'United States' or 'US' the United States of America, its territories and possessions, any state of the
United States of America, the District of Columbia and all other areas subject
to its jurisdiction.
This information is provided by RNS
The company news service from the London Stock Exchange
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