Rule 19.6(c) confirmation

THE FOLLOWING ANNOUNCEMENT IS BEING MADE PURSUANT TO THE REQUIREMENTS OF RULE 19.6(C) OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") WHICH, AMONGST OTHER THINGS, REQUIRES A PARTY TO AN OFFER TO MAKE AN ANNOUNCEMENT AT THE END OF A PERIOD OF 12 MONTHS FROM THE DATE ON WHICH AN OFFER PERIOD ENDED CONFIRMING WHETHER IT HAS TAKEN, OR NOT TAKEN, THE COURSE OF ACTION SET OUT IN ITS STATED INTENTIONS

FOR IMMEDIATE RELEASE

07 March 2024

PayPoint Plc

Rule 19.6(c) confirmation of compliance with post-offer intention statements with regard to PayPoint Plc’s recommended acquisition of Appreciate Group plc

PayPoint Plc (the "Company") announces that, further to the completion of its recommended acquisition of the entire issued and to be issued share capital of Appreciate Group plc, which was implemented by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 and which became effective on 28 February 2023, it has duly confirmed in writing to the Panel on Takeovers and Mergers in accordance with the requirements of Rule 19.6(c) of the Code that the Company has complied with its post-offer intention statements made pursuant to Rules 2.7(c)(viii) and 24.2 of the Code, as originally detailed in its announcement of 7 November 2022 and the scheme document published on 2 December 2022, save as set out below.

PayPoint stated in its Q3 trading update, published on 24 January 2024, that as part of its planning for the 24/25 financial year it would be commencing a thorough review to ensure the Group has the appropriate organisational structure and cost base to support the delivery of its growth plans. Having completed this review, PayPoint commenced consultation on 6 March 2024 regarding proposals to simplify the organisation structure. PayPoint anticipates that the consultation will conclude by the end of April.

These proposals, if implemented, would result in a number of redundancies across the PayPoint Group, including roles in the former Appreciate Group. Further details will be provided in PayPoint’s preliminary results for the financial year ending 31 March 2024, due to be announced in mid-June.  

FOR FURTHER INFORMATION, PLEASE CONTACT:

PayPoint Plc

Nick Wiles, Chief Executive         Via FGS Global
Steve O’Neill, Corporate Affairs and Marketing Director

Jefferies International

Philip Yates         020 7029 8000
William Brown        

FGS Global (Public Relations Adviser)

Rollo Head         0207 251 3801
James Thompson

LEI Number: 5493004YKWI8U0GDD138