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LondonMetric Agrees To Acquire A & J Mucklow In Cash-Stock $524 Mln Deal


Thursday, 23 May 2019 

May 23 (Reuters) - Londonmetric Property PLC ::RECOMMENDED CASH AND SHARE OFFER FOR A&J MUCKLOW.UNDER TERMS OF COMBINATION, FOR EACH MUCKLOW ORDINARY SHARE, MUCKLOW SHAREHOLDERS WILL BE ENTITLED TO RECEIVE: 2.19 NEW LONDONMETRIC SHARES AND 204.5 PENCE IN CASH.COMBINATION VALUES EACH MUCKLOW ORDINARY EARNINGS PER SHARE AT 655.2 PENCE.COMBINATION VALUES ENTIRE ISSUED AND TO BE ISSUED ORDINARY SHARE CAPITAL OF MUCKLOW AT APPROXIMATELY £414.7 MILLION.COMBINATION IS EXPECTED TO BE IMMEDIATELY EARNINGS ACCRETIVE.COMBINATION REPRESENTS A PREMIUM OF APPROXIMATELY 19.7 PER CENT. TO CLOSING PRICE PER MUCKLOW ORDINARY SHARE OF 547.5P.ELIGIBLE MUCKLOW SHAREHOLDERS WILL BE ABLE TO ELECT TO VARY PROPORTION OF CASH, NEW LONDONMETRIC SHARES THEY RECEIVE.FOLLOWING COMPLETION OF COMBINATION, EXISTING LONDONMETRIC SHAREHOLDERS WILL HOLD 83.5%, MUCKLOW SHAREHOLDERS 16.5%. IN COMBINED.OFFER MADE RELATES ONLY TO MUCKLOW ORDINARY SHARES NOT MUCKLOW PREFERENCE SHARES, FOR WHICH NO OFFER IS BEING MADE BY CO.MUCKLOW DIRECTORS INTEND UNANIMOUSLY TO RECOMMEND THAT MUCKLOW SHAREHOLDERS VOTE IN FAVOUR OF SCHEME.MUCKLOW DIRECTORS CONSIDER TERMS OF COMBINATION TO BE FAIR AND REASONABLE.VARIOUS MEMBERS OF MUCKLOW FAMILY HAVE UNDERTAKEN IRREVOCABLY TO VOTE IN FAVOUR OF SCHEME.RECEIVED IRREVOCABLE UNDERTAKINGS FROM UNICORN ASSET, TR PROPERTY INVESTMENT AND WESLEYAN ASSURANCE SOCIETY TO VOTE IN FAVOUR. 

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