Teachers' Statement re: Northumbrian Water Group plc
LONDON - Further to the recent press reports regarding Northumbrian Water Group plc ("Northumbrian Water"), Ontario Teachers' Pension Plan Board announces that it does not intend to make an offer to acquire the entire issued share capital of Northumbrian Water. Ontario Teachers' Pension Plan Board continues to hold approximately 26.7 per cent of the issued share capital of Northumbrian Water.
For the purposes of Rule 2.8 of the City Code on Takeovers and Mergers (the "Code"), Ontario Teachers' Pension Plan Board reserves the right to announce or participate in an offer or possible offer for the shares in Northumbrian Water (which it does not already own) and/or to take any other action which would otherwise be restricted under Rule 2.8 of the Code within 6 months of the date of this announcement: (i) with the agreement or recommendation of the board of directors of Northumbrian Water; or (ii) following an announcement of an offer by or on behalf of a third party for Northumbrian Water; or (iii) following an announcement by or on behalf of Northumbrian Water of a "whitewash" proposal or a reverse takeover (in each case as defined in the Code); or (iv) with the consent of the Panel, if there is a material change of circumstances.
Director, Communications and Media Relations
Ontario Teachers' Pension Plan