News: Peel takes off Haworth from London Stock Exchange
Peel Holdings has confirmed plans to delist Harworth Group, the Rotherham-based regenerator of land and property for sustainable development and investment, that it is acquiring.
It follows on from wholesale board changes.
Rothbiz reported last month that the board of Harworth, had recommended a best and final takeover offer from major shareholder Peel Holdings, valuing the company at £631.7m.
Created from what was UK Coal, Harworth Group grew to own, develop, and manage a portfolio of over 15,000 acres of strategic land over 100 sites located throughout the North of England and Midlands, and made it on to the FTSE 250, the domestic-focused mid-cap stock index comprising the 101st to 350th largest companies listed on the London Stock Exchange.
Manchester's The Peel Group is a long-term investor in Harworth, having held various ownership interests in Harworth over a number of years. The Peel Holdings directors believe that Harworth's assets would be best owned, managed and developed under the full control of Peel Holdings.
Peel's earlier bid document said it would de-list the business from the stock exchange, stating that "Harworth’s stock market listing no longer serves its purpose". It added that "public market listing is of limited benefit," restricted by the largest three shareholders owning approximately 75.8%. of Harworth's share capital. Peel's documents also added that share trading showed a "very low and declining share liquidity" with Harworth not raising equity in nine years.
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With Peel now acquiring over 75% of the shares, an application has been submitted to delist from the Stock Exchange. Following the delisting and cancellation, it is intended that Harworth will be re-registered as a private limited company as soon as practicable.
Harworth recently moved into a new headquarters near to the Advanced Manufacturing Park in its flagship Waverley development in Rotherham. Peel earlier said that it had "not yet determined whether any changes will be made to the location of Harworth's headquarters or headquarters functions, or to the locations of Harworth's other fixed places of business." Any changes would be considered as part of a review into Harworth's assets.
Peel's earlier document also said it would de-list the business from the stock exchange and on jobs, the announcement said: "Following the Offer becoming or being declared unconditional, BidCo expects to review overlapping functions across the Harworth Group, including senior management, corporate, operational, finance, human resources, compliance and other support functions.
"Based on BidCo's preliminary assessment, the Offer is expected to result in a significant headcount reduction and synergies from overlapping functions and the elimination of costs associated with Harworth's status as a listed company. BidCo has not yet determined the number of roles likely to be affected, the timing of any reductions or the specific functions or locations in which any reductions may occur and will provide further information to affected employees in accordance with applicable legal and regulatory requirements."
Peel is expected to review Harworth's fixed asset base, including its strategic land bank and investment portfolio, and then intends to accelerate the disposal of selected assets.
At the start of October, the directors of Harworth all resigned. This included Alastair Lyons (Chair), Lynda Shillaw (Director and Chief Executive), Kitty Patmore (Director and Chief Financial Officer), Angela Bromfield (Senior Independent Non-Executive Director), Patrick O'Donnell Bourke (Independent Non-Executive Director), Lisa Scenna (Independent Non-Executive Director), Marzia Zafar (Independent Non-Executive Director), Phil Redding (Independent Non-Executive Director), Tony Quinlan (Independent Non-Executive Director) and Martyn Bowes (Non-Executive Director).
Steven Underwood, Graeme Charnock, John Peter Whittaker, Ian Ball and Mark Whitworth, representatives of the Peel Group, were appointed as directors in their place.
Harworth wbsite
Peel website
Images: Knigh Frank
It follows on from wholesale board changes.
Rothbiz reported last month that the board of Harworth, had recommended a best and final takeover offer from major shareholder Peel Holdings, valuing the company at £631.7m.
Created from what was UK Coal, Harworth Group grew to own, develop, and manage a portfolio of over 15,000 acres of strategic land over 100 sites located throughout the North of England and Midlands, and made it on to the FTSE 250, the domestic-focused mid-cap stock index comprising the 101st to 350th largest companies listed on the London Stock Exchange.
Manchester's The Peel Group is a long-term investor in Harworth, having held various ownership interests in Harworth over a number of years. The Peel Holdings directors believe that Harworth's assets would be best owned, managed and developed under the full control of Peel Holdings.
Peel's earlier bid document said it would de-list the business from the stock exchange, stating that "Harworth’s stock market listing no longer serves its purpose". It added that "public market listing is of limited benefit," restricted by the largest three shareholders owning approximately 75.8%. of Harworth's share capital. Peel's documents also added that share trading showed a "very low and declining share liquidity" with Harworth not raising equity in nine years.
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With Peel now acquiring over 75% of the shares, an application has been submitted to delist from the Stock Exchange. Following the delisting and cancellation, it is intended that Harworth will be re-registered as a private limited company as soon as practicable.
Harworth recently moved into a new headquarters near to the Advanced Manufacturing Park in its flagship Waverley development in Rotherham. Peel earlier said that it had "not yet determined whether any changes will be made to the location of Harworth's headquarters or headquarters functions, or to the locations of Harworth's other fixed places of business." Any changes would be considered as part of a review into Harworth's assets.
Peel's earlier document also said it would de-list the business from the stock exchange and on jobs, the announcement said: "Following the Offer becoming or being declared unconditional, BidCo expects to review overlapping functions across the Harworth Group, including senior management, corporate, operational, finance, human resources, compliance and other support functions.
"Based on BidCo's preliminary assessment, the Offer is expected to result in a significant headcount reduction and synergies from overlapping functions and the elimination of costs associated with Harworth's status as a listed company. BidCo has not yet determined the number of roles likely to be affected, the timing of any reductions or the specific functions or locations in which any reductions may occur and will provide further information to affected employees in accordance with applicable legal and regulatory requirements."
Peel is expected to review Harworth's fixed asset base, including its strategic land bank and investment portfolio, and then intends to accelerate the disposal of selected assets.
At the start of October, the directors of Harworth all resigned. This included Alastair Lyons (Chair), Lynda Shillaw (Director and Chief Executive), Kitty Patmore (Director and Chief Financial Officer), Angela Bromfield (Senior Independent Non-Executive Director), Patrick O'Donnell Bourke (Independent Non-Executive Director), Lisa Scenna (Independent Non-Executive Director), Marzia Zafar (Independent Non-Executive Director), Phil Redding (Independent Non-Executive Director), Tony Quinlan (Independent Non-Executive Director) and Martyn Bowes (Non-Executive Director).
Steven Underwood, Graeme Charnock, John Peter Whittaker, Ian Ball and Mark Whitworth, representatives of the Peel Group, were appointed as directors in their place.
Harworth wbsite
Peel website
Images: Knigh Frank
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