Regulated and Inside Information
Auction Protocol OIM
London - 3 februari 2017 - om 08.30 uur CET
To the shareholders of Opportunity Investment Management Plc ("OIM")
and other interested parties:
Dear shareholders of OIM and other interested parties,
All shareholders are aware of the administrative and financial difficulties OIM has faced as result of the choices made in the past with respect to the sale of its interests in the Fleischhauer Group and the investments in and commitments made to Your Drinks AG (Your Drinks). OIM refers to the facts and circumstances referred to and disclosed in its announcements published on 15 July 2016, 5 January 2016 and 3 February 2015 on OIM's website (http://www.oimplc.com).
Given these facts and circumstances and considering that (1) the costs of continuing OIM are substantial due to cross jurisdictional aspects such as the locations of its listing, statutory seat and subsidiaries, and that (2) since the sale of its interests in the Fleischhauer Group, no further income is expected, (3) court proceedings against Your Drinks may take several years, whilst the recovery possibilities are uncertain in view of the uncertain financial position of Your Drinks, the Board of Directors of OIM (Board) and the CEO of Algo Vision (CEO) believe it is in the long term interest of the shareholders to terminate the activities of OIM and Algo Vision Systems GmbH (Algo Vision). In connection thereto OIM wishes to sell certain of its assets and the CEO of Algo Vision wishes to sell certain of the assets of Algo Vision and to use the proceeds for liquidation and, if any excess is available, distribution between the shareholders. A corporate finance advisor will facilitate the auction process on behalf of OIM.
The sale will take place through a controlled auction. Please click here for the Auction Protocol. The Auction Protocol sets out the timing, instructions and procedures for the submission of a Binding Offer. Please be aware that the deadline before which interested parties must identify themselves is 15 February 2017 at 17:00 hours.
This Auction Protocol does not solicit any potential offer for shares in OIM or for over 30 per cent of the voting rights in OIM by any other person. This Auction Protocol is not subject to the City Code on Takeovers and Mergers (the Code) as it does not concern: (i) a takeover bid or merger transaction (including a scheme of arrangement or statutory demerger) involving a UK, Channel Islands or Isle of Man registered or traded company; (ii) any other transaction (including offers by a parent company for shares in its subsidiary, dual holding company transactions, new share issues, share capital reorganisations and offers to minority shareholders) which have as their objective or potential effect (directly or indirectly) obtaining or consolidating control of the relevant companies; or (iii) unitisation proposals which are in competition with another transaction to which the Code applies.
Board of Directors
Mr. P. Zwart (CEO)
Mr. W. Bouma
Mr. A. van Raak