NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

FOR IMMEDIATE RELEASE

19 December 2023

RECOMMENDED CASH OFFER

for

Ten Entertainment Group plc

by

Neon Buyer Limited

(a newly incorporated entity to be indirectly owned by investment funds advised by Trive)

to be effected by means of a Scheme of Arrangement under Part 26 of the Companies Act 2006

Publication of the Scheme Document and expected timetable of principal events

On 6 December 2023, the boards of Ten Entertainment Group plc ("TEG") and Neon Buyer Limited ("Bidco"), a newly incorporated entity indirectly owned by investment funds advised by Trive, announced that they had reached agreement on the terms of a recommended cash offer by Bidco for the entire issued and to be issued share capital of TEG (the "Acquisition"). The Acquisition is to be implemented by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the "Act") (the "Scheme").

Publication of the Scheme Document

TEG is pleased to announce that a circular in relation to the Scheme (the "Scheme Document"), setting out, amongst other things, a letter from the Chair of TEG, an explanatory statement pursuant to section 897 of the Act, the full terms and conditions of the Scheme, an expected timetable of principal events, notices of the Court Meeting and General Meeting (together, the "Meetings") and details of the action to be taken by TEG Shareholders, has been published today. The Scheme Document is available, subject to certain restrictions relating to persons in Restricted Jurisdictions, on TEG's website at https://www.tegplc.co.uk/.

Hard copies of the Scheme Document and Forms of Proxy for the Court Meeting and the General Meeting will be sent to TEG Shareholders. For information purposes only, TEG is also sending a copy of the Scheme Document to persons with information rights and any holders of options or awards under the TEG Share Plan and details of the proposals being made to such participants will be sent to them separately.

Capitalised terms used in this announcement shall, unless otherwise defined, have the same meanings as set out in the Scheme Document. All references in this announcement to times are to London, United Kingdom time unless otherwise stated.

Recommendation

The TEG Directors, who have been so advised by Lazard & Co., Limited ("Lazard") as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable. In providing its advice to the TEG Directors, Lazard has taken into account the commercial assessments of the TEG Directors. Lazard is providing independent financial advice to the TEG Directors for the purposes of Rule 3 of the Takeover Code.

Accordingly, the TEG Directors unanimously recommend that Scheme Shareholders vote in favour of the Scheme at the Court Meeting, and that TEG Shareholders vote in favour of the Resolution to be proposed at the General Meeting. The TEG Directors who are interested in TEG Shares have irrevocably undertaken to vote in favour of the Scheme at the Court Meeting and in favour of the Resolution to be proposed at the General Meeting in respect of their entire beneficial holdings of 500,048 TEG Shares, representing approximately 0.73 per cent. of Scheme Shares entitled to vote at the Court Meeting and 0.73 per cent. of the issued share capital of TEG as at the Latest Practicable Date.

When taken together with the irrevocable undertakings and letters of intent that Bidco has received from other TEG Shareholders, Bidco has received irrevocable undertakings to vote in favour of the Scheme at the Court Meeting in respect of a total of 26,566,103 TEG Shares representing approximately 38.78 per cent. of Scheme Shares entitled to vote at the Court Meeting and to vote in favour of the Resolution at the General Meeting in respect of a total of 26,566,103 TEG Shares representing approximately 38.78  per cent. of the issued share capital of TEG as at the Latest Practicable Date.

TEG Shareholders should carefully read the Scheme Document in its entirety before making a decision with respect to the Scheme.

Actions required and notices of the Court Meeting and General Meeting

As detailed further in the Scheme Document, in order to become Effective, the Scheme will require, amongst other things: (i) approval by a majority in number of the Scheme Shareholders entitled to vote and present and voting, either in person or by proxy at the Court Meeting (or any adjournment thereof), representing not less than 75 per cent. in value of the Scheme Shares voted by such Scheme Shareholders; (ii) passing of the Resolution necessary to, amongst other things, implement the Scheme at the General Meeting, by the requisite majority of TEG Shareholders at the General Meeting; and (iii) the sanction of the Scheme by the Court. The Scheme is also subject to the satisfaction (or, where applicable, waiver) of the other Conditions that are set out in the Scheme Document.

Notices of the Meetings, each of which will be held at the offices of Lazard & Co., Limited, 50 Stratton Street, London, W1J 8LL on 11 January 2024, are set out in the Scheme Document. The Court Meeting will start at 10.00 a.m. on that date and the General Meeting will start at 10.15 a.m. on that date (or as soon thereafter as the Court Meeting is concluded or adjourned).

Any changes to the arrangements for the Court Meeting and the General Meeting will be communicated to the Scheme Shareholders and TEG Shareholders before the relevant Meetings, through TEG's website at https://www.tegplc.co.uk/ and by announcement through a Regulatory Information Service.

It is important that, for the Court Meeting in particular, as many votes as possible are cast so that the Court may be satisfied that there is a fair and reasonable representation of the opinion of the Scheme. Scheme Shareholders and TEG Shareholders are therefore strongly encouraged to complete, sign and return their Forms of Proxy (by post or by hand, email or through the CREST electronic proxy appointment service or electronically through the Investor Centre) for the Meetings as soon as possible and in any event so that the proxy appointment and instructions are received no later than 10.00 a.m. on 9 January 2024 in the case of the Court Meeting and 10.15 a.m. on 9 January 2024 in the case of the General Meeting or, in the case of any adjournment, not later than 48 hours before the time fixed for such adjourned Meeting(s) (excluding any non-working days). Scheme Shareholders and TEG Shareholders are also strongly encouraged, in respect of each Meeting, to appoint "the Chair of the Meeting" as their proxy.

Timetable

The Scheme Document contains an expected timetable of principal events in relation to the Scheme, which is also set out in the Appendix to this announcement. Subject to obtaining the approval of the requisite majority of Scheme Shareholders at the Court Meeting, the requisite majority of TEG Shareholders at the General Meeting, the sanction of the Court and the satisfaction or, where applicable, waiver of the other Conditions (as set out in the Scheme Document), the Scheme is expected to become Effective in the first quarter of 2024.

The dates and times given herein are indicative only, are based on TEG's and Bidco's current expected dates for the implementation of the Scheme and are subject to change. If any of the key dates and/or times set out in the expected timetable change, notice of any such change will be made by the issuance of an announcement through a Regulatory Information Service, with such announcements also being made available on TEG's website at https://www.tegplc.co.uk/ and, if required by the Panel, by posting notice of the change(s) to TEG Shareholders.

Information for TEG Shareholders

If the Scheme is sanctioned as outlined above, the last day of dealings in, and for registration of transfers of, TEG Shares on the Main Market of the London Stock Exchange is expected to be the Business Day immediately after the Sanction Hearing, following which TEG will make an application to the London Stock Exchange for suspension of dealings in TEG Shares on the London Stock Exchange's Main Market with effect from 7.30 a.m. on the second Business Day following the Sanction Hearing. It is intended that, prior to the Effective Date, requests will be made to: (i) the London Stock Exchange for TEG Shares to cease to be admitted to trading on the London Stock Exchange's Main Market; and (ii) the FCA for the listing of TEG Shares on the Official List to be cancelled, in each case to take effect by 8.00 a.m. on the Business Day following the Effective Date. 

On the Effective Date, share certificates in respect of Scheme Shares will cease to be valid. In addition, entitlements to Scheme Shares held within the CREST system will be cancelled on the Effective Date.

TEG Shareholder helpline

If TEG Shareholders have any questions about this announcement, the Scheme Document, the Court Meeting or the General Meeting, or how to complete the Forms of Proxy or to submit your proxies through the CREST electronic proxy appointment service or online or electronically through Investor Centre, please contact TEG's registrar, Computershare Investor Services plc, between 8:30 a.m. and 5:30 p.m. Monday to Friday (except public holidays in England and Wales) on +44 (0370) 889 4092 (if calling from outside of the United Kingdom, please ensure the country code is used). Calls from outside of the United Kingdom will be charged at applicable international rates. Different charges may apply to calls from mobile telephones and calls may be recorded and randomly monitored for security and training purposes. Please note that Computershare cannot provide advice on the merits of the Acquisition or give any financial, legal or tax advice.

              Enquiries:

Kirkland & Ellis International LLP is acting as legal adviser to Trive and Bidco. Shoosmiths LLP is acting as legal adviser to TEG.

Important notices

Cavendish Capital Markets Limited ("Cavendish"), which is authorised and regulated in the United Kingdom by the FCA, is acting as financial adviser to Bidco and Trive and for no one else in connection with subject matter of this announcement and will not be responsible to anyone other than Bidco and Trive for providing the protections afforded to its clients or for providing advice in relation to the subject matter of this announcement, the contents of this announcement or any other matters referred to in this announcement. Neither Cavendish nor any of its affiliates (nor their respective directors, officers, employees or agents) owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Cavendish in connection with this announcement, any statement contained herein, the Acquisition or otherwise. No representation or warranty, express or implied, is made by Cavendish as to the contents of this announcement.

Lazard, which is authorised and regulated in the United Kingdom by the FCA, is acting as financial adviser to TEG and for no one else in connection with the Acquisition and will not be responsible to anyone other than TEG for providing the protections afforded to its clients nor for providing advice in relation to the Acquisition, the contents of this announcement or any other matters referred to in this announcement. Neither Lazard nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Lazard in connection with this announcement, any statement contained herein, the Acquisition or otherwise. No representation or warranty, express or implied, is made by Lazard as to the contents of this announcement.

Further information

This announcement is for information purposes only and is not intended to and does not constitute, or form any part of, an offer to sell or subscribe for or any invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Acquisition or otherwise. The Acquisition will be made solely through the Scheme Document and the accompanying Forms of Proxy, which contain the full terms and conditions of the Acquisition, including details of how to vote in respect of the Acquisition. Any approval, decision or other response to the Acquisition should be made only on the basis of the information in the Scheme Document. TEG Shareholders are strongly advised to read the formal documentation in relation to the Acquisition. Each TEG Shareholder is urged to consult its independent professional adviser immediately regarding the tax consequences to it (or its beneficial owners) of the Acquisition.

The statements contained in this announcement are made as at the date of this announcement, unless some other time is specified in relation to them, and service of this announcement shall not give rise to any implication that there has been no change in the facts set forth in this announcement since such date.

This announcement does not constitute a prospectus or prospectus equivalent document.

Overseas shareholders

This announcement has been prepared in accordance with, and for the purposes of complying with, English law, the Takeover Code, the Market Abuse Regulation and the AIM Rules, and information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside of England.

The release, publication or distribution of this announcement in or into jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable legal or regulatory requirements.

The availability of the Acquisition to TEG Shareholders who are not resident in and citizens of the United Kingdom may be affected by the laws of the relevant jurisdictions in which they are located or of which they are a citizen. Persons who are not resident in the United Kingdom should inform themselves of, and observe any applicable legal or regulatory requirements of their jurisdictions. In particular, the ability of persons who are not resident in the United Kingdom to vote their Scheme Shares with respect to the Scheme at the Court Meeting, or to execute and deliver Forms of Proxy (or other proxy instructions) appointing another to vote at the Court Meeting on their behalf, may be affected by the laws of the relevant jurisdictions in which they are located. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Acquisition disclaim any responsibility or liability for the violation of such restrictions by any person. Further details in relation to Overseas Shareholders are contained in the Scheme Document.

Neither this announcement nor the Scheme Document nor any of the accompanying documents do or are intended to constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval pursuant to the Scheme or otherwise, in any jurisdiction in which such offer, invitation or solicitation is unlawful. This announcement, the Scheme Document and the accompanying Forms of Proxy have been prepared for the purposes of complying with English law, the rules of the London Stock Exchange and the Takeover Code, and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the law of any jurisdiction outside of England and Wales.

Unless otherwise determined by Bidco or required by the Takeover Code, and permitted by applicable law and regulation, the Acquisition will not be made available, in whole or in part, directly or indirectly, in, into or from a Restricted Jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction and no person may vote in favour of the Scheme by any such use, means, instrumentality or from within a Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. Copies of this announcement and any formal documentation relating to the Acquisition are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from any Restricted Jurisdiction and persons receiving such documents (including, without limitation, agents, custodians, nominees and trustees) must not mail or otherwise forward, distribute or send it in or into or from any Restricted Jurisdiction. Doing so may render invalid any related purported vote in respect of the Acquisition. If the Acquisition is implemented by way of an Offer (unless otherwise permitted by applicable law and regulation), the Offer may not be made directly or indirectly, in or into, or by the use of mails or any means or instrumentality (including, but not limited to, facsimile, e-mail or other electronic transmission, telex or telephone) of interstate or foreign commerce of, or of any facility of a national, state or other securities exchange of any Restricted Jurisdiction and the Offer may not be capable of acceptance by any such use, means, instrumentality or facilities.

The Acquisition is subject to English law and the jurisdiction of the Court, and the applicable requirements of the Takeover Code, the Panel, the FCA, the London Stock Exchange and the Registrar of Companies.

Additional information for U.S. investors

TEG Shareholders in the United States should note that the Offer relates to the securities of a UK company, is subject to UK disclosure requirements and practices (which are different from those of the United States) and is proposed to be effected by means of a scheme of arrangement under English law. This announcement, the Scheme Document and certain other documents relating to the Offer have been or will be prepared in accordance with English law, the Takeover Code and UK disclosure requirements, format and style, all of which differ from those in the United States. A transaction effected by means of a scheme of arrangement is not subject to the tender offer rules or the proxy solicitation rules under the U.S. Exchange Act. Accordingly, the Offer is subject to the disclosure requirements of and practices applicable in the United Kingdom to schemes of arrangement, which differ from the disclosure requirements of the United States tender offer and proxy solicitation rules. If, in the future, Bidco exercises the right to implement the Acquisition by way of an Offer and determines to extend the offer into the United States, the Offer will be made in compliance with applicable United States laws and regulations, including any applicable exemptions under the U.S. Securities Act or U.S. Exchange Act.

TEG's financial statements, and all financial information that is included in this announcement or that may be included in the Scheme Document, or any other documents relating to the Offer, have been or will be prepared in accordance with International Financial Reporting Standards and may not be comparable to financial statements of companies in the United States or other companies whose financial statements are prepared in accordance with U.S. generally accepted accounting principles.

The receipt of cash pursuant to the Offer by a U.S. holder as consideration for the transfer of its Scheme Shares pursuant to the Scheme will likely be a taxable transaction for United States federal income tax purposes and under applicable United States state and local, as well as foreign and other, tax laws. Each TEG Shareholder is urged to consult his independent professional adviser immediately regarding the tax consequences of the Offer applicable to him.

It may be difficult for U.S. holders of TEG Shares to enforce their rights and any claim arising out of the U.S. federal laws, since Bidco and TEG are located in a non-U.S. jurisdiction, and some or all of their officers and directors may be residents of a non-U.S. jurisdiction. U.S. holders of TEG Shares may not be able to sue a non-U.S. company or its officers or directors in a non-U.S. court for violations of the U.S. securities laws. Further, it may be difficult to compel a non-U.S. company and its affiliates to subject themselves to a U.S. court's judgement.

In accordance with normal UK practice and pursuant to Rule 14e-5(b) of the U.S. Exchange Act, Trive or their nominees, or their brokers (acting as agents), may from time to time make certain purchases of, or arrangements to purchase, TEG Shares outside of the U.S., other than pursuant to the Acquisition, until the date on which the Acquisition becomes Effective, lapses or is otherwise withdrawn. Also, in accordance with Rule 14e-5(b) of the U.S. Exchange Act, Cavendish will continue to act as exempt principal traders in TEG shares on the London Stock Exchange. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be disclosed as required in the United Kingdom, will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website, www.londonstockexchange.com.

U.S. TEG Shareholders also should be aware that the transaction contemplated herein may have tax consequences in the U.S. and, that such consequences, if any, are not described herein. U.S. TEG Shareholders are urged to consult with legal, tax and financial advisers in connection with making a decision regarding this transaction.

Forward-looking statements

This announcement (including information incorporated by reference in this announcement), statements made regarding the Acquisition, and other information published by Bidco and TEG contain statements which are, or may be deemed to be, "forward-looking statements". Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Bidco and TEG about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.

The forward-looking statements contained in this announcement include statements relating to the expected effects of the Acquisition on Bidco and TEG (including their future prospects, developments and strategies), the expected timing and scope of the Acquisition and other statements other than historical facts. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as "prepares", "plans", "expects" or "does not expect", "is expected", "is subject to", "budget", "projects", "synergy", "strategy", "scheduled", "goal", "estimates", "forecasts", "cost-saving", "intends", "target", "aims", "anticipates", "continues", or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward looking statements may include statements relating to the following: (i) future capital expenditures, expenses, revenues, earnings, synergies, economic performance, indebtedness, financial condition, dividend policy, losses and future prospects; (ii) business and management strategies and the expansion and growth of Bidco's, TEG's, any member of the Bidco Group's or any member of the TEG Group's operations and potential synergies resulting from the Acquisition; and (iii) the effects of global economic conditions and governmental regulation on Bidco's, TEG's, any member of the Bidco Group's or any member of the TEG Group's business.

These forward-looking statements are not guarantees of future performance. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. These factors include, but are not limited to, the satisfaction of the conditions to the Offer, as well as additional factors, such as changes in political and economic conditions, changes in the level of capital investment, retention of key employees, changes in customer habits, success of business and operating initiatives and restructuring objectives, impact of any acquisitions or similar transactions, changes in customers' strategies and stability, competitive product and pricing measures, changes in the regulatory environment, fluctuations of interest and exchange rates, and the outcome of any litigation. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this announcement. All subsequent forward-looking statements attributable to Bidco or TEG or any of their respective members, directors, officers or employees or any persons acting on their behalf are expressly qualified in their entirety by the cautionary statement above. Bidco and TEG disclaim any obligation to update any forward-looking or other statements contained in this announcement, except as required by applicable law.

Dealing and opening position disclosure requirements

Under Rule 8.3(a) of the Takeover Code, any person who is interested in one per cent. or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the Offer Period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10^th business day following the commencement of the Offer Period and, if appropriate, by no later than 3.30 pm (London time) on the 10^th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Takeover Code, any person who is, or becomes, interested in 1 per cent. or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing. 

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the Offer Period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

Publication on website

In accordance with Rule 26 of the Takeover Code, a copy of this announcement will be made available free of charge, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on TEG's website at www.tegplc.co.uk by no later than 12 noon (London time) on the first Business Day following the date of this announcement. For the avoidance of doubt, neither the content of this website nor of any website accessible from any hyperlinks on such website are incorporated by reference or forms part of this announcement.

Neither the contents of TEG's website, nor those of any other website accessible from hyperlinks on TEG's website, are incorporated into or form part of this announcement.

No profit forecasts, profit estimates or quantified benefits statements

No statement in this announcement is intended as a profit forecast, profit estimate or quantified benefits statement for any period and no statement in this announcement should be interpreted to mean that earnings or earnings per share for TEG for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share for TEG.

Requesting hard copy documents

In accordance with Rule 30.3 of the Takeover Code, TEG Shareholders, persons with information rights and participants in the TEG Share Plan may request a hard copy of this Document by contacting Computershare Investor Services plc during business hours (8:30 a.m. to 5:30 p.m.) on +44 (0370) 889 4092 (if calling from outside of the UK, please ensure the country code is used) or by submitting a request in writing to Computershare Investor Services plc, The Pavilions, Bridgwater Road, Bristol, BS99 6ZY. In accordance with Rule 30.3 of the Takeover Code, you may also request that all future documents, announcements and information to be sent to you in relation to the Acquisition should be in hard copy form. Please note that Computershare Investor Services plc cannot provide any financial, legal or tax advice and calls may be recorded and monitored for security and training purposes. 

For any of such persons who receive a copy of this announcement in electronic form, a hard copy of this announcement will not be sent unless so requested. Such persons may also request that all future documents, announcements and information to be sent to them in relation to the Offer should be in hard copy form. 

Electronic Communications

Please be aware that addresses, electronic addresses and certain other information provided by TEG Shareholders, persons with information rights and other relevant persons for the receipt of communications from TEG may be provided to Bidco during the Offer Period as required under Section 4 of Appendix 4 to the Takeover Code to comply with Rule 2.11(c) of the Takeover Code.

Rounding

Certain figures included in this announcement have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of figures that precede them.

General

Bidco reserves the right to elect to implement the Acquisition by way of an Offer as an alternative to the Scheme, subject to the Panel's consent and (while the Cooperation Agreement is continuing) to the terms of the Cooperation Agreement. In such event, such Offer will be implemented on substantially the same terms and conditions so far as applicable, as those which would apply to the Scheme (subject to appropriate amendments, including (without limitation and for so long as the Cooperation Agreement is continuing and the Offer arises in accordance with the terms of the Cooperation Agreement) an acceptance condition set at 90 per cent. of the TEG Shares (or such other percentage as Bidco may decide after, to the extent necessary, consultation with the TEG and, to the extent necessary, the Panel, being in any case more than 50 per cent. of the TEG Shares)).

If the Acquisition is effected by way of an Offer, and such Offer becomes or is declared unconditional and sufficient acceptances are received in respect of such Offer, Bidco intends to exercise its rights to apply the provisions of Chapter 3 of Part 28 of the 2006 Act so as to acquire compulsorily the remaining TEG Shares in respect of which the Offer has not been accepted.

Investors should be aware that Bidco may purchase TEG Shares otherwise than under any Offer or the Scheme, including pursuant to privately negotiated purchases.

If you are in any doubt about the contents of this announcement or the action you should take, you are recommended to seek your own independent financial advice immediately from your stockbroker, bank manager, solicitor, accountant or independent financial adviser duly authorised under the Financial Services and Markets Act 2000 (as amended) if you are resident in the United Kingdom or, if not, from another appropriately authorised independent financial adviser.

Appendix

Expected Timetable of Principal Events

Notes:

(1) It is requested that BLUE Forms of Proxy for the Court Meeting be lodged no later than 48 hours (excluding any part of such 48-hour period falling on a non-working day) before the time and date set for the Court Meeting. A copy of a completed and signed BLUE Form of Proxy not so lodged may be handed to the chair of the Court Meeting at any time before the time that the Court Meeting is due to commence and will still be valid.

(2)   If either the Court Meeting or the General Meeting is adjourned, only those Scheme Shareholders (in the case of the Court Meeting) and those TEG Shareholders (in the case of the General Meeting) on the register of members of TEG at 6.00 p.m. on the day which is two Business Days before the date of the adjourned Meeting will be entitled to attend and vote.

(3) To commence at 10:15 a.m. or as soon thereafter as the Court Meeting shall have been concluded or adjourned.

(4)   These dates and times are indicative only and will depend, among other things, on the date upon which: (i) the Conditions are satisfied or (if capable of waiver) waived; (ii) the Court sanctions the Scheme; and (iii) a copy of the Court Order is delivered to the Registrar of Companies.

(5)   This is the latest date by which the Scheme may become Effective unless Bidco and TEG agree (and the Panel and, if required, the Court permit) a later date or if the Panel requires an extension to the Long Stop Date pending final determination of an issue under section 3(g) of Appendix 7 to the Takeover Code.

(6)  This is the latest date by which the Scheme may become Effective. However, the Long Stop Date may be extended to such later date as may be agreed by TEG and Bidco (with the Panel's consent and as the Court may approve (if such approval(s) are required)).

TEG Share Plan participants will be contacted separately to inform them of the effect of the Scheme on their rights under the TEG Share Plan.

All references in this announcement to times are to London time unless otherwise stated.

The dates and times given are indicative only and are based on TEG's and Bidco's current expectations and may be subject to change (including as a result of changes to the regulatory timetable). If any of the expected times and/or dates above change (a) the revised times and/or dates will be notified to TEG Shareholders by announcement through a Regulatory Information Service, with such announcement being made available on TEG's website at https://www.tegplc.co.uk/ and (b) if required by the Panel, TEG will send notice of the change(s) to TEG Shareholders and, for information only to TEG Share Plan participants.