DJ TCS Group Holding PLC: Statement regarding termination of discussions
TCS Group Holding PLC (TCS)
TCS Group Holding PLC: Statement regarding termination of discussions
16-Oct-2020 / 12:02 MSK
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7
OF REGULATION (EU) NO 596/2014
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO
OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE
TCS Group Holding PLC: Statement regarding termination of discussions
TCS Group Holding PLC ("Tinkoff" or "the Company") refers to its
announcement of 22 September 2020 that it was in discussions with Yandex
N.V. ("Yandex") regarding a possible cash and share offer by Yandex for the
entire issued and to be issued share capital of Tinkoff (the "Potential
Transaction").
Following further discussions, including with Tinkoff's controlling
shareholder, the parties have agreed not to proceed with the Potential
Transaction. Negotiations between the parties with respect to the Potential
Transaction have therefore been terminated, effective immediately.
Tinkoff looks forward to continuing to partner with Yandex on current and
future projects. The Tinkoff team greatly admires the Yandex team and wishes
them success in building their business in the future.
Tinkoff looks forward to updating the market on its positive third quarter
results in due course.
This announcement has been made by Tinkoff with the prior agreement and
approval of Yandex.
For enquiries:
Tinkoff Tinkoff
Artem Lebedev Larisa Chernysheva
PR Department IR Department
+ 7 495 648-10-00 (ext. + 7 495 648-10-00 (ext.
2202) 2312)
Alexandr Leonov Neri Tollardo
+ 7 495 648-10-00 (ext. +44 7741 078383
35738)
ir@tinkoff.ru [1]
pr@tinkoff.ru
J.P. Morgan (Sole Financial Adviser to TCS)
(RUS) Vladimir Blinov / Sergey Zyryaev Tel: +7 495 967 1000
(UK) James Robinson / Jonty Edward Tel: +44 20 7742 4000
TCS Group Holding PLC
TCS Group Holding PLC is an innovative provider of online retail financial
services. It includes Tinkoff Bank, mobile virtual network operator Tinkoff
Mobile, Tinkoff Insurance, management company Tinkoff Capital, Tinkoff
Software DC, a network of development hubs in major Russian cities, and
Tinkoff Education. The Group is currently developing Tinkoff ecosystem,
which offers financial and lifestyle services.
The Group was founded in 2006 by Russian entrepreneur Oleg Tinkov and has
been listed on the London Stock Exchange and on the Moscow Exchange.
The Group's key business is Tinkoff Bank, a fully online bank that serves
over 11 mn customers and forms the core of the Tinkoff ecosystem.
Tinkoff Bank is the second largest player in the Russian credit card market,
with a share of 13.2%. The 1H 2020 IFRS net income of TCS Group Holding PLC
amounted to RUB 19.3bn. The ROE was 38.4%.
With no branches, the Group serves all its customers remotely via online
channels and a cloud-based call centre. To ensure smooth delivery of the
Group's products, the Group has a proprietary nationwide network of
representatives.
In 2018, Global Finance named Tinkoff Bank the world's Best Consumer Digital
Bank, in 2019, 2018, 2016 and 2015, the Best Consumer Digital Bank in
Russia, and in 2019, the Best Consumer Digital Bank in Central and Eastern
Europe. In 2017 and 2013, the Banker recognised Tinkoff Bank as the Bank of
the Year in Russia. The bank's mobile app has consistently received top
industry ratings and awards (in 2013, 2014, 2015, 2016 by Deloitte and in
2018 by Global Finance).
Inside information
The information contained within this announcement is deemed by Tinkoff to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No.596/2014. Upon the publication of this announcement via a
Regulatory Information Service, this inside information is now considered to
be in the public domain. The person responsible for making this announcement
is Chris Owen, Tinkoff's advisor to the Board of Directors.
Other notices
This announcement is not intended to, and does not, constitute or form part
of any offer, invitation or the solicitation of an offer to purchase,
otherwise acquire, subscribe for, sell or otherwise dispose of, any
securities whether pursuant to this announcement or otherwise.
The distribution of this announcement in jurisdictions outside the United
Kingdom may be restricted by law and therefore persons into whose possession
this announcement comes should inform themselves about, and observe, such
restrictions. Any failure to comply with the restrictions may constitute a
violation of the securities law of any such jurisdiction.
J.P. Morgan Securities plc, which conducts its UK investment banking
business as J.P. Morgan Cazenove (J.P. Morgan Cazenove), is authorised in
the UK by the Prudential Regulation Authority and regulated in the UK by the
Prudential Regulation Authority and the FCA. J.P. Morgan Cazenove is acting
as financial adviser exclusively for Tinkoff and no one else in connection
with the matters set out in this announcement and will not regard any other
person as its client in relation to the matters in this announcement and
will not be responsible to anyone other than Tinkoff for providing the
protections afforded to clients of J.P. Morgan Cazenove, or for providing
advice in relation to any matter referred to herein.
ISIN: US87238U2033
Category Code: MSCH
TIDM: TCS
LEI Code: 549300XQRN9MR54V1W18
Sequence No.: 86063
EQS News ID: 1141340
End of Announcement EQS News Service
1: mailto:ir@tcsbank.ru
(END) Dow Jones Newswires
October 16, 2020 05:02 ET (09:02 GMT)
