News 2004

Global Offer of C&C Group PLC

Announcement of Offer Price of €2.26 per share
C&C Group plc ("C&C"), one of the largest manufacturers, marketers and distributors of branded beverages in Ireland and Northern Ireland and savoury snacks in Ireland, today announces the publication of Listing Particulars in respect of its initial public offering ("Global Offer") and that its ordinary shares will be priced at an offer price of €2.26 per Ordinary Share. The Global Offer was over subscribed, a strong market endorsement given volatile markets this week.

Highlights of the Global Offer

  • At €2.26 per Ordinary Share, C&C will have a market capitalisation of approximately €725 million.
  • Global Offer of 176,000,000 Ordinary Shares, representing a value of €398 million, to be issued by C&C to institutional investors, with an over-allotment option of up to 10 per cent.
  • Proceeds of the Global Offer (including the over-allotment option, if exercised) will be used to redeem shares held by C&C's existing shareholders.
  • Directors and certain of the Group's senior management to receive redemption proceeds of €9 million and retain approximately 4.4 per cent. of the issued share capital of C&C, and institutional investors to receive redemption proceeds of €389 million and retain approximately 37.9 per cent. of the issued share capital of C&C. Directors and certain of the Group's senior management will be subject to lock-up arrangements of 360 days. Certain of C&C's institutional investors will be subject to lock-up arrangements of 180 days.
  • Conditional dealings in Ordinary Shares are expected to commence today, with admission to the Official Lists of the Irish Stock Exchange and the UK Listing Authority, trading and unconditional dealings expected to commence on Wednesday 19 th May 2004.

Citigroup and Goldman Sachs International are acting as Joint Global Co-Ordinators, Bookrunners and Sponsors of the Global Offer. IBI Corporate Finance and Davy are acting as Joint Lead Managers and Deutsche Bank is acting as Co-Lead Manager of the Global Offer.

Commenting on today's announcement, Maurice Pratt, CEO, said:

"We are delighted with the response to the flotation of C&C, particularly given the volatile market conditions experienced this week. The strong calibre of the shareholder base reflects the understanding of the business dynamics and prospects of C&C.

We look forward to starting life as a public company and to delivering value to our shareholders. C&C's brands have leading positions in Ireland's cider, soft drinks and snacks markets, benefiting from our comprehensive distribution network. We view the prospects of C&C with confidence and are now well positioned to achieve our strategic objectives."

Expected timetable

Conditional dealings in Ordinary Shares commence (1) - 9am on - 14th May 2004

Admission and unconditional dealings in Ordinary Shares commence - 8am on 19th May 2004

Note: each of the times and dates in this timetable is subject to change without further notice.

(1) If Admission does not occur, all conditional dealings will be of no effect and any such dealings will be at the sole risk of the parties concerned