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    MRW   GB0006043169

WM MORRISON SUPERMARKETS

(MRW)
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Wm Morrison Supermarkets PLC Announces Tender Offer & Consent Solicitation Final Results

12/01/2021 | 11:55am EST

Reference is made to (x) the Market Bidco Limited (the "Offeror") announcement dated 21 October 2021 relating to the (a) invitations by the Offeror to the Noteholders of each Series of Notes referred to below issued by Wm Morrison Supermarkets Limited (formerly Wm Morrison Supermarkets Plc) (the "Company") and guaranteed by Safeway Limited to tender the Notes for purchase by the Offeror or, if directed by the Offeror, the Company or any of its affiliates, for cash at the relevant Purchase Price plus the Early Tender Premium or Early Consent Premium, as applicable, and (b) solicitations by the Offeror, as agent of the Company, for the approval by the Noteholders, by extraordinary resolution at meetings convened by the Company, of (i) the Change of Control Waiver and (ii) certain modifications to the Conditions of each Series of Notes to grant a new Put Right to the Noteholders of such Series of Notes in connection with the Acquisition, in each case subject to the Transaction Conditions being satisfied or waived by the Offeror, (y) the Offeror's announcement dated 27 October 2021 relating to (a) increases by the Offeror of the Early Tender Premium and (b) extensions by the Offeror of the timetable for the Offers and Proposals in relation to the Notes and (z) the Offeror's announcement dated 16 November 2021 relating to the Offers and Proposals as of the Early Deadline. Capitalised terms used in this announcement but not otherwise defined have the meanings given to them in the tender offer and consent solicitation memorandum, dated 21 October 2021 (the "Tender Offer and Consent Solicitation Memorandum"), which is available, subject to certain restrictions. Final Results: The Offers to tender Notes and the deadline to submit Voting Only Instructions in relation to the Extraordinary Resolution in respect of each Series of Notes expired on 26 November 2021 at 10:00 a.m., London time. As of the Expiration Deadline, Noteholders representing the aggregate principal amount of each Series of Notes set forth in the table below under "Aggregate Principal Amount Tendered" validly tendered their Notes in the relevant Offer (and thereby concurrently voted in favour of the relevant Extraordinary Resolution to approve the applicable Proposal). The Offeror hereby accepts for purchase all of the Notes that have been validly tendered as of the Expiration Deadline. The Settlement Date for the Offers and the payment of the Purchase Price, Accrued Interest, Early Tender Premium and Early Consent Premium, as applicable, to eligible Noteholders will be on 2 December 2021. In addition, as of the Voting Only Deadline, Noteholders representing the aggregate principal amount of each Series of Notes set forth under "Aggregate Principal Amount in relation to Voting Only Instructions Voting in Favour" submitted a valid Voting Only Instruction in favour of the relevant Extraordinary Resolution to approve the applicable Proposal. At the duly convened and quorate Meetings held via teleconference on 1 December 2021 at 10:00 a.m., 10:30 a.m., 11:00 a.m. and 11:30 a.m., London time, for the 2023 Notes, the 2026 Notes, the 2029 Notes and the 2031 Notes, respectively, the Extraordinary Resolution proposed at the applicable Meeting to adopt the relevant Proposal for each Series of Notes was duly passed. As of the date hereof, the Company, the Guarantor and the Trustee have executed and entered into the Fourth Supplemental Trust Deed in respect of the Proposal for each Series of Notes. The commencement date for the five-calendar-day period to exercise the Put Right for each Series of Notes is 2 December 2021, and the deadline to exercise the Put Right for each Series of Notes is 6 December 2021. Notwithstanding the foregoing, the Clearing Systems, their respective participants or other securities intermediaries through which Notes are held and the Paying Agent will establish their own cut-off dates and times for the exercise of the applicable Put Right, which will be earlier than the deadline to exercise the Put Right.


ę S&P Capital IQ 2021
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Financials
Sales 2021 17 598 M 23 849 M 23 849 M
Net income 2021 96,0 M 130 M 130 M
Net Debt 2021 3 191 M 4 324 M 4 324 M
P/E ratio 2021 45,4x
Yield 2021 3,98%
Capitalization 6 912 M 9 446 M 9 367 M
EV / Sales 2020 0,39x
EV / Sales 2021 0,43x
Nbr of Employees 118 000
Free-Float -
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Managers and Directors
David T. Potts Chief Executive Officer & Director
Michael Gleeson Chief Financial Officer & Director
Andrew Thomas Higginson Independent Non-Executive Chairman
Trevor John Strain Chief Operating Officer & Director
Rooney Anand Senior Independent Non-Executive Director