Pon Holding buys shares in Accell Group

ALMERE – This morning Pon Holdings communicated that they have taken an interest in rival Accell Group and bought 5%. They also want to expand it to 20% over time. Pon is willing to give 19.- per share. Yesterday the share concluded at the stock markets just above 15,-

That was communicated by Pon Holdings, just before the stock exchange started. Pon made their interest clear in the last year and was willing to give 33.67 per share. This was declined by Accell at the time, because they thought they were worth more.

Critics

‘The communication of acquiring the shares comes at a moment that Teslin, that has a 16% share in Accell, openly express their concerns in regards to the executive leadership of the company. It demands the withdrawal of president-commissionary Ab Pasman’ according to Dutch newspaper Financieel Dagblad.

DEAL MADE

Yesterday, Pon has made a deal with Borin Investmens to take over their 5,1% share in Accell. The parties have not communicated the price of this transaction. To increase their interest in Accell to 20%, the company has offered 19,- per share, what translates to an estimate 75 miljoen in total. “Pon Holdings has the ambition, as longterm shareholder, to develop constructive relationship with the management, the board of directors and the shareholders of the Accell Group”, according to Pon in their press release.

TEXT PRESS RELEASE

The official press release, that was communicated this morning, goes as follows:

‘'Pon Holdings communicated today that it wants to bring out partial bid in cash for a certain amount regular shares in Accell Group N.V.. This amount, together with other regular shares which are held or sold by Pon Holdings or connected enterprises outside the offer, is momentarily conclude at 20% of the published regular shares of the Accell Group and will be definitively concluded at the launch of the offer. De biddingprice is 19,- per share.

Prior to this announcement Pen Holding has come to an agreement with Boron Investments to acquire these shares in Accell Group. After concluding this transation, Pon holdings will have 1.345.000 regular shares in the capital of Accell Group, which is roughly 5,1% of all regular shares of Accell Group published on 12 november 2018.

Pon Holdings has decided to bring out a partial offer, considering the different situation of Accell Group in relation to the past year, when Pon Holdings did a non-binding offer with terms to Accell Group for the company, by means of due diligence. With the partial contract the goal is to have a minority share in Accell Group. Pon Holdings has the ambition, as longterm shareholder, to develop constructive relationship with the management, the board of directors and the shareholders of the Accell Group. Pon holdings has asked the direction and the board of directors of Accell Group to suffy to the offer and to make it more transparent.

The partial price of 119,- per share represents a fee of 25,3% in comparison with the closing price on 12 november 2018. The offer won’t be dependent on the minimum amount of published regular shares. Pon Holdings finances this partial public offer with available cash money.

Pon Holding has informed the Autoriteit financiele markten (Authority financial markets/AFM) in regards to the partial public offer.''

REACTION ACCELLDuring the afternoon Accell Group with a short official announcement, where they accept the invitation of Pon: “Accell Group has been informed of the press release from Pon Holdings this morning where they announce the partial offer on the regular shares on the capital of Accell Group. The board of Directors of Accell Group do extent this invitation of Pon Holdings to give more clarity on the partial offer. The Board of Directors and the Board of commissionaires will come with a reaction when the time is there.”